Three neighbouring Travancore showroom/warehouses which for decades accommodated the Billy Hyde Music business have been sold by the founder’s family for a speculated $5 million.
A five level office (artist’s impression, right) is now planned for the 1279 square metre holding, 92-102 Mount Alexander Road, at the north east corner of Mooltan Street, which Nostra Property Group just picked up following a campaign launched last year.
The property was offered as an income generating development site, fully leased – part to Billy Hyde Music, it returned $153,000 per annum net.
The zoning allows for commercial or residential product.
Lemon Baxter’s Paul O’Sullivan and Craig Rowe were the agents.
All sorts chasing Ascot Vale gateway
Five kilometres north west of Melbourne, Travancore and Ascot Vale share the same postcode.
Elsewhere in Ascot Vale, education group Pax Institute last year outlaid a speculated $5.4m for a large, double storey terrace at #363-369 Mt Alexander Rd, with plans to occupy.
Metro Property Development, meanwhile, purchased a 5712 sqm townhouse block at 9 Newsom St for c$11m (story continues below).
Fund manager EG, representing its Private Wealth division and backed by a pre-commitment to Australian Venue Co, picking up Maribyrnong’s Anglers Tavern – at the Ascot Vale, Aberfeldie and Moonee Ponds suburb border – for over $30m in February.
With that sale, fears were rested that a medium density residential developer would acquire the spectacularly located 8270 sqm block, abutting the Maribyrnong River.
Pace Development Group also recently offloaded a supermarket backed retail and car park investment forming the lower floors of a Mt Alexander Rd, Ascot Vale, apartment complex.
The price paid by the Chinese buyer – $19.15m – reflected a 4.63 per cent yield.
Billy Hyde Music merged with Allans after selling in 2010, going into temporary receivership two years later then, in 2018, when it vacated the prominent 152 Bourke St store, ending 150 years of CBD retail.
The brand was recently taken over earlier by the South Australia based Cleve family.
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