Givoni, which wholesales to department stores and more than 300 independent stores nationally, will move its manufacturing business offshore next year. Its 1.3-hectare property includes around 6700 square metres of B-grade factories, warehouses and offices.
CB Richard Ellis selling agent Scott Orchard said the site’s mixed use zoning and 87 metre frontage to Bay Street, makes it a “no brainer” development site for fervent developers.
Meanwhile in Mount Martha, another 1.3 hectare development site at 604 The Esplanade will come to the market. Selling agent Knight Frank expects the waterfront property to sell for around $6 million.
In recent weeks, developer Becton has beaten several other developers for large development sites in the southern suburbs. This includes the Beaumaris Hotel, and a former reception centre in Caulfield North.
It plans to develop both sites into luxury aged care accommodation. Becton was unavailable for comment when contacted by Capital Gain.