Designed by architect HR Caselli, the church was built in 1867-68 during the Gold Rush.
The property is split across two titles. A 3234 sq m parcel of land at 227 Albert Street includes the church and two halls and is expected to fetch more than $1 million.
A four-bedroom house at 198 Yarrowee Street, on 557 sq m, is expected to sell for about $500,000.
Expressions of interest close on Friday through Colliers’ Waddell, Charles Kennedy and Sam McKeegan.
Rebirthing
A four-storey hotel in North Melbourne is set for demolition and rebirth as an 11-storey $315 million hospital or medical research facility.
Australian Unity’s Healthcare Property Trust has embarked on a joint venture with the hotel’s owner, Mark Etherington’s Australian Property Trust, on a new project that is making its way through the government’s fast-track planning scheme, the Development Facilitation Program.
A Mercure Hotel now occupies 133 Flemington Road.Credit: Luis Enrique Ascui
The 1960s-era hotel occupies a 4000-square-metre L-shaped site, at 133 Flemington Road, on the corner of Harker Street. Across the road from the Royal Children’s Hospital, it falls inside the Melbourne Biomedical Precinct.
The proposal before the minister was designed by Silver Thomas Handley Architects and Tract Town Planners and includes 223 hospital beds, seven theatres and 2100 sq m of consulting suites.
Australian Unity is calling for expressions of interest in the project but is more vague about the details than the proposal suggests.
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The health giant released a statement saying it will only go ahead if the proposed development stacks up financially after obtaining planning approval, funding and a tenant.
“Should the proposed development receive planning approval, AUHPT will advance the project to the next stage, if and when a long-term tenant for the property is secured and the cost of development is value accretive for investors and other parties.”
Records show Etherington’s ECS Group paid $12 million for the hotel in 2007. A portfolio of Rydges hotels in Canberra, Wollongong and North Melbourne propelled him onto BRW’s Young Rich List in 2006. Ten years ago, he turned the Wollongong hotel into a mental health facility.
Food venues
The city’s nighttime economy is pumping even if the lack of office workers keeps the streets quiet by day. While old restaurants have closed throughout the year, new restaurants keep opening, notably Chris Lucas’ Maison Batard, which was constructed in record time this year.
Other restaurateurs are keener on kitchens that are still in place. At 114 Russell Street, where Izakaya Den traded for 15 years, a new high-end Japanese restaurant, Miyazaki, is poised to open.
New tenants are heading to the old Izayaka Den space at 114 Russell Street.Credit:
Miyazaki’s operator is making its first foray back into the CBD restaurant scene after a hiatus during the pandemic. Previous venues include Hash Specialty Coffee, Whitehorse Chloe, Platform 7 and Hot Pot on Lonsdale.
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Fitzroys’ Franklin Gikas and James Lockwood negotiated the three-year lease, with a three-year option, at $165,000 a year, a record rate for subterranean space.
“We’re still seeing plenty of interest for properties with hospitality infrastructure in place, which provides a timely, cost-effective avenue for operators to set up in new locations,” Gikas said.
Other new restaurant leasing deals include Peck’s Road, which will take up shop 3 in Manchester House at 234 Flinders Lane.
There were more than 10 offers for the space that is close to one of the new entrances to the Town Hall metro tunnel station, Gikas said.
Founders and brothers AJ, Arbi and Albin Lawang, who have been operating a suburban outlet focused on Filipino-influenced doughnuts, will collaborate with Michael Mabuti on the new shop.
Tori’s Bakery Cafe will move into the ground floor space at the recently renovated 124 Exhibition Street under a long seven-year lease with a five-year option.
Meanwhile, another Shuji Sushi outlet is opening at 405 Bourke Street in the Maker’s Lane food court at the foot of the new NAB headquarters.
Synergy for Zynergy
A developer has snapped up the Toorak Medical Centre, just off Toorak Road in the village shopping precinct, paying $5.82 million.
98 Mathoura Road, ToorakCredit:
The purchase of 98 Mathoura Road effectively doubles the size of Zynergy Property’s holdings on the Toorak Road corner.
Last year, Zhang paid just under $9 million for 428 Toorak Road, a row of Art Deco shops on 376 sq m of land.
The group of shops at 428 Toorak Road.Credit:
The medical clinic at its rear, a freestanding office, is on 396 sq m. It sold last week on a tight 2.4 per cent yield. Stonebridge’s Nic Hage, Rorey James and Chao Zhang handled the deal.
It’s understood there are no plans to immediately develop the site, which is close to a slew of new projects, recently finished or under construction. It has an existing site on Malvern Road, Toorak where construction is due to start next week.
Down the hill at 383 Toorak Road, an offshore developer is spending $6.72 million on an 1156 sq m site that comes with a permit for six apartments designed by Fender Katsilidis.
Records show the property last changed hands in 2023 for $4,645,000 when the Soroptomists, a women- and girls-focused charity, sold it to a joint venture between Hickory’s George Argyrou and real estate agent Sean Cussell.
Stonebridge’s Julian White, Chao Zang and Andrew Milligan ran the expressions of interest campaign, which elicited five offers.
An artist’s impression of Fender Katsilidis’ plans for 383 Toorak Road, South Yarra.Credit:
“There is strong demand from developers for premium locations where downsizers and owner-occupiers are willing to pay top prices for new apartments,” White said.
This is the last column for 2024. Season’s greetings and many thanks to all readers. Capital Gain will return on February 1.
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