Five years after selling his Qanstruct company’s unique Hawthorn headquarters with a leaseback, Mark Ruff has bought a replacement (pictured, top) in Kew.
The design and development group is speculated to be paying nearly $18 million, reflecting a building rate of about $7500 per square metre, for the three level property, 85-87 High Street, near the junction.
Interests associated with the recently vacated ex-occupier, Hacer, were the sellers; that company is now based at the ex-Bank of Australia HQ up the street, at #218-224.
Qanstruct is expected to renovate 85-87 High St.
Its leaseback at is current base, a c1881 church conversion at 500 Burwood Rd, ends in 2026.
Another owner occupier deal
On 1846 square metres, the property was also promoted for its development upside – permit-ready for a 10 storey, 118-unit residential building over ground floor retail and a three level basement.
Given the zoning – Commercial 1 – that shell could be repurposed for an office.
The sale comes nine months since Chemist Warehouse owners spent $5.325m for adjoining shops on 630 sqm at 129-135 High St, Kew, it is expected for the pharmacy to move into longer term.
In neighbouring Abbotsford, meanwhile, four months ago, Harry the Hirer owner Rick Jamieson acquired a warehouse converted office from the Australian Education Union’s Victorian division, outlaying just over $30m, also to occupy.
Also in that suburb in May, self storage operator Carl Sachs acquired the historic ex-Kodak and CUB headquarters at 2 Southampton Crescent, for $19m.
Offered permit-ready for an office extension, the incoming owner and his wife Gayle will instead repurpose that space for storage – all up giving him c1200 units.
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