Peter Cahill flips Collingwood blocks after four months
EXCLUSIVE
Domain Hill Property Group director Peter Hill has flipped neighbouring Collingwood investments with development upside.
The properties, marketed as 40 and 50 Rokeby Street (pictured, highlighted, top), are understood to be selling to Landream, a local developer with offices in Sydney and Melbourne.
Landream’s local portfolio includes a proposed and distinctive Zaha Hadid designed hotel, to be managed by Mandarin Oriental, at 600 Collins Street.
Last year the developer paid about $90 million for a low-density housing estate site in Craigieburn, in Melbourne’s north.
Landream also has developments proposed in Sydney’s Pyrmont and Parramatta. Another complex, Opera Residences, is under construction in Bennelong Point.
The Rokeby Street sites cover an area of 2514 square metres.
Mr Hill only picked up the assets in April: they formed part of a portfolio which was speculated to be worth about $24 million.
After subdividing the properties as three, reportedly to retain one investment for himself, Mr Hill listed the balance with Emmetts Real Estate’s Andrew Milligan and Charles Emmett in June.
The Rokeby Street blocks were expected to sell for about $17 million.
The Commercial 2 zoning of the land provides for a variety of development outcomes, but not residential.
However, given the gentrification going on in the suburb, an application to rezone this land to Commercial 1 could be considered.
Last week we reported that interior designer Bar Studio paid $6.85 million for the Easey Street, Collingwood, warehouse-converted-office occupied by radio station PBS. Bar Studio plans to occupy this site once PBS’ lease ends in 2021.
Last month we reported that the Jowlett Motor Group was selling three adjoining car yards on a 5393 sqm Commercial 1 zoned block at the corner of Hoddle and Langridge streets, in the suburb.
