Millionaire developer Gurner bunks down in new South Yarra tower

“When we leased our second office location just two years ago, we never imagined we’d outgrow it so quickly,” the chief executive of Gurner’s operation, Ahmed Fahour, said.

“We now require a much larger footprint to support these functions and future-proof the growth of our business across the many divisions.”

The 10-level, 7308 sq m office, pitched as a luxury building, was completed in November and is now 75 per cent leased. It promises features including a wellness centre.

Gurner has also gone hard on wellness centres at its residential projects. The Saint Haven clubs division has been wildly successful, although the Collingwood club was listed as an alert site for measles exposure last week by the Victorian Health Department.

Alfasi bought the 2116 sq m super-site in what was once South Yarra’s industrial-commercial precinct in 2017, paying $18.5 million. The active developer had originally planned to build a hotel on the site and signed up the Hyatt Centric chain.

During the pandemic, Alfasi decided to radically shift the building’s use to high-end office, Alfasi boss Gill Dvir told Capital Gain.

Lemon Baxter agents Josh Tebb and Stephanie McConville and CBRE’s Josh Jennings and Anthony Park are working on the leasing campaign. “Office leasing demand has picked up in 2025 and tenants are taking more space,” Tebb said.

Sale goal

Former Carlton footy club president and veteran property play Mark LoGiudice is flipping a Cremorne office he picked up early last year.

The two-storey corner office at 104-108 Dover Street is in the heart of the suburb’s commercial redevelopment precinct.

Records show LoGiudice paid $3.24 million last year and then refurbished the 715 sq m building.

An owner-occupier is the likely buyer, though the 380 sq m parcel of land on the corner of a laneway could attract someone with an eye on future development.

Gorman Commercial’s Jonathon McCormack, Peter Bremner and Tom Maule are handling the listing, along with Teska Carson’s Matthew Feld and Luke Bisset. They’re expecting more than $5 million.

Battery hub

Deakin University’s Battery Research and Innovation Hub in Burwood is for sale at a price less than its very expensive fitout.

Deakin has only 18 months left on the lease of the 154 Highbury Road property, but no one is expecting any tenant movements as the specialised fitout cost between $8 million and $10 million.

Gross Waddell ICR agents Danny Clark, Michael Gross and Glenn Ye have the listing and are quoting an expected price of more than $6 million.

“The fitout is more expensive than the building,” Clark said.

Said Gross: “Given the capital expenditure, this makes Deakin University a sticky tenant and important for the upcoming lease options.”

The 2318 sq m industrial warehouse-office building is close to Deakin’s main campus and the proposed Suburban Rail Loop’s Burwood station. It returns $391,140 a year in rent and last changed hands in 1997 for $2.25 million.

It’s a rare investment offering because owner-occupiers are on the march everywhere else.

In East Kew, an owner-occupier bought 714-716 High Street before the building even hit the market.

The vacant 902 sq m office fetched $4.35 million in a deal negotiated by Colliers’ Alex Browne and Matt Knox.

“We are currently dealing with over 80,000 sq m of active office owner-occupier requirements. Aware of the competition, the buyer acted swiftly to secure the property before it was marketed publicly,” Browne said.

Records show that construction group City Circle paid $4.4 million for the property in 2017 at the peak of the last property cycle. It’s on the No. 48 tram line and close to the Eastern Freeway.

Strata space

Former agent-turned investment manager Mark Wizel has put his shingle up on a basement strata space for sale at 415 Bourke Street.

Wizel said one of his funds bought the 242 sq m basement at the foot of Rochelle House last year for $1.08 million and is expecting to flip it for $1.5 million to $1.7 million.

“It’s between the NAB headquarters and the new CBA headquarters on the other side,” he said.

Despite the listing, he is not expecting to make a comeback as an agent.

“I do think about it often as I miss it a lot. However, on this occasion I am just handling the sale of one of the properties we own in the fund,” he said.

In the legal precinct, retired criminal lawyer Bernie “the attorney” Balmer, is selling his penthouse office in the Forecourt Building on Hardware Street.

Balmer’s daughter Anna Balmer and Sally Vardy have taken over Balmer & Associates, a practice he established in 1984, and moved to 518 Little Bourke Street.

The 222 sq m level-four office at 116-112 Hardware Street is at the quieter west end of the popular hospitality strip.

Records show Balmer paid $605,000 for the office in September 2005. It’s expected to fetch more than $1.5 million.

Cushman & Wakefield agents Anthony Kirwan and Jack Cooper are handling the sales campaign.

Also in the legal district, Vinci Carbone are selling a vacant basement and 313 sq m ground floor office at 262 Queen Street. The 286 sq m basement of the five-level building is used as a car park with room for seven cars.

The property is pitched at an owner-occupier, probably in the legal profession, Joseph Carbone said.

It’s expected to sell in the mid-to-high $2 million range.

Owner-occupiers are the keenest buyers of office space right now, especially with interest rates tipped to fall during the year.

An insurance company has spent $3 million on level eight of 171 La Trobe Street, a tower on the corner of Russell Street designed by Nonda Katsilidis in the early 1990s.

Cushman & Wakefield’s Kirwan and George Davies sold the 434 sq m office.

Hunt over

A local investor has snapped up one of the city’s best known chippies, D’Lish Fish, paying $2,755,000 for the Port Melbourne shop.

The multiple award-winning D’Lish Fish, which overlooks Station Pier and Port Melbourne beach, was established by former VFL/AFL footballer and commentator Rex Hunt in 1998.

Fitzroys agents Chris Kombi and Tom Fisher negotiated the sale, which reflected a building rate of more than $10,000 a sq m.

Kombi said the expressions of interest campaign drew multiple offers.

“Strata assets are of serious interest to passive investors who are chasing higher yields and low land tax liabilities. It’s an ideal set-and-forget investment,” he said.