Fortis snaps up another Melbourne site
KordaMentha has sold the second of two properties seized from Mark Oman’s Residence Company.
The double storey warehouse converted office/showroom, 550 Swan Street, Richmond, collected $13.6 million from Sydney-based developer, Fortis.
In a twist, the buyer’s parent, financier, Pallas Capital, put a caveat on the title late last year.
The Moundous family’s Monland held a mortgage too.
KM, as receiver-manager, in March appointed Cushman & Wakefield’s Daniel Wolman, Hamish Burgess and Joe Kairouz with JLL’s Jesse Radisich, Josh Rutman and Tim Carr. Their deal reflects a 3.5 per cent gross passing yield or sub 2pc return net.
A second ex-Residence Co asset, a Hawthorn East student accommodation complex with 55 dwellings, also recently traded.
Fortis backs 3121 again
On 1627 square metres, zoned Commercial 1, the Richmond property was marketed for its development upside (story continues below).
In the Swan Street Activity Centre, near Burnley station, c12 levels could be considered given precedents, the agents added.
Fortis is understood to be considering a mixed-use project about this size, with more than 10,000 sqm.
Any development would stare down tree-lined Bendigo Street, for years home to GTV9.
Elsewhere in the inner east suburb, Fortis is proposing a mixed-use project, Wiltshire House, expected to have an end value circling $320m.
The Sydney developer also holds an office development site in Cremorne, which shares the same (3121) postcode as Richmond.
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