Ex-football club president fills Preston building

The rear portion of 391 High Street has rented for $44,000 per annum net.

Former Carlton Football Club president Mark Lo Giudice has filled the prominent Preston building he bought last November, with a year left on a lease to Westpac, which had moved out.

The Preston Toyota dealership recently sold to a developer.

Another bank, ANZ, has taken the bulk of the space – about 281 sqm – at 391 High Street.

Last week, the balance 133sqm, fronting Cramer St, was leased to a discount store.

The starting annual rent on that agreement is about $44,000 net.

GrayJohnson’s Anthony Boldrini was the agent.

Another Preston deal

Mr Lo Giudice’s Crawford Group paid $2.8m for 391 High St, which wasn’t for sale.

On 395 sqm, the property backs onto a small council owned car park, diagonally adjacent to the Preston Market, which has been the subject of a mixed-use redevelopment for more than a decade (story continues below).

The lease deals come five months since Burson Auto Parts rented a double storey, 1489 sqm office/showroom at 16 Fink St in the suburb for a starting annual rent of $145,000.

Also in May, the Grollo family quietly sold its long-time former Chifley Drive headquarters, for $18.9m.

On 1.53 hectares, that parcel is expected to make way for an industrial project.

Eight months ago, Build to Rent developer Make Ventures snapped up the Preston Toyota dealership at 687 High St, despite it being subject to a 15 year rental agreement with Eagers Automotive.

Altis and Aware Super have also earmarked a BTR project in the suburb – at 6-34 High St.

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Marc Pallisco

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