Another millionaire cashes in on apartment boom

Penned by boutique architect firm Kavellaris Urban Design, the proposed building’s contemporary design features two black columns rising to about the ninth floor, gold coloured balconies and sky-gardens.

The Victorian Civil and Administrative Tribunal is expected to decide on the proposal following a full hearing in May. The City of Port Phillip council has declined to comment about the application, which could see about 80 new dwellings added to the burgeoning apartment hot spot.

Just five months ago local developer Brendan O’Sullivan paid $13.5 million for the 163-165 Eastern Road, a seven level office next door to the Questco building, and which sits on a 750-square-metre parcel.

Mr Le Tet was unavailable to comment about whether he will develop the apartment complex or sell the 887-square-metre site if any permit is issued.

The qualified accountant has previously held senior roles at The Film House Group (where he was chief executive officer) and Crawford Group, and been chairman with Melbourne’s Metropolitan Ambulance Service and Entertainment Media.

For five years, Mr Le Tet was an Australian Broadcasting Authority board member.

An investor is paying a price thought to be $8 million for an 847 square metre site at the beach end of St Kilda’s Fitzroy Street retail strip.

The asset includes a triple-fronted, triple-storey building with three ground floor retail tenancies and 10 upstairs apartments. It is estimated the building could return about $428,000 in annual rent, on a fully let basis.

In a restaurant precinct, and with north-facing views over Catani Gardens, 11-15 Fitzroy Street was also marketed for its redevelopment potential. Mark Talbot and David Bourke, agents with Fitzroys, managed the sales campaign.

Earlier this month, the producer of Channel Nine TV show The Block confirmed it is buying the former Gatwick rooming house at 34 Fitzroy Street, for an upcoming series.

Investor flips Keilor townhouse site

A local developer is paying a speculated price of more than $11 million for a high-profile townhouse block in Melbourne’s north-west.

The 1.9 hectare parcel at 7B Copernicus Way, in Keilor, was offered with a permit for 99 dwellings. Until a few years ago the land was owned by shopping giant Vicinity, which still controls the Keilor Central Shopping Centre next door.

Keilor Plains train station is about a kilometre away. Savills agents Julian Heatherich and Jesse Radisich with Knight Frank’s Danny Clarke represented the vendor, who paid $6.5 million for the then-unpermitted land in March 2015.

The agents said the site generated massive interest from local and offshore medium density developers, but declined to confirm details including buyer and price.

AEU leases office near Dights Falls

While it waits for a rezoning allowing it to replace its substantial riverside land holding with flats, the Australian Education Union has struck a major lease deal for one of the office buildings currently occupying the site.

The group has secured OMC International for 996 square metres at 126 Trenerry Crescent. The rent, negotiated by Fitzroys Stephen Land, Peter Weatherby and Martin Huang, is $355 per square metre, per annum, net.

The AEU paid $15.6 million for 126 Trenerry Crescent in 2011. It bought the neighbouring site at 112-124, which includes the historic red brick Austral Silk and Cotton Mills building, for $8.5 million in 1998.

126 Trenerry Crescent, Abbotsford. Photo: Rodger Cummins

Currently, the union is in negotiation with council to rezone the approximate 6600 square metre parcel from the restrictive Commercial 2, to allow for a mixed-use complex.

Sources speculate that the rezoning could boost the sites value by more than $10 million to over $50 million. If approved, it could also mean a major apartment complex will be visible to commuters taking the Eastern Freeway to the CBD, immediately approaching Punt Road.

Numerous former industrial sites in the picturesque pocket, at a Yarra River bend and near Dights Falls, have made way for apartment and townhouse projects over the past 10 years.

Manny Stul sells high profile Yarraville asset

Manny Stul, who has in recent years turned the Moose Enterprises toy business into a global market player, has sold a historic red brick building beside Yarraville’s Sun Theatre.

The 2-6 Ballarat Street commercial building, on 270 square metres of land also near the Anderson Street retail strip and Yarraville train station, is exchanging for $3.9 million following an off-market campaign.

Based on the rent paid by the occupants, a restaurant and hair salon, the corner building exchanged on a 3.8 per cent yield.

Allard & Shelton’s James Gregson and Michael Ryan declined to comment about their campaign. Mr Stul, who last July was the first Australian to win the coveted EY global entrepreneurship award, is chairman and co-CEO of the 32-year old Moose Toys business, which is headquartered in Cheltenham.

Laurens Hall closes for Arden

The nondescript industrial site set to become the entrance to the proposed Arden station, part of the Metro Rail Link project, was vacated on March 31.

Event host business Laurens Hall closed for good at 183 Laurens Street, North Melbourne – two weeks after it auctioned off furniture and other supplies. The 1500 square metre factory on the site hosted weddings, product launches, corporate gatherings and was also a film setting.

The proposed Arden train station will sit just south of the intersection of Arden Street, behind a collection of car service centres. The North Melbourne Football Club training ground is across the road at Arden Street.

Arden is the first Metro Rail station to commuters coming in from the north-west. The multi-billion dollar project will continue to four other stops, known in planning documents as Parkville, CBD North, CBD South and Domain, near South Yarra.