Spreading 2116 square metres, the site covers addresses known as 2-4, 8 and 10 River Street, in a pocket of the suburb near the local train station which is seeing rampant high-density skyscraper redevelopment.
For years the properties (pictured top and left) have been occupied by caterer Peter Rowland and produced fine food.
Soon, however, the holding will make way for a hotel, possibly of about 12 levels, after selling to Alfasi Property.
JLL’s Marcus Quinn and Lincoln Reynolds confirmed the sites sold. They marketed the property for a local Melbourne family who have owned it since 1992.
The South Yarra acquisition comes 11 months after Alfasi spent $24.7 million on a c3000 square metre site at 506-508 Church Street, Richmond (which is the next suburb north of South Yarra). These properties are expected to be redeveloped as a major office building soon.
Alfasi Property is a division of a privately held steel construction and equipment hire group with the same family name. It is based in Dandenong and directed by Avri Alfasi, his son, Saar, and son-in-law, Gill Dvir.
Last year the company’s property arm is reported to have appointed Laurence Peck to find up to five Melbourne sites it could develop as offices and hotels.