Business Identities Turn Property Developer

This month was no different, with one high net worth businessman starting a project, another one finishing – and another one selling before it even got off the ground.

Toll Holdings chief executive Paul Little, who smashed a Melbourne real estate record paying $16 million for the Coonac mansion in Toorak, is developing the former Cussons factory in Stawell Street Richmond into a $25 million, 133-unit apartment project.

South of the Yarra and businessman David Kobritz, who owned 1992 Melbourne Cup winner Subzero, has backed a winner with a luxury apartment project in Wattletree Road Malvern. Kay & Burton director Peter Kudelka, who is selling the project with Gary Ormrod, says half of the apartments have sold and that investor demand has been strong.

No such luck in the eastern suburbs however, with ex-Carlton footballer Fraser Brown quietly selling the controversial Mitcham site, which was to make way for two high rise apartment towers, one of 17-levels. The plans sparked outrage in the leafy community and cast a dark shadow over the government’s Melbourne 2030 policy.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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