Investors splash out on East Melbourne sites
Three low rise East Melbourne properties have traded for a speculated total of over $45 million.
In the most recent deal, an entity owned by Elizabeth Ring, the ex-wife of former Swisse Wellness co-owner, Stephen Ring, is purchasing the outgoing Police Association of Victoria headquarters from the occupier which will vacate next year.
At 1-19 Clarendon Street, on the north west corner of Albert, the 2024 square metre site carried a $22m-plus guide when it was listed in late April.
The land offered limited development upside; an original 1258 sqm building can’t be replaced however an open-air car park overlooking Treasury Gardens could.
It holds significant investment value as well, walking distance to Parliament station and Epworth and St Vincent hospitals.
Colliers’ Oliver Hay, Matt Stagg, Daniel Wolman, Peter Bremner and Leon Ma represented the Police Association, which would have held the asset 22 years tomorrow.
Lyons snares ex-Cliveden Hospital
Meanwhile, Lyons Group has snapped up the former Cliveden Hill Private Hospital, which was listed last year as a vacant investment or development play (it was also offered for short-term lease).
On 1377 sqm at 29 Simpson St, on the south west corner of George, the asset is setting the group back $13m.
The vendor paid $8.25m in 2015 (story continues below).
The property is on the same block as Icon Construction’s recently completed George + Powlett, which contains 12 dwellings over five floors and a basement car park.
Pelligra buys ex-serviced apartment complex
Not far away, Pelligra and its affiliated Primeland, are purchasing the former Albert Heights serviced apartment complex, on 1694 sqm.
A four storey residential project with 12 dwellings and 30 car parks is planned for the site, 83-91 Albert St, near Powlett Reserve.
The property last traded for $1.9m in 2000.
Elsewhere in East Melbourne, Primeland last year paid $9m for the ex-Magnolia Court boutique hotel on 920 sqm at 95-101 Powlett St, also as a development play.
Another builder, Pask Group, meanwhile, won permission to construct a 10 level apartment complex behind the historic College House, at 260 Albert St, which it acquired for $22m in 2020.
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