Ringwood site opposite Costco sells

The site is opposite Staley Gardens and Costco.

The former Jooce nightclub – now a Rivers store and Genesis gym – has sold to an offshore developer for a speculated $14-$15 million.

On 7015 square metres at 93-97 Maroondah Highway, in central Ringwood, it could make way for a mid-rise building.

Not far away, 94 Feet is finishing construction of a 16-storey residential and hotel tower.

Last April, VicRoads committed to a 10 level office, Eastco, at 110 Maroondah Hwy, which will be held by QIC.

Gill Property marketing agents Steve Bolton, Graham Hemingway and Steve Messina declined to comment about the deal, struck last year (story continues below).

The campaign was launched mid-last March, the week before the federal lockdown.

Ringwood is about 23 kilometres east of town.

The showroom spreads 5259 sqm of area.

The price reflects a sub 2.4 per cent yield.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.