Former Carlton Football Club president Mark Lo Giudice has outlaid c$2.8 million for a former Westpac branch at one of the northern suburb’s busiest intersections.
The Preston property, 391 High Street, at the south west corner of Cramer, is expected to be repositioned with ground floor retail and upstairs offices.
On 385 square metres, diagonally adjacent to Preston Market, it also offers development upside.
Mr Lo Giudice’s Crawford Group engaged Gray Johnson’s Matt Hoath to secure the property, which wasn’t for sale; the vendor had held it 20 years.
Building wasn’t for sale
Despite moving out, Westpac is honouring a lease expiring in 13 months; the annual rent is $132,000.
“This is a prominent corner site in close proximity to the Salta Group owned Preston Market,” Mr Hoath said (story continues below).
“Immediately behind…the property has exposure to the substantial part City of Darebin owned car park that currently services the market,” he added.
“Private sale negotiations were completed over a one month period,” according to the executive.
“In large measure, this transaction is also indicative of the strong investor and investment interest and activity to secure ownership and occupancies in the Melbourne city fringe”.
The acquisition comes 11 months since Crawford Group sold a retail investment, Gisborne Square, in the outer north west, for $6.15 to Samuel Property.
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