Quarry owner seals planning, lease deals
Lofts Property, established by quarry and racehorse owner Paul Lofitis, nowadays run by son Peter, sealed two real estate deals this week.
In planning news, the group has successfully had a build to sell proposal for 405-421 Spencer Street, West Melbourne, transitioned for a build to rent investment.
Known as the Dalston House or Dalston Bakery amalgamation, the 1683 sqm plot at the north west corner of Batman St – which is for sale – has been earmarked for a 20 level tower with 147 dwellings.
Paul paid $12.75m for the parcel in late 2016.
Meanwhile, an industrial investment held by the executive at 124 O’Grady Street, Hallam, found a tenant.
Logistics group ATCO is taking the biggest of three container rated hardstand blocks – spreading 2.5 hectares, facing the South Gippsland Highway (story continues below).
Jones Real Estate’s Luke Peric and Paul Jones are the agents. The pair are also marketing adjoining parcels – spreading 1.1ha and 4533 sqm and again abutting the highway – for Lofts.
A truck stop, truck parking, equipment storage, recycling station or container park are amongst the potential uses, they said.
Hallam is about 34 kilometres south east of Melbourne’s CBD.
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