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Rubbish disposal moguls settle in Cremorne

It’s expected to sell for about $45 million. It was last launched in March 2020 with a price tag of more than $52 million, but there were no takers in the year stolen by COVID-19.

Agents and buyers have adapted since then and deals aplenty are getting done.

The large site, one of the last left in South Yarra, has an existing two-level 3000 sq m building and is surrounded by new towers.

The move comes as the Hotel Claremont around the corner sold to Andy Zhang’s V-Leader group in a $22 million deal. Developer Oreana, which had already spent $48 million buying the hotel’s neighbours, missed out after driving too hard a bargain.

Down the road near the Jam Factory redevelopment, a small office building at 48 Wilson Street fetched $4.645 million at an auction handled by Paul Tzamalis’s Auction Company.

48 Wilson Street in South Yarra.

48 Wilson Street in South Yarra.Credit:

Dawkins Occhiuto directors Tim Grant and Andrew Dawkins said a private investor bought the 401 sq m site to landbank.

Four bidders drove the price to a land rate of $11,584 sq m and a building rate of $15,280 sq m.

It’s currently occupied by the vendor Hatched Media, which was advised by Advise Transact’s Mark Wizel.

The next major listing in the area is 763 Malvern Road in Toorak. The 1100 sq m site is being offloaded by a syndicate composed of Spotlight’s Fried family and Marne Properties’ Peter Gyopar. The group bought the property in 2019 for $5.35 million and it’s expected to fetch more than $7.5 million.

JLL agents Josh Rutman, Nick Peden, Tim Carr and MingXuan Li are handling expressions of interest. The site has approval for 13 high-end apartments designed by renowned Bruce Henderson Architects.

Bidding war

A block of shops in Malvern has fetched a record $11 million at an auction held online last week.

Emmetts’ Charles Emmett, along with Mr Milligan and Geoff Emmett, said there were 32 registered bidders for the shops at 180-182 Glenferrie Road, with bids starting at $7 million.

“It just shows the huge weight of private capital,” Mr Emmett said.

The sale price reflected a land rate of $24,806 a sq m and an initial yield of just 2.37 per cent – two of the eight tenancies are vacant. This far outpaces the previous record of $18,171 a sq m for 133 Glenferrie Road in October 2017.

The two-storey shops are on a 446 sq m parcel of land across from the local Coles supermarket.

Tight yield

Fitzroys’ auction of the ANZ bank branch at Shepparton also took place online, with agent David Bourke operating out of his home study.

Thirty parties dialled in for the auction of 261-267 Wyndham Street, which sold for $3.47 million, a staggering $1.32 million over the reserve and reflecting a 3.3 per cent yield.

The vendors were the local Tuttle family and the buyer was a Melbourne-based investor.

Mr Bourke, who handled the auction with Lewis Waddell, said bidders included Shep locals, Melbourne investors and some interstate parties.

ANZ has a five-year lease with two five-year options and pays $115,927 a year for the 587 sq m double-storey building, which underwent a $1.5 million refurbishment in 2019.

In a rush

Coffee roasters In a Rush have sold a property at 212-218 Johnston Street in Collingwood ahead of auction day for $5 million.

212-218 Johnston Street in Collingwood.

212-218 Johnston Street in Collingwood.Credit:

The 615 sq m site is a couple of doors from the Hoddle Street corner and has Commercial 1 zoning.

CRS Property’s Ross Mercorillo did the deal.

Around the corner, Nelson Alexander Commercial and Gray Johnson’s Matt Hoath are marketing a 913 sq m property at 73-77 Sackville street.

Easy Living Hire currently occupies the single-level warehouse, paying $122,003 a year.

It’s expected to sell for about $6.5 million.

Aged care

Mainstone Property Developments has snapped up Menarock’s shuttered aged care facility in Essendon. Records show Mainstone has put a caveat on the 2727 sq m property, which is understood to have sold for between $6 million and $7 million.

The property was sold by Sutherland Farrelly’s Paul Farrelly and Kelemen Commercial’s Rudy Kelemen.

Menarock closed the 55-bed facility in March. Last year, the aged care home experienced one of the worst COVID-19 outbreaks in the state, with 68 cases and seven deaths.

Fringe farm

Another farm on the western fringe of the city is on its way out, with the owners of 635 Derrimut Road, Tarneit selling up.

The 4.48 hectare piece of land is just 300 metres from Tarneit railway station and surrounded by swathes of land controlled by developers Satterley, Peet, ID Land, Ceder Woods and Macson.

The price is likely to fetch more than $10 million. Its 5.48 hectare neighbour at 645 Derrimut Road recently sold to Country Land Australia for $14 million. That puts the going land rate out in the west at more than $2.5 million a hectare.

Knight Frank agents Stephen Kelly, James Thorpe and Paul Lillis are handling the campaign.

The site falls within a planning precinct, which allows for high and medium-density development.

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