Align, Wingate pay Larry Kestelman $16.65 million for Moorabbin office
Businessman and developer Larry Kestelman has sold a Moorabbin office for $16.65 million – off market.
The five level, 5905 square metre commercial building at 1001 Nepean Highway cost the vendor $4.4 million in March, 2003.
At the time the 3945 sqm plot almost opposite Moorabbin train station came permitted to be replaced with a three level office.
Instead Mr Kestelman retained it as an investment moving his residential real estate agency – Amity Property – into part of it and renting out the balance.
The office is now selling to Wingate – a Melbourne based private lender and investment group – with Align Property Partners, a real estate outfit only launched last year by Jack Mahoney and Guy French-Wright.
The purchasers plan to renovate it inside and out then re-lease it at a higher rent.
Last week we reported about Collective Capital undertaking a similar strategy at a Malvern East office.
Gross Waddell’s Alex Ham and Michael Gross brokered the 1001 Nepean Highway deal.
Early last month a Macau investor paid Greenlit Brands $21.8 million for a showroom investment at 1000 Nepean Highway.
Mr Kestelman is building the landmark 50-storey Capitol Grand complex in South Yarra.
Last March, the builder paid about $9 million for a 1123 sqm parcel at 300 Williams Road, Toorak, with the intention of replacing it with an apartment complex.
The entrepreneur and National Basketball League owner is also undertaking a master-planned redevelopment of Hobart’s Derwent Entertainment Centre and Wilkinsons Point.
