$20 Million Portfolio of Salvo Properties to be Sold

An office building at 245 Peel Street in North Melbourne has also been listed for sale, as well as sites of more than 1,000 square metres in Blackburn, Cheltenham, Maidstone and Preston.
Part of the property occupied by Southbank’s huge Jefferson Ford dealership at 219 – 221 Normanby Road is also up for grabs, and expected to fetch over  $2 million.
Vinci Carbone directors Frank Vinci and Joseph Carbone are marketing properties within the portfolio separately.
Mr Vinci said with the exception of the city shops, the Salvo properties are leased, and offer redevelopment potential.  He said more than 100 enquiries have already been received after a week of marketing.
Mr Salvo, whose property development ventures have moved into big ticket items like high rise Southbank apartment towers, told Capital Gain some of the assets are now too small for his burgeoning property portfolio.
He said he will continue to shop around the Melbourne market for major development site opportunities.


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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.