Prominent South Melbourne showroom controlled by the Nossbaum family and Tim Gurner for lease
A high-profile Fishermans Bend showroom controlled by the Nossbaum family and developer Tim Gurner is for rent.
City Mazda has occupied 80 Munro Street, South Melbourne (pictured, top), for about 10 years.
The car dealership moved to the south side of the Yarra River after its last premises, 386-412 William Street, opposite the Queen Victoria Market car park, became the subject of a redevelopment application.
It is somewhat a case of déjà vu at South Melbourne, with the landlord proposing in late 2017 to replace its one-hectare holding with a $1.5 billion mixed-use complex (artist’s impression, right) containing residential and serviced apartments, retail, and office space.
No construction start date has been made public, but City Mazda is vacating.
Dawkins Occhiuto is advertising for a replacement tenant.
On offer is a 7500 sqm portion of the triangle-shaped island site, containing a 7000 sqm showroom, office and warehouse (story continues below).
Walking distance to the CBD, the Nossbaum/Gurner block is bound by Munro and Johnson streets. Its northern tip is the spaghetti-intersection connecting the West Gate Freeway and Wurundjeri Way.
In 2016, it was reported Mr Gurner paid the Nossbaum family $40 million for an enormous, rectangle-shaped site in Wellington Street, Collingwood, which was recently permitted to make way for a series of apartment buildings, being marketed for pre-sale at present as Victoria and Vine (artist’s impression, below).
Robert and Richard Nossbaum made headlines in September, 2017, selling a Dan Murphy-occupied outlet, in Alphington, for $22.52 million property – $5 million over the reserve.
Last August, we reported the family sold a Woolworths supermarket and BWS in Burwood East for $18.2 million – a deal which reflected a 4.6 per cent passing yield.
Meanwhile, the former City Mazda dealership in William Street has still not been redeveloped.
After a series of residential-based proposals, and a permit obtained in 2015 which would have seen the 3996 sqm block replaced with a $450 million twin-tower complex, owner Shesh Ghale last year announced he would change the product to an office.
