Dr Turf to Sell Watergrill

The sports specialist is believed to be in negotiations with boutique builder Fridcorp to sell the "underdeveloped" 1629 sq m property at 300 Toorak Road for about $14 million.

Watergrill failed to sell when it was last put to the market in November 2006. Since then, several major projects have been proposed for the area, including a 38-level building on the corner of Toorak Road and Chapel Street, and a new $700 million Jam Factory.

It has been estimated the end value of projects under construction or at advanced planning stage in South Yarra is close to $2 billion.

This makes it one of the most expensive Victorian urban renewal precincts in Melbourne, after Docklands.

The Watergrill site is on the south-east corner of Cunningham Street and has a 41-metre frontage to Toorak Road.

Any high-rise development would offer views to the south. However, central business district views to the north-west will be limited by several high-rise buildings behind the Como building and near South Yarra railway station.

Gross Waddell director Michael Gross, who is marketing Watergrill, and Fridcorp managing director Paul Fridman, declined to comment on any part of the deal when contacted by Capital Gain.

Mr Rothfield also declined to comment on any sale negotiations, but admitted he has received several offers to buy the site in the 20 years he has owned it.

The astute punter said he would develop the site in a couple of years, if a sale deal doesn’t proceed.

Dr Turf’s most prominent radio gig was as a co-host on 3AW radio show Glossing Over, part of the now-defunct AFL football line-up that included Rex Hunt, Trevor Marmalade and Craig Hutchinson.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.