McNee, Spotlight swap Melbourne assets in unusual deal
Vicland founder Bill McNee has acquired a $65 million South Yarra development site from Spotlight Property Group after Spotlight bought a $183.5m Toorak office from Mr McNee.
The 402-416 Chapel Street holding, a 3306 square metre parcel with four street frontages, traded at about $19,661 per sqm.
The deal effectively reverses the flow of capital between the groups.
Cushman & Wakefield’s Daniel Wolman brokered both transactions.
The Toorak office was marketed with Nick Rathgeber, Oliver Hay, Leigh Melbourne and Leon Ma.
SPG is directed by the Fraid and Fried families.
402-416 Chapel Street
The South Yarra site has 75 metres of Chapel St frontage (continues below).
Zoned Activity Centre, also exposed to Bray and Grey streets, the combined road exposure is 220m.
The property was offered permit-ready for a 12 level mixed-use project including 99 apartments, a 157-key hotel, 1016 sqm of retail, a 719 sqm restaurant, 820 sqm of offices, a gym, pool, resident lounge, 248 car parks and 108 bike bays.
Mr Wolman said projects of this scale are increasingly important as Victoria faces a housing shortfall.
The acquisition comes five years since Mr McNee sold 11 Wilson St, South Yarra, to German fund manager Real IS.
Vicland also recently completed a Cremorne office.
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