Alan Hamilton has sold the prominent Cremorne property his racing car driver dad, Norman, purchased in the 1980s to establish Hamilton Porsche.
The 9715 square metre Commercial 2 zoned holding at 560 Church Street – part of the c1909 Bryant & May match factory – is believed to be trading for over $80 million.
Alfasi Property is the buyer – it plans to restore the 7634 sqm of showrooms presently occupied by amongst others, Fitness First and Nick Scali, while likely utilising the airspace for new towers.
“This landmark site has unmatched potential with the offerings it can bring to Cremorne and greater Melbourne,” managing director Gill Dvir said.
“Our vision is to develop a world class commercial and lifestyle precinct to rival one you would see in London, New York or Singapore,” he added.
Sydney based Skylife Group also holds a significant parcel in the area – opposite the southern boundary of 560 Church St.
Larry Kestelman too has recently bought a major Cremorne site, according to sources.
All developers are proposing offices (story continues below).
Alfasi to do it all again
Dawkins Occhiutto’s Andrew Dawkins, Tim Grant and Walter Occhiutto listed 560 Church St last October.
Mr Hamilton previously tried to sell it 14 years ago, chasing over $25m.
Bound by Adelaide, Chestnut and Russell streets, the property includes a converted dining hall and boiler room. It also contains a distinctive chimney stack.
The annual net income is $2.4m.
Alfasi has just completed a nine storey office at nearby 510 Church St, Cremorne.
Last December it sold a half stake in that asset for $130m to Irongate Group.
When that investment house was in March bought out by Charter Hall and PGGM, that interest was valued at $135m.
Subscribe to our newsletter at the bottom of this page.