Brighton-based developer McMullin Group developed the 5907 square metre Pelham Street office in 1993, incorporating a historic red brick façade at ground level. Given the office’s proximity to various hospitals, major tenants including VicHealth and Brest Screening Victoria have been occupants since that time.
Bayley Stuart director Alasdair MacGillivray, who sold the asset with Andrew MacGillvray, said the sale price translated to a healthy land rate of $3487 per square metre. He said developers were attracted to the Mixed Use zoning, and the fact the is not restricted by height controls. Also showing an interest he said were medical related fund managers, private investors and syndicates.
Just two months ago Mr Wain and Mr Murchie were awarded a settlement by the Supreme Court of Victoria following their famous corporate divorce from Drapac in 2009. The court noted the directors played an important part growing the global Drapac, which as well as developing became notorious within the industry for land banking major sites in upcoming areas.
Last year Forza paid $14 million for the iSelect headquarters, and an adjoining 4900 square metre development site in the south-east suburb of Cheltenham, 20 kilometres from town.