Minogue family reweights Melbourne property portfolio
The Minogue family continues to reweight its local property portfolio.
Parents Ron and Carol are understood to have banked close to $2.5 million selling two adjoining shops with redevelopment upside in Canterbury’s Maling Road retail strip.
The assets are rented to boutique homewares and furniture retailer Maison on Maling, and gourmet deli Wilson & Walsh Specialty Provenders – which pay combined annual rent of almost $100,000.
The deal reflects a four per cent yield.
GormanKelly’s Ross Thomas and Stephen Gorman, the agents, declined to comment.
The Minogue’s recently sold the Beauciel homestead, on 20 hectares in French Island, for about $1m; they paid $400,000 in 2005 for the then-unrenovated dwelling and 70ha next to it (story continues below).
Two years ago, the family spent c$12.5m on a Church Street, Hawthorn office investment which was under construction.
The group reportedly holds residential assets in Armadale, Richmond and Canterbury (including six Maling Road apartments) and self storage units in the CBD.
