DeMangos brothers divest east Melbourne office
Brother Kon and Stan DeMangos, who established building company Stankon Group in 1974, have sold a sprawling double storey office at the edge of Kew East’s Harp Village.
Q House at 669-685 High Street, known as just #677, is trading to an occupier, Pixel Technologies, for $23 million.
Developed in 2000, it contains about 2900 square metres; the top floor, recently vacated by Greencap, has been for lease all year.
There are also ground floor suites including one rented to New Zealand’s A2 Milk Company as its local base.
The site spreads 2319 sqm with a basement car park off Hartwood St.
Stankon constructed the office next door – 711 High St – too.
It was also behind one of suburban Melbourne’s most significant high density apartment projects – Southpoint in Doncaster, completed in 2004.
Another inner east occupier deal
The Q House deal comes four months since Hacer directors sold a three level 2286 sqm Kew Junction office, on 1846 sqm at 85-87 High St, for a speculated $18m.
That buyer, Mark Ruff’s Qanstruct, also plans to occupy. The agents were Joseph Carbone and Frank Vinci of Vinci Carbone with Gorman Allard Shelton Commercial’s Peter Bremner and Jonathan McCormack (story continues below).
In May meanwhile, Harry the Hirer owner Rick Jamieson paid the Zagame family outlaid $30m for an Abbotsford office – a move allowing him to redevelop the company’s outgoing Richmond base (he also rented a Laverton North warehouse for that move, in August).
Also in that suburb five months ago, self storage operator Carl Sachs acquired the ex-Kodak factory, later owned by CUB, with plans to repurpose and extend it for occupation.
In the inner north east, in 2021, biomedical group AXXIN acquired an Eaglemont office for $16.6m.
Colliers’ Alex Browne, Andrew Ryan and Ben Baines marketed Q House.
Pixel, which turns 30 next year, is presently headquartered at Carlton with a manufacturing plant in Mitcham. It also has interstate and international offices.
Like AXXIN, Mr Sachs and Mr Ruff, it outbid buyers wanting to build, with each property offering development upside; the Abbotsford one utilising land more than airspace.
Kew East is about seven kilometres east of Melbourne’s CBD.
Subscribe to our newsletter at the bottom of this page.
