The holding (pictured, top) is one of seven being put to the market by administrator McGrathNicol, representing Asian financier OCP which is said to be owed more than $97 million by Steller.
The McGrathNicol portfolio is expected to return about $80 million.
Covering 2037 square metres, forming an L-shape, the Richmond offering includes neighbouring sites:
- 236 Coppin Street, which is proposed to make way for a seven-storey office, currently seeking a tenant, and
- 314-320 Swan Street, which is permitted for the residential component of the redevelopment.
Richmond’s KFC restaurant, which includes a large open-air car park, abuts a large portion of the Steller block.
It is expected the site will sell for more than $15 million.
Elsewhere in the suburb, Riverlee is proposing a 13-storey office on a much smaller, rectangle shaped site at 484 Swan Street.
Brady Group is also set to start construction of an 11-level hotel at 203-207 Bridge Road.