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Home / Business / Hour Glass’ big $100m Collins Street spend snares Balenciaga

Hour Glass’ big $100m Collins Street spend snares Balenciaga

The deal was negotiated by Vinci Carbone’s Joseph Carbone and Frank Vinci, who declined to comment.

Stone cottage

One of the city’s oldest houses and businesses, Russell’s Old Corner Shop, has finally come to market.

One of the city’s oldest houses and businesses, Russell’s Old Corner Shop.

One of the city’s oldest houses and businesses, Russell’s Old Corner Shop.Credit:Simon Schluter

The Georgian-era sandstone cottage, built in 1850, before the gold rush transformed the city, has been in the same family for more than 120 years.

Allard Shelton’s Joseph Walton is running an expression of interest campaign for 328-330 King Street which is expected to fetch more than $2.95 million.

The expected price, coming in lower than most CBD freeholds, is down to the extensive repairs the two-storey shop needs.

“It’s a complicated asset. It would probably be worth over $5 million but for some of the heritage issues and the need for significant restoration,” Mr Walton said.

Built by the Heffernan family, it was purchased by Valletto Azzopardi, grandfather of the current owner, 98-year-old Lola Russell, in 1899. It’s one of just a handful of pre-gold rush buildings remaining in the city.

It’s on the south-west corner of King and Latrobe streets, opposite the Flagstaff Gardens in the city’s legal precinct.

Strata tower

Around the corner, a new $60 million strata office building is set for an old warehouse at 563 Little Lonsdale Street.

The new Bastion tower at 563 Little Lonsdale Street will have 24 levels of whole floor offices.

The new Bastion tower at 563 Little Lonsdale Street will have 24 levels of whole floor offices.Credit:

Developer Hampton Projects has appointed agents to sell the individual whole floor offices in the 24-level tower, dubbed Bastion.

Colliers’ strata team Anthony Kirwan, George Davies, Alexander Leggo and Oliver Hay are handling enquiries.

The whole floor offices range in size from 87 to 272 sq m and are understood to be selling for between $11,000 and $14,000 a sq m.

Designed by DKO Architecture, the glass tower will retain its heritage warehouse roots as a facade.

Hampton Projects directors Matthew Gazzard and David Smythe said: “We designed a building we wanted to work in.”

“There have only been two purpose-built, single-use strata office buildings built in the CBD in the past 20 years, 2Q Tower delivered in 2007 by Macquarie Bank and ’41 X’ delivered in 2014 by the Australian Institute of Architects. Capital values in both buildings have now more than doubled,” Mr Kirwan said.

Construction has just started on a third building at 130 Little Collins, where pre-sales hit the 50 per cent mark and prices have ranged from $16,000 to $21,000 a sq m.

“There are only six strata titled buildings in the legal precinct which provide whole floor offices, all built before the mid-1990s, and they don’t provide amenities such as end of trip facilities,” he said.

Records show the 335 sq m site was bought at auction in March 2017 for $6.62 million by 563 Li, a company co-owned by Hampton and Singaporean Beng Kooi Yap.

Spirit grows

Jewish community group Spiritgrow is offloading a North Caulfield office building, which the group had planned to redevelop as its headquarters.

The 206 Balaclava Road property is going to auction through Colliers agent Daniel Wolman and JLL’s Josh Rutman. It’s expected to sell for more than $4.5 million.

Late last year Spiritgrow snapped up 80-82 Kooyong Road, North Caulfield for its new synagogue and community centre. The 484 sq m building is on an 1187 sq m block diagonally opposite Memorial Park.

The Balaclava road property covers 1777 sq m but is on a smaller 552 sq m parcel of land in a busy shopping strip. It has an existing permit in place for redevelopment.

Auction action

Auctions continue to go gangbusters. The faux Tudor row of six shops opposite Prahran Market sold at $11.4 million with seven bidders pushing the price 21 per cent past a $9.4 million reserve.

It was fourth time lucky for the 182-194 Commercial Road shops, which failed to find a buyer last time they went to auction in 2018 or the next two times they were quietly shopped around.

Stonebridge agents Rorey James, Nic Hage, Julian White and Chao Zhang handled the auction. The price reflected an eye-watering yield of 1.7 per cent, or 2.2 per cent if it was fully leased.

The property sold to a Malaysian-backed developer who outbid buyers from Melbourne and Sydney, the latter over the phone from the locked down city, among a crowd of 150 people.

“It wasn’t a straightforward asset. It has heritage issues, some long leases all the way out to 2029 and a heavy $130,000 land tax bill,” Mr James said.

A chemist shop at 138-142 Hawthorn Road, North Caulfield, rocketed nearly 27 per cent over its reserve of $2.55 million to sell for $3.238 million.

Auctioneer Rodney Morley described the auction as “volcanic”.

Low interest rates are driving the activity, with cash in the bank making meagre returns while debt is cheap.

Barry Plant’s Benjamin Klein sold a Pizza Hut at 27 Victoria Parade, Collingwood for 25 per cent over its reserve at $1.51 million.

Five bidders competed for the shop and two-storey dwelling.

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