Qanstruct swoops on sprawling office
EXCLUSIVE
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
Vinci Carbone’s Joseph Carbone and Frank Vinci with Gorman Allard Shelton’s Peter Bremner and Jonathan McCormack marketed 85-87 High St (story continues below).
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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