Radek Sali discounts price of Hawthorn pile
Radek Sali has moved to offload a block of land in Hawthorn’s revered St James Park estate – discounting price expectations by nearly a third on its October, 2022, guide, and setting an expressions of interest close date.
The 8174 square metre riverfront holding, 32 Coppin Grove, is now expected to sell for over $11 million – the price the ex-Swisse Wellness executive and his wife, Helen, paid in November, 2017 – a residential property peak.
The pair now live full time at Brunswick Heads, near Byron Bay, and a 24.3 hectare estate which cost $18.5m in late 2020.
Marshall White’s Marcus Chiminello, Andrew Gibbons and Richard McKinnon have been managing the Hawthorn disposal.
A recently launched expressions of interest campaign closes on March 21.
Inner city vineyard
The Coppin Gve property hit the market late last year for private sale with $15m-plus expectations.
It no longer contains a home; the Salis demolished a two storey dwelling on a corner of the block several years ago, with plans for a new one, penned by Wood Marsh
The offering does however include 1000 grape vines; former owners Michael and Ann Cohen planted them in 1988 for a commercial venture, Coppin Grove Wines, nowadays branded Hawthorn Estate, which has the potential to produce 2500 bottles a year – a mix of Chardonnay, Pinot Noir and Nebbiolo (story continues below).
It also has 240 metres of Yarra River frontage.
Elsewhere in the St James Park estate, the Du family recently relisted Avon Court, on 4249 sqm at 18-20 Shakespeare Gve, with $38-$41m price hopes.
In 2021, meanwhile, ex-National Australia Bank chief executive officer Ahmed Fahour disposed of the Invergowrie estate at 21 Coppin Gve, opposite the Sali holding, banking $40.5m.
That property was purchased by healthcare executives Angela and Stephen Tomisich.
Other residents in the pocket include Susan Harris, the ex-wife of Flight Centre founder Geoff, and the Sutton family, which operated several Melbourne car dealerships.
The Salis are reported to have banked $400m following the sale of Swisse Wellness to China based Biostime for $1.7 billion in 2017.
Hawthorn is four kilometres east of town.
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