Family offices trade Chapel Street ‘huts site’
Family offices have traded South Yarra’s ‘Chapel Lane huts’ site, actually in Chapel Street, permit ready for a seven level mixed-use complex (artist’s impression, top).
Yale Investment Group, led by ex-civil engineer and nightclub owner turned developer Andrew Sirianni is believed to be the buyer, for $9 million.
The Simonds family was the seller – paying $14.2m in 2022.
That vendor was Paul Franze’s Franze Developments and Sampieri Group, which outlaid $11m in 2018 and obtained the permit for a 3148 square metre office with ground floor retail, at the time with an end value of c$55m.
Mr Sirianni’s portfolio includes the bulk of a strata titled Market Street building in Melbourne’s CBD – part of which dubs as Yale’s headquarters.
These assets were bought under the Universal Corporation brand established by his father, Aldo.
In 2022, via the family office’s Livv Developments, it teamed with Payton Capital to buy a 141.3ha industrial development site beside Avalon Airport, outlaying $92.75m including GST.
Development closer
As well as a vacant tract previously accommodating nine huts, leased separately usually to independent artists, 430-438 Chapel St contains two retail buildings.
The site spreads 817 sqm with exposure to Bray St.
Cushman & Wakefield’s Anthony Kirwan, George Davies and Raphael Favas represented the Simonds family.
The deal comes 18 months since we reported Chemist Warehouse executives outlaid $15m for South Yarra’s National Australia Bank branch at 600 Chapel St, on the south east corner of Toorak Road.
The same agency’s Daniel Wolman and Leon Ma with Emmetts’ Charles Emmett brokered that deal.
A revamp of the area’s Jam Factory, with several major towers containing apartments and a hotel, is also underway. Gurner and Qualitas are the developers.
This pocket of South Yarra is about five kilometres south of Melbourne’s CBD.
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