Church of Christ
Another former church property is back on the market five years after it last changed hands.
The 1850 sq m block at 1536 Malvern Road, Glen Iris, on the corner of Scott Grove, sold in March 2018 at the top of the market to a developer for $9.5 million.
The church and a double-storey building still stand on the site, despite an offshoot of the church receiving a permit to demolish them.
The property now comes with a permit for a five-storey retirement living project. However, the sellers may have missed the peak of the most recent price cycle – recent development site sales put the likely value at about $9 million.
JLL’s Jesse Radisich, Josh Rutman, Mark Stafford and MingXuan Li are running the sales campaign.
The property is close to Gardiner railway station, the Monash Freeway and a slew of private schools.
Earlier this year, developer Roulston, with the Buxton Group, settled on a $14.5 million acquisition of two houses on 2230 sq m at 385-387 Wattletree Road, East Malvern. The off-market deal, negotiated by Colliers’ Ted Dwyer and Ben Baines, dated back to 2021, when prices were running hot. The site, opposite Central Park, sold for a record $6502 a sq m.
The vendor, Caulfield Grammar, paid $12.6 million, or $5605 a sq m, in 2017.
The last of 14 shops in the Emerald Hill Terraces group, in South Melbourne, sold for $7.33 million.
Terrace triumph
Terraplex and PodCo have sold the last of the Emerald Hill Terraces in South Melbourne, some eight years after the investor purchased the shops as a single entity. Terraplex has reaped $33.9 million by selling 14 shops individually since they were subdivided in 2018 into 12 titles.
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The final shop, at 328-334 Clarendon Street, on the corner of Bank Street, fetched the highest price, selling for $7.33 million and a sharp yield of 3.09 per cent.
The 744 sq m shop is partly leased to hair salon Rokk Ebony and returns $228,168 a year in rent. The buyer intends to occupy the vacant bar.
Stonebridge’s Nic Hage, Rorey James and Sarah Xi negotiated the final deals, the last four of which took place in the past six months.
Terraplex bought the historic terrace in 2015, paying a bumper $27.5 million to Australia’s honorary consul of Monaco, Andrew Cannon.
Terraplex’s Anthony Wilson said, “The project was challenging in the early subdivision stages dealing with Heritage Victoria and all the other regulatory authorities. Ending up with 12 titles was an excellent result.”
Final strata deal
The last of the space at 420 Collins Street owned by bankrupt co-working office entrepreneur Dan Baxter has been sold. The 418 sq m basement space is understood to have fetched about $1.6 million.
Gross Waddell ICR agents Richard Lowe and Alex Ham handled the sale but declined to comment.
Baxter, who founded Victory Offices in 2013, bought six floors of 420 Collins Street and named the building Victory Tower.
The listed co-working group collapsed last year and lenders put Baxter’s personal properties up for sale. The office sell-down has realised almost $14 million.
Carlton calling
On the Carlton-CBD fringe, a design agency has snapped up half a floor of level six at 458 Swanston Street for $1.03 million. The 135 sq m space comes with timber floors and exposed steel beams.
GrayJohnson agents Rory White and Anthony Boldrini managed the deal, which was the third office they had sold in the building in the past 12 months. The pair have also sold a 108 sq m office on level 1, 182 Victoria Parade in East Melbourne for $535,000.
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White said a consulting group had purchased the office and plans to move in. The building is near the corner of Lansdowne Street, in the St Vincents medical precinct.
Back in the CBD, Cushman & Wakefield agents George Davies, Anthony Kirwan and Jeff Ha have two fresh listings – level eight at 50 Market Street and level five of 271 William Street.
The 500 sq m entire office floor in midtown’s Market Street is expected to sell for between $4 million and $4.4 million, while the 404 sq m legal precinct office is likely to fetch about $3 million.
The Cushman team, along with Sutherland Farrelly, recently sold a strata office in St Kilda within hours of being appointed as agents. An education provider put down a 20 per cent deposit on the 802 sq m office, buying on a 45-day settlement.
While the agency declined to comment on the price, it is one level above a similar office sold by Pace Development Group late last year for $4.2 million.
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