“I’ve been surprised at how much interest there’s been. It’s a global market and when it comes to Australia, we tick all the boxes,” Fowler said.
JLL’s Josh Rutman, Jesse Radisich, Jack Bergin, Stuart Taylor, Mingxuan Li and Kate Low are running an international sales campaign while Mark Wizel’s Advise Transact is representing the vendor.
A high-rise apartment building on the corner of Chandler Highway was developed by Joe Russo’s Caydon Group before the developer collapsed.
Darebin Bridge
A bit further up the road, one of the longest standing “For Lease” signs around town is about to come down with new tenants signed to take over the old Darebin Bridge Hotel in Ivanhoe.
The three-storey hotel at 899 Heidelberg Road has been leased to Alacrity Health Services after languishing vacant for more than ten years.
The old Darebin Bridge Hotel, at 899 Heidelberg Road, Ivanhoe.
Once owned by APM, the precursor to Amcor, and used as a lab for the nearby paper mill – now undergoing redevelopment – it was sold to the present owner in 1986 for $400,000.
The local subsidiary of German sensor technology company, Sick, occupied the office for about 25 years but it has been largely empty since Sick shifted to West Heidelberg.
Alacrity has signed a five-year lease paying $83,000 a year in a deal struck by Gray Johnson agent Anthony Boldrini.
The 850 square metre building is on a 3000 square metre plot of land on the Darebin Creek on the border with Alphington. The Heidelberg Historical Society dates its construction to the 1840s. Artist Lina Bryans bought it in 1942 and turned it into an artists colony called the Pink Hotel.
New values
Anthony Wilson’s Terraplex is having another crack at selling its three-storey East Hawthorn office building at 16-18 Cato Street, dropping the expected price to $25 million from $30 million.
Fund manager Terraplex is selling the former Bunnings head office at 16-18 Cato Street, East Hawthorn.
The new $25 million asking price is on par with the $24.7 million Terraplex paid in 2016 and follows a $5 million refurbishment.
Two floors of the 5295 square metre East Hawthorn building have been empty since Bunnings’ lease expired in 2022. International flooring group Gerflor occupies the ground floor.
JLL’s Tim Carr, Josh Rutman, Mark Stafford and Piper Dedrich, along with Dawkins Occhiuto agents Andrew Dawkins and Walter Occhiuto have the listing.
Interest is expected from owner-occupiers still hunting for the right digs – at the right price – and funds looking for opportunistic purchases.
Terraplex is evidently focused on income. The move follows the fund’s purchase of The Lands Building in Hobart for $57.5 million, reflecting a yield of 6.64 per cent. The 10-storey A-grade building is fully leased to the Tasmanian Government.
Any takers?
Another of 2023’s unsold listings is back on the market at 1-3 Como Street, Malvern.
The first office project built by Terry Livanidis’ Landis group, it was for sale at more than $35 million last year but there were no takers.
The seven-storey 3600 square metre building was originally going to be an apartment project, but Livanidis took a gamble on the office market.
1-3 Como Street, Malvern
It didn’t pay off and JAS LDS, the entity that developed the office, was tipped into receivership with FTI Consulting in March.
CBRE agents Scott Orchard and Tom Ryan are handling expressions of interest and declined to quote an expected price. The Cato Street numbers point the way.
New hotel
The first major hotel offered to the market in 2024 is Geelong’s newest hotel, the Holiday Inn & Suites, which was completed last year.
The 180-room hotel, part of Franze Developments’ Geelong Quarter Project, is expected to fetch around $70 million.
The 40 Ryrie Street property has views across Port Phillip and Corio bays and includes a gym, a heated indoor pool and a ground floor restaurant, Maestro, run by chef Adrian Richardson.
It’s around the corner from the new Arts Centre, Geelong Gallery and the Little Malop Street precinct.
Holiday Inn & Suites Geelong
JLL agents Nick Macfie and Peter Harper, with Savills’ Benson Zhou and Nick Lower, are handling the campaign, which closes next week.
Also for sale in Geelong is a large 7111 square metre development site at 33-41 McKillop Street, across the road from the Rydges Hotel and the St John of God private hospital. Records show G-Force Recruitment owns the bulk of the site.
JLL’s Josh Rutman, Mark Stafford and Jesse Radisich, with local agents Darcy Jarman’s Tim Darcy and Andrew Prowse are handling enquiries. Urbis is transaction manager.
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They’re expecting a price in the high teens – below $20 million – for the site.
God’s dwellings
Still in Geelong, the Presbyterian Church is selling the historic St George Church at 13 Ryrie Street, on the corner of Latrobe Terrace.
The bluestone church, built in 1861 and designed by architect Nathaniel Billing, has been gathering dust since 2015. The heritage-listed church and manse are on a large 8173 square metre site, of which 4500 square metres is developable.
Colliers’ agents Ben Young and Chris Nanni are handling enquiries. It’s expected to sell for around $18 million and likely to be redeveloped.
Back in Melbourne, the Salvation Army has also listed its historic 1882 church at 880 Mt Alexander Road for sale for $7.5-8 million.
St Georges Church, Geelong.
The former South Essendon Primitive Methodist Church, bought by the Salvos in 1995, is on a 2714 square metre lot on the corner of Buckley Street.
NSL Property Group’s Guy Naselli said early interest has come from hospitality groups, developers and even other church groups looking for a place of worship.
Meanwhile another church, in Melbourne’s north-eastern suburbs, has sold in the mid-$5 million range to a residential developer.
Records show developer Andrew Koulloupas has lodged a caveat over the former Anglican church at 30-32 Invermay Grove, Rosanna.
The 5287 square metre site was sold by Savills’ Julian Heatherich, Benson Zhou and James Latos.
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