Probuild founder Phil Mehrten sells former Prahran Post Office for $13.4 million
Businessman Phil Mehrten (pictured bottom, right) has sold another Melbourne commercial property.
The former Prahran Post Office, which is now a boutique mixed-use asset containing ground floor retail and upper storey offices, is trading to a China-based family for $13.4 million.
Based on the asset’s annual rental return of about $620,000, it is exchanging on a low passing yield of 4.5 per cent.
Nine offers were received for the three-level building at 164-168 Greville Street (pictured top and left) which cost Mr Mehrten $9.1 million four years ago. The founder of Probuild, who is also a race horse owner, bought the Prahran building off quarry king and developer, Paul Lofitis.
The Prahran sale comes in the same month Mr Mehrten sold a retail asset at 2 Small Street, Hampton, for $3.6 million – also to a China-based buyer.
In May, an asset Mr Mehrten co-owned with Probuild business associate Edward Yencken and AFL sportsman Wayne Judson traded for $15 million. This office, 1 Oxley Road, in Hawthorn, sold well over the initial price expectation of $9 million.
Three years ago the same consortium sold a city building at 415-417 Collins Street for $8.9 million.
CBRE’s Mark Wizel, Rorey James, Lewis Tong and Julian White marketed 164-168 Greville Street.
