Larry Kestelman buys permit-ready development site
National Basketball League majority owner, developer, Larry Kestelman, has quietly bought a significant office building block in Melbourne’s inner east Cremorne.
The permit-ready 2868 square metre rectangle parcel, 68-88 Green Street, was offered in March by Gus Cooper and Michael Gannon’s Cremorne Properties – major local investors.
The purchase price is speculated to circle $30 million.
Dawkins Occhiuto’s Andrew Dawkins and Walter Occhiuto with Teska Carson’s Andrew Boutsakis and Matthew Feld were the agents.
Another Cremorne office
Cremorne is set for a major office building boom, with several developers snaring sites over the past 12 months.
Amongst them is Bill McNee’s Vicland, which last week unveiled plans for a 10 storey, 17,000 sqm investment at 31-53 Cremorne St – a parcel it bought from Blazer founder Peter Murray for $53.5m last year.
In August, meanwhile, Alfasi Property scooped up the prominent ex-Hamilton Porsche dealership – part of the historic ex-Bryant & May factory – where a mixed-use commercial based project is planned.
That developer paid a speculated price of more than $80m for the 9715 sqm holding.
Alan Hamilton, the son of racing car driver Norman, was the seller.
Salta also recently purchased an office development site in the pocket – spreading 1786 sqm at 122-128 Dover St, it cost c$19m (story continues below).
Fortis and Skylife – the latter which has been accruing a Balmain St block in parts since 2018 – are proposing Cremorne commercial buildings too.
68-88 Green Street
The Kestelman block is permitted for two mid-rise buildings – of eight and four levels – all up offering c9000 sqm of space including retail.
The structures would have activated rooftops – with a garden on one penned by Jack Merlo.
They would also straddle 128 metres of the train line between Richmond and South Yarra stations.
A 202 sqm plaza also forms part of the plan, as does 105 car parks.
Completion is scheduled in 2024, according to the developer.
Cremorne is about three kilometres from town, abutting South Yarra – where Mr Kestelman’s company, LK Property Group, constructed the landmark Capitol Grand, with a 50 storey building.
The businessman is also intending a major redevelopment of Hobart’s Derwent Entertainment Centre.
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