MARKET MOVES
VIC
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
485 Elizabeth Street, Melbourne
An hour-long bidding war resulted in the landmark sale of a high-profile Elizabeth Street-based freehold to a private local investor. The site, at 485 Elizabeth Street, is a three-storey building situated on a 263 sqm site with a net lettable area of 711 sqm. The sale price exceeded the local private vendor’s reserve by $3.525 million, representing a yield of 1.63%. Anna and Michael Coughlan have acquired the Wykeham property at 560 North Boundary Road, which has been previously run as a prime lamb breeding and cattle enterprise by John and Sally Robertson. The Coughlans will add Wykeham to their Hereford beef operation, Tarabah Pastoral, after paying over $22,000 a hectare for the Dunkeld property. The three-storey mixed use office and retail building is underpinned by a 415 sqm landholding that possesses a building area of 770 sqm. The competitive four-and-a- half week International Expressions of Interest campaign resulted in twelve offers being placed from groups based in Australia, Singapore, China, and Vietnam. 225 Rix Road has sold for $4.14 million, which represents a precinct record for standard density residential zoned land, as it equates to an exceptional $414 paid per sqm. The 345 sqm part-single level and two-storey building comprises open-plan ground floor accommodation with rear staircase providing access to an office on the first floor. Situated on a large 544 sqm site, the property represents a substantial acquisition for the local private buyer. The Beenak estate contains 45-hectares of Pinot Noir and Chardonnay grapes, which was a significant incentive for the incoming owners. “The Beenak vineyard was planted in 1988 and is the source of one of the most extensive plantings of Pinot Noir and Chardonnay in the Upper Yarra Valley,” Langley & Co Advisors' Stephen Strachan said. The property is comprised of a fully-functional medical building on a 329 sqm corner site with rear access, located just 350 metres from one of Moonee Ponds’ busiest roads in Puckle Street. One of the last former Masters outlets still standing has been sold. The Commercial 2-zoned, 5.4-hectare property is located on Pascoe Vale Road, and contains 13,000 sqm in gross floor area, in addition to 362 car parks. Kennards intends to redevelop the property into a mixed-use hub that will contain both retail, fast food, and self- storage facilities. The home of the well-known King Kahuna Beanbags store has sold to a local landbanking developer. The local private owners had held the asset for approximately 35 years. They sold the site on an incredibly sharp initial yield of 1.55%. A 79,000 sqm landholding at Lot 1 & 12 Ascot Gardens Drive in the Ballarat fringe suburb of Bonshaw has sold to a Sydney-based residential developer, after an Expressions of Interest campaign that procured over 150 enquiries. The 400 sqm office and warehouse was offered with vacant possession, and includes a 135 sqm mezzanine and four on-site parking spaces. A prominent fully-leased freehold investment positioned within the Great Ocean Road’s most established retail and tourism precinct has sold. The site is zoned Commercial 1 and General Residential, and is comprised of a mixed-use multi-level building on the 1,341 sqm site. The asset contains 6 apartments and 5 retail shops, with retail tenancies that include Tommy Bahama, Deluxe Lorne, and Lorne Beach Club. One of the country’s biggest venue operators, Australian Venue Company, have purchased eight of Melbourne’s most well-renown hospitality assets. The venues include St Kilda’s The Espy, one of the most prominent entertainment complexes in the city, as well as the Garden State Hotel, the Prahran Hotel, the Bridge Hotel in Richmond, and the Terminus Hotel in Abbotsford, amongst others. The freehold titles for all eight properties will be retained by their respective owners.
P: Local private investor
Colliers' Anthony Kirwan, Daniel Wolman and Leon Ma
$12.025 million
560 North Boundary Road, Dunkeld
V: John and Sally Robertson P: Anna and Michael Coughlan
HF Richardson Livestock and Property's Ken McDonald
Circa $22 million
365 Lonsdale Street, Melbourne
P: Offshore buyer
Colliers’ Oliver Hay, Anthony Kirwan, Daniel Wolman and Leon Ma
$10 million
225 Rix Road, Officer
Direct
$4.14 million
Stonebridge's Julian White, Chao Zhang and Dylan Kilner
310-314 Lygon Street, Carlton
V: Private owners / P: Local private buyer
Fitzroys’ Ervin Niyaz and David Bourke $4.075 million
Beenak Vineyard, Upper Yarra Valley
V: Accolade Wines P: Treasury Wine Estates
Langley & Co Advisors’ Stephen Strachan
Circa $7 million
218 Ascot Vale Road, Moonee Ponds
Fitzroys' Ervin Niyaz and Chris Kombi $1.603 million
V: Occupying doctor P: Local medical practitioner
Masters, 1550 Pascoe Vale Rd, Coolaroo
V: HMC Capital P: Kennards Self Storage
Savills’ Peter Tyson, Callum Stenson, and Rick Silberman
$35 million
291 Maribyrnong Road, Ascot Vale
V: Local private owners P: Local landbanking developer
$3 million
Fitzroys’ Ervin Niyaz and Chris Kombi
Lot 1 & 12 Ascot Gardens Drive, Bonshaw
Stonebridge Property Group’s Julian White and Chao Zhang, in conjunction with Buxton Ballarat’s Mark Nunn
$15 million
P: Sydney-based residential developer
$1.35 million
26 Swanston Street, Preston
P: Adjoining owner
Fitzroys’ Brent Glassford and Marco Sandrin
Direct
$8.3 million
106-112A Mountjoy Parade, Lorne
JLL’s Nick MacFie, Josh Rutman and MingXuan Li
Direct
Circa $100 million
Melbourne Pub Portfolio
V: Sand Hill Road P: Australian Venue Company
6 –August / September 2022
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