St Kilda’s apartment revival gathers momentum

The 40-studio apartment complex is on a large 1924 square metre site with a car park at the rear and eight shops on the street. It comes with a plan for a five-storey development.

Teska Carson agents Michael Ludski and Luke Bisset, who handled the sales campaign for the Renzella family, declined to comment.

There’s been a string of sales on Fitzroy Street in the past 18 months with the new Pride Centre and the mooted revamp of the Erdi-owned QT Hotel creating momentum on the strip.

Developer Tim Gurner paid a sweet $2.25 million for No.99-105 in 2020 and has plans for a $35 million boutique hotel.

And AirTrunk rich lister Robin Khuda recently outlaid $21 million on 3-15 Fitzroy Street, a property on a 1600 sq m site with 14 apartments and five shops.

Christmas deals
Three pre-Christmas deals totalling $13.65 million tell a story about Collingwood’s past and future as its status as a cool fringe office market heats up.

Records show the vendor, owner of the Gregory Ladner hats, scarves and jewellery retailing business, sold two of the Langridge Street properties.

Surprisingly, a textile business struck a claim for the suburb’s traditional ragtrade history, paying $4.5 million for a double-storey office-warehouse at 140-142 Langridge Street.

Gray Johnson agent Brett Simpson said the price set a record land value rate of $16,363 for Collingwood.

The 550 sq m building on the corner of Cromwell Street is on a 275 sq m site and sold off-market.

Across the street, a two-level office building at 144-152 Langridge Street, rented to an architecture studio and a community social support organisation, also sold privately.

The 1000 sq m office, sold by the Ladner group, is on a 500 sq m site and fetched $7.2 million on a tight 3.3 percent yield.

Next door, a single level warehouse at No.156-158 sold for $1.95 million. It’s fully fitted out as a restaurant and bar and has been bought by a nearby hospitality group.

Strata sales
In the CBD, nearly four strata properties have been traded in the past week as owner-occupiers and investors fight for a bite of the city by the end of 2021.

The biggest was the Europcar hire-car outlet at 89-91 Franklin Street which is understood to have sold for more than its $8.25 million quoted price.

Colliers’ agents Oliver Hay, Anthony Kirwan, George Davies and Leon May handled the transaction.

The 201 sq m property comes with 33 car parks and returns $478,551 a year in rent.

Brain lab
Caydon have sold the ground floor space at 150 Cremorne Street to a local accountant who has ties to a German medical tech company.

The 265 sq m strata space sold for $2.815 million – a building rate of $10,622 a sq m – and will be leased to BrainLab, a Munich firm keen to get into Cremorne’s Silicon Yarra.

The vacant space in Caydon’s $1 billion Malt District project underneath the Nylex clock, was sold as a cold shell and still requires fitting out.

Stonebridge agents Max Warren, Dylan Kilner and Julian White did the deal.

Antiques end
High Street Armadale was once an antiques hotspot but the sale of the Armadale Antique Centre spells the end of an era.

The big 425 sq m shop at 1147-1151 High Street sold last week for $6.15 million, reflecting a super sharp yield of 2.7 percent and a land rate of $14,500 a sq m.

High Street Armadale was once an antiques hotspot.
High Street Armadale was once an antiques hotspot.CREDIT:

Records show Tony and Helen Gandel’s investment vehicle Helant put a caveat on the property last week.

Mr Gandel, son of Chadstone Shopping Centre owner, John Gandel, spent decades managing and developing shopping centres.

Fitzroys agents Chris Kombi and Chris James negotiated the deal but declined to comment on the buyer. It’s understood he’s planning a commercial development on the site.

Monark’s land
A Melbourne developer linked to the Liberman-family backed Monark group has paid $4 million for a 1922 sq m block of land at 2123-2135 Point Nepean Road, Rye.

Records show the land, which is across the road from Rye beach and the yacht club, last traded at $444,600 in 1991. A fresh caveat links the buyer to Monark.

Teska Carson agents George Takis and Stephen Speck sold it this time around at a potentially new land record rate of $2081 a sq m. They declined to comment.

New Balance
Closer to the city, the local headquarters of sportswear brand New Balance – also sponsors of AFL premiers Melbourne – sold for $6.4 million.

Fitzroys agents Mark Talbot and Tom Fisher sold the double-storey 1648 sq m office at 47a Wangara Road to an investor on a yield of 5.3 per cent.

The office, also home to NDIS provider Ability Plus Disability Services, has 70 car parks.

They also sold a two-level office building in Brighton which fetched $4.75 million.

Vendors of 112a-114a Martin Street, the Natili and O’Neill families, had also built the property.

Mr Talbot said the buyer is a landbank with long-term development plans. The sale price reflected a sharp passing yield of 3.2 per cent and a land rate of $6241 a sq m.

Last auction
One of the last auctions for the year is likely to be the Melville Grain Store in Brunswick.

The heritage-listed bluestone shed at 11-17 Colebrook Street, Brunswick is going under the hammer on December 21.

Gross Waddell ICR agents Alex Ham and Andrew Waddell are running the show and expecting more than $4.6 million.

The 2230 sq m building is on a 2500 sq m site and has a permit for conversion into 16 dwellings and five offices.

Another bluestone shed a couple of doors down at No.1-7 was converted into 20 townhouses more than 10 years ago.

Records show No.11-17 was bought by real estate agent Mario De Sanctis’s Marjames in 2012 for $2.75 million.

Four caveats are on the title, mostly from creditors, including Mr De Sanctis himself but also one from a company called Martino & Anna, acting for an entity called the Colebrook Unit Trust and claiming possession.