Leonard Joel’s auction house sells for $17 million

French language and culture body Alliance Française is set to sell Eildon, the grand St Kilda mansion it has called home for the past 15 years.

Expressions of interest close this week for the 51 Gray Street property that AF bought in 2006 for $4.15 million.

After two years of shutdowns, it is now surplus to requirements and back on the market with expectations between $8-8.8 million.

Allard Shelton’s agent Joseph Walton, who manages the deal with Christian Hatzis and Abercromby’s Tim Derham and Jock Langley, said the listing has generated a lot of interest from potential users in the fields of education, trade and accommodation.

“If it was in one of the nearby suburbs like Toorak, Armadale or Brighton, it would be worth up to $25 million,” Mr Walton said.

The 10-bedroom Italianate Victorian mansion sits on a 2203m² site and was built at the start of the Gold Rush in 1853.

It was a 100 bed backpacker hostel when it last changed hands.

Punt Hill

On Punt Road Hill, another thriving historic mansion, Glenhope, is up for sale.

The property at 466 Punt Road, within the grounds of the estate, has been Millswyn’s medical clinic since the 1990s.

Glenhope was built in 1887 by Robert Paxton and remained in family hands until it was purchased by the Jewish Committee of Warsaw in 1951 for £17,200.

Glenhope, on Punt Road Hill, is for sale.Credit:

It sits on a 1777m² plot and has a short term lease expiring in December 2022.

Fitzroys agents David Bourke and Chris James have the list. It is expected to sell for around $5.5 million.

“There is so much potential for this site. There is enormous potential to reallocate the property to a range of uses, including for medical or childcare, boutique residential accommodation or for redevelopment,” Mr Bourke said.

Parcel with permit

An investor has spent over $10 million on a development site in Prahran, but with no plans to develop it.

The 1200m² site at 476-478 High street on the corner of Pakington Street came with permission for an apartment development which had no appeal to buyers.

The 1200m² site at 476-478 High street came with a permit.

The 1200m² site at 476-478 High street came with a permit.Credit:

The property was zoned residential at the back and commercial at the front, which limited development possibilities.

Teska Carson’s agent Luke Bisset, who handled the transaction with Michael Ludski, said “the buyer intends to hold the asset as an investment with no plans for redevelopment”.

The property attracted eight bids from a mix of investors, homeowners and developers.

The 1,100 sq m warehouse has two tenants – PETstock and Bed Depot – on short-term leases ending in August, paying $173 per sq m.

It is understood that a new tenant, initially interested in making the acquisition, will move into the property.

jones office

Jones Estate agent Paul Jones has snapped up a Level 8 at 1 Elizabeth Street, a 170m² strata office overlooking Flinders Street Station and Southbank.

Mr Jones paid $1.6 million for the entire upstairs office which was sold by non-profit group Carry On Victoria.

The charity has been based in the 11-story building, formerly Hosies Hotel, since 1989. The sale will fund housing for returning soldiers.

Anthony Kirwan, George Davies and Alexander Leggo of Colliers brokered the sale. Six offers were made for the property which sold at a build rate of $9,412 per square metre.

Tassie calling

A Tasmanian buyer has knocked out the competition for a historic South Melbourne store before it even went up for auction.

Colliers agents George Davies and Alexander Leggo sold 392 Clarendon Street a week before its scheduled auction for $3.15 million, $400,000 more than its expected price.

The three-story store has only had three other owners in the past 165 years.

There is a seven-year lease in place for Body Freedom Urban Spa & Clinic with three five-year options. It sold at a yield of 4.04%.

Mr Davies said: ‘The successful buyer flew from Tasmania at 10am last Friday, inspected at 12pm, made an offer at 2pm and had the property secured and sold at 10pm this that evening. The property has been unloaded by local investors who have held the property for over 18 years.

Magnified sale

The Richmond home of collapsed printing company Magnify Media is up for sale.

Magnify Media did not survive the first year of the pandemic and went into liquidation in early 2021. The 1,392 m² three-level office warehouse has a short-term lease in place.

The 819sqm property is adjacent to a high-profile development site at 175 Burnley Street which sold for almost $17million last year.

CBRE agents David Minty, Nathan Mufale, Scott Hawthorne and JJ Heng and Gross Waddell ICR’s Michael Gross, Andrew Waddell and Raoul Salter are leading the expressions of interest campaign.

It should fetch around $5 million based on the price of $8,500 per square meter reached by its neighbor last August.

However, supplier Peregrine Projects had obtained a permit for a nine-storey office building on the site, which added to its value.

Earlier this week, Peregrine Projects sold the Sarah Sands pub at a Burgess Rawson portfolio auction, raising $8.75 million for the remaining hospitality space following the completion of the 31 residential development. apartments.

Pub operator Australian Venue Co holds Sarah Sands’ lease. AVC is an active buyer of hospitality businesses. Earlier this week he revealed he had bought the Apollo Bay Hotel lease.

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