Private investor Peter Hart – renowned in Melbourne property circles for proposing major skyscrapers on small plots – is buying the freehold of Collingwood bar Club 80.
Mr Hart snapped up the property at 8-10 Peel Street less than a week after it hit the market in October, paying a speculated $8 million.
The vendor was architect and developer Ivan Rijavec – the subject of this Wikipedia page – who has retained the holding as an investment since 2007.
Club 80, which has occupied the site since the 1980s, is expected to vacate by its April lease expiry.
Following that, it is understood the buildings will be refurbished into swank offices – capitalising on demand from boutique tenants to pay in excess of $600 per sqm, per annum, for high quality inner city warehouse converted space.
A mezzanine floor is earmarked for removal which would reduce the lettable area to about 895 sqm.
Two kilometres north east of the city, the buildings occupy a 417 sqm plot, opposite the new Peel Street Park to its eastern edge.
Mr Hart is also speculated to be buying a double storey heritage listed terrace on a 155 sqm block at 6 Peel Street, next door to Club 80.
All brokers declined to comment about any deals when contacted.
The Club 80 site transaction values every sqm of land at close to $19,000 – understood to be a suburb record.
In 2003, Mr Rijavek proposed a controversial apartment complex, dubbed by critics as “the cheese grater”, as part of the redevelopment of a Fitzroy island block bound by Argyle, Kerr, Napier and Young streets.
That 136-unit village with eight level buildings was approved by the Victorian Civil and Administrative Tribunal.
Mr Hart made headlines in 2015 when he proposed to replace a 331 square metre block next door to the landmark 101 Collins Street office tower with a 43-storey building.
The principal of Hartwood Consulting later sold the site to the owners of 101 Collins Street which were keen to preserve building views – and rents.
Nearly 10 years ago, Mr Hart helped conceive what is now the Phoenix Apartments building at 82 Flinders Street, also in the city.
This 29 storey residential building replaced a 168 sqm plot once owned by football identity Lou Richards and occupied as the Phoenix Hotel.
More details about Collingwood developments can be found in our November item about the initial sale of this property – here.