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.
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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