Dustin Martin, Ralph Carr buy, lease in Richmond

The Butler Street property has rented for $133,000 per annum.

AFL footballer Dustin Martin and his manager, Ralph Carr, have added a sixth adjoining Butler Street, Richmond, property to their portfolio – and leased another, a warehouse-converted-office.

New Zealand based ecommerce photo studio Asset Factory has rented the 472 square metre building at #29-31, paying starting annual rent of $133,000 or $282 per sqm.

On 164 square metres, 23 Butler St (brick building) cost $2.75 million in March.

Jones Real Estate’s Sam Guest brokered the deal, without disclosing landlord.

The same agent recently leased a 167 sqm component of Mr Carr’s ex-headquarters – a historic building at 299 Lennox St, Richmond – at a starting rate of $56,000 per annum, or $335 per sqm.

The two also control Abbotsford warehouses including one rented out in 2019 after a renovation.

Pair make it six in Butler Street

The Richmond player (pictured, top, as part of a Time & Tide Watches campaign) and Mr Carr hold a 1453 sqm Butler St amalgamation accrued over six years.

This was last added to two months ago when the pair outlaid $2.75m at auction for an ex-photography studio on 164 sqm at #23.

The partners purchased the neighbouring warehouse (#25-27), which sits on 333 sqm, in 2018 (story continues below).

Known as Butler House, but formerly known as the Jane Hill building, it was also recently converted to office or showroom use.

The asset next to that – which has just been leased to Asset Factory – cost the pair $3.875m in two parts between 2016-2017.

It is built to boundary (472 sqm).

The fifth property the partners control on the road, #35, on 242 sqm, cost $1.275m in 2018.

Last September, Mr Carr and Mr Martin added to this, acquiring #37, also on a block that size, for $1.35m; this asset, like some of the others, is co-controlled with Gold Coast businessman Greg Bissiotis.

Given the renovations – and capital gain over the years – agents speculate the Butler St portfolio would exceed $50m if it hit the market today.

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Marc Pallisco

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