The 3,469m² plot of land at the corner of Chapel and Grosvenor streets and Brighton Road has been in the Thurston family for almost 50 years.
The Thurstons had the first Toyota dealership in Australia and used the site for car service for many years. More recently it has been occupied by Australia Post as a distribution center.
Julian White, Justin Dowers and Chao Zhang of Stonebridge Property Group managed the transaction.
The buyer is a China-backed first developer who has beaten 13 other parties.
“Offers have been received from a range of local and Asian apartment developers, four rental construction groups, as well as a party looking to complete a vertical retirement living project,” Mr. White.
The local town planning plan provides for five to six levels on the site.
The Mazda showroom site on the east side of Ringwood has changed hands after 40 years.
The Coopersmith Group, which developed the 8,878 m² property at 391 Maroondah Highway, sold it to the owner of the Mazda dealership for $ 15 million. The deal reflected a 4.33 percent return.
It is one of Australia’s largest Mazda dealerships with an expanse of seven hectares of car fleets, developed by the Coopersmith group, including Nissan, Volkswagen and Ford.
CBRE agent David Aiello made the deal.
“Over four decades, Coopersmith Group has built a landmark and growing hub of auto dealerships in East Melbourne,” said Aiello.
The Coopersmith Group paid only $ 400,000 for the site in 1981, buying it from the Patterson Cheney Holden Group.
The parking lots that once dominated Ringwood’s central business district are now being replaced by apartments or office buildings.
Records show that the Honda showroom at 85 Maroondah Highway was sold earlier this year for $ 7.26 million to a company called Ivory Horse, which is owned by Globird Energy.
Its neighbor, the former Jooce nightclub and currently a Rivers outlet, was sold for $ 13.5 million to Staley Properties last December.
Still on cars, the former Flinkier used car fleet at 264-276 Kings Way is on the market, with expectations of over $ 5.5-6 million.
The 696 m² triangle-shaped property was an Ampol gas station in an earlier incarnation. The Flinkier family bought it in 1996 for just $ 655,000.
It had been rented to the popular cafe-and-drive Europa since 2013, but is sublet to The Thirsty Camel bottle store and earns $ 250,000 a year in rent.
Colliers agents Tom Isaksson, Daniel Wolman, Oliver Hay and Leon Ma are handling the campaign.
They also sell the banana yellow Just Tools store around the corner at 174-180 Clarendon Street.
On 334 m², this large-scale property is expected to bring in more than $ 4 million.
A local investor has invested $ 5.5 million in a Carlton office building that has been owned by the same family for over 30 years.
It’s on 296m² of land at 135-139 Leicester Street, behind the University of Melbourne Law School, and sold for a hefty price of over $ 20,000 per m².
It sits across from Oxfam’s headquarters, which was acquired last year by student housing provider Scape for around $ 15 million.
CBRE agents Nathan Mufale, Scott Hawthorne, David Minty and JJ Heng negotiated the deal.
“While the buyer was a local buyer, it was interesting to note the strong interest from student housing groups,” Mufale said.
“As COVID-19 has impacted the number of students traveling to Victoria, the student housing groups we deal with are looking to fuel their respective development pipelines well beyond the next 18-24 months,” he said. Mr Mufale said.
An investor who sold his investment in an apartment took over the historic Parkville store long before its scheduled auction.
The buyer, who is looking for a more stable income, paid $ 2.85 million for the store and residence at 52 Morrah Street, giving it a very high return of 1.81%.
The 82m² store is rented from Café Piccolina, whose managers also run the Naughton’s hotel around the corner.
Stonebridge Property Group agents Max Warren, Dylan Kilner and Nic Hage, handled negotiations for the seller, Ubertas Development Director Simon Barr.
It sold for the land price of $ 16,700 per square meter, which is a record for the northern outskirts of the city, Kilner said.
Coburg’s Batman Markets site is back in the market and carries a $ 40 million tag.
The 2.56-acre site at 14-22 Gaffney Street, next to Batman Station, was once a military textiles factory.
Most recently, it has functioned as a Batman Royale function center and film production studio. There is also a 40-space coworking office called Mr Gaffney.
ATI Australian Texturizing Industries, purchased the property from Australian Defense Industries in the mid-1990s for $ 3.35 million.
The large site includes six buildings covering 12,142 m² and parking for 270 cars. Fully rented, it could earn up to $ 1.92 million per year.
Melbourne Acquisitions agents Dominic Gibson and James Latos are handling the tender, which will close on October 21.