Hotel developer pays $18.5m for outgoing Peter Rowland HQ

A collection of low rise South Yarra factories – near to a swathe of new luxury apartment towers – has sold for $18.5 million.

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.

 

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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