Krongold family sell East Melbourne headquarters.


The historic Edwardian-era Blood Brothers shop at 1 Bedford Street is expected to be retained in any redesign of the multi-storey building. At this rate, it could be finished by the time the next election rolls around.

The Ringwood car park is one of dozens promised by the Morrison Government before the last election and still not built. It would join two existing nearby car parks that could be redeveloped.

But council told Capital Gain last year that one was owned by the state government and the other was too far a walk up the hill. Maroondah paid $2 million for the property in 2020 using funds provided by the feds.

The local Ringwood District Historical Society campaigned hard to save the property over the past three years and more than 660 people signed a petition against the demolition.

It’s understood some of those petition-signers were promising to protest very noisily during local Deakin MP Michael Sukkar’s election campaign. And lo, it is saved!

Kooyong representative and treasurer Josh Frydenberg cancelled all four car parks he had promised for his leafy electorate after residents indicated they didn’t want or need them.

Kozminsky’s sale

Three Chapel Street properties owned by the Kozminsky family for more than 125 years have come to market.

The properties at 70, 72-74 Chapel Street and 1A Windsor Place at the rear are on three titles and cover 1400 square metres in total. They’re for sale individually or as a parcel.

The family believes Abraham Kozminsky, who came to Australia in 1859 during the gold rush, bought the properties around 1893.

Kozminsky, whose family went on to found Melbourne’s famous jewellery shop, bought them to provide an income for his daughter and future generations. They are likely to fetch around $12 million.

70 & 72-74 Chapel Street and 1A Windsor Place, Windsor, Melbourne

No.72-74 has been home to Klapp Electronics for more than 50 years while no.70 is vacant. Windsor Places houses four tenants.

The latter is for sale via expressions of interest closing on June 15 while the shops at 70-74 Chapel Street are going to auction two days later.

Gross Waddell ICR agents Michael Gross, Alex Ham and Raoul Salter are handling inquiries.

Come together

The five owners of an Abbotsford strata showroom building on the corner of Johnston Street and Trenerry Crescent have scored more than $22 million from its sale.

It is understood Geoff Brady’s very active Amber Property Group beat a host of other developers to snare 422-430 Johnston Street, a nondescript 1980s era building near the Yarra River.

The 2428 square metre site is in a key fringe commercial office precinct, across the road from GSK’s headquarters and the Abbotsford Convent arts hub.

JLL’s Nick Peden, Jesse Radisich, Josh Rutman, David Hill and Mingxuan Li handled the sale which represented a land value rate of $9070 per square metre.

Peden said hopeful buyers came from the USA, the UK, Malaysia, China and Singapore.

“With each individual unit worth approximately $1.5 million, there was almost a $3 million uplift for each owner. It’s a clear demonstration of the lucrative nature of selling with your neighbours.”

Little Collins

A three-storey building in the heart of the CBD has fetched $8.45 million in an off-market deal reflecting a razor sharp 1.3 per cent yield and a land rate of $41,625 per square metre.

Records show the 380 square metre art deco gem at 267 Little Collins Street was snapped up by restaurateur George Calombaris’ old partner George Sykiotis.

267 Little Collins Street, Melbourne

267 Little Collins Street, Melbourne

The vendor was Peter Vodicka’s Central City Holdings which paid $1.05 million in December 1996, just as the city’s bar scene was proliferating in every laneway and little side street.

The deal was struck by Fitzroys’ agent Chris Kombi.

The property returns $110,000 a year. The ground floor is leased on a monthly basis to a sportswear retailer while bar Fika Island has a five year and five year option over the two levels upstairs.

“It’s another show of faith investors have in the future of the CBD. There’s widespread confidence that visitation rates will continue trending upwards, and we’ve already seen a great rebound in nighttime and weekend numbers,” Kombi said.

Warragul

Prices achieved for regional properties are maintaining their momentum. The Latrobe Community Health centre in Warragul has sold for more than $9 million on a yield of 4.7 per cent.

It’s a stunning price for a regional investment given there were only three years left on the lease.

Stonebridge Property Group’s Rorey James, Kevin Tong and Nic Hage with Wilson Property’s Ben Wilson sold the centre following six formal offers.

James said there was strong interest from Melbourne, Sydney and Tasmanian investors keen to make use of the 50 per cent stamp duty discount on regional properties.

“Buyers were attracted to the better returns on offer, generally, in regional areas. They also have a great deal of confidence in regional areas off the back of the pandemic and more people now living permanently there,” James said.



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