Jeff Xu sells five shops and a former nightclub in the Melbourne CBD

Five strata titled retail investments at 452 Elizabeth Street, Melbourne, are under offer.

Golden Age director Jeff Xu sold a Melbourne CBD building for $14.5 million at auction last week – shortly after a deal for a portfolio of five shops, worth $13.615 million.

The vacant five-storey asset auctioned at 12-14 McKillop Street (pictured, top) hit the market in August with price expectations of about $12.5 million. Mr Xu bought it in 2015 for about $10.5 million. It had previously traded for $4.3 million in 2010.

It sold this time around to members of the Mantzis family.

Formerly part occupied by a nightclub, the 1529 sqm building sits on a 361 sqm plot with redevelopment potential.

Mr Xu had planned to refurbish it into a boutique office and retail complex.

The property is next door to the Foundry complex which is being developed by ISPT and Brookfield.

Coincidentally, this development consortium paid $14.05 in August for 362 Little Collins Street, which also abuts the Foundry project. Like 12-14 McKillop Street, 362 Little Collins Street rises four storeys from a small site (312 sqm).

CBRE’s Mark Wizel, who marketed the site with colleagues Josh Rutman, Nathan Mufale, Dylan Kilner and Ben McMahon, confirmed sale details for 12-14 McKillop Street.

The same agency represented Mr Xu in the sale of five tenanted and adjoining shops on the ground and first two floors of the 76-storey Victoria One residential tower at 452 Elizabeth Street (pictured top, left).

Based on the portfolio’s annual rent ($750,000) the sale price of $13.615 million delivers a passing yield of 5.5 per cent.

In August we reported Golden Age outlaid more than $30 million for a 21-hectare land parcel in Rockbank, 29 kilometres west of the Melbourne CBD. This block is now earmarked for a new housing estate, Willowbank.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of