Kozminsky family divest Windsor portfolio

The Windsor properties (outlined) sold for c$12 million.

The family of businessman and member of multiple associations, Abraham Kozminsky, has sold three Windsor assets held for nearly 130 years.

Artist’s impression of a hotel recently approved for 24-28 Chapel Street.

In the biggest deal, Pace Development Group is picking up 70 Chapel Street – on 171 square metres – and a 743 sqm parcel behind it (1A Windsor Place), for $7.8 million, with plans for a commercial project to occupy.

The third property forming part of the portfolio, a grand double storey store at 72-74 Chapel St, occupied for years as Kiapp Electronics (now Kiapp Audio Visual), is trading to a local private investor.

All up, the family will reap c$12m from the disposals.

Colonial Leisure Group purchased the Duke of Wellington earlier this year.

Gross Waddell ICR’s Alex Ham, who marketed the assets separately with Raoul Salter, said plenty of developers looked in.

“This location has only strengthened over the years with the area trading 24/7,” he added.

Elsewhere in the pocket – between Prahran and St Kilda East – Colonial Leisure Group in March purchased the prominent Duke of Windsor Hotel, nowadays known as the Lucky Coq, from the Caneva family, which held it for about five decades.

Last year, developer Martin Strode was also permitted to construct a nine storey hotel incorporating airspace near the Windsor station.

Good properties still attracting interest: agent

Mr Kozminsky purchased the properties as investments in c1893 – some three decades after he arrived here, aged 14, later growing multiple companies including Austral Hat Mills (story continues below).

Pitzy Folk has listed 151 Albert Street, Windsor.

The businessman and philanthropist founded the Taxpayers Association of Victoria and occupied senior positions at other associations, including the Jewish Farmers’ Agricultural Trust and Victorian Chamber of Commerce.

He was a Synagogue of East Melbourne trustee too.

“The underlying strength of the market is still evident in that good properties continue to attract strong interest,” Mr Salter said.

“Add to this, the ongoing evolution of Windsor and it made for three great results”.

Also this month, CAPI founder Pitzy Folk listed a historic warehouse-converted-home office in the suburb – 151 Albert St – with a c$10m guide.

With 1511 sqm, it comes with a 12 month leaseback, with the vendor set to move to a bigger base.

The space can then be leased to multiple tenants, Stonebridge’s Julian White, Chao Zhang and Max Warren, said.

Mr Folk banked $19m some seven years ago offloading his former Fishermans Bend headquarters to the then-state government, which replaced it with Kirrip Park.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.