Salvatore Malatesta sells St Ali HQ
Salvatore Malatesta has sold the South Melbourne headquarters of his coffee roasting business, St Ali, to a women’s clothing retailer, which will occupy.
The businessman is banking $2.045 million for the office/warehouse at 4 Yarra Street, between Clarendon and Moray.
He paid $1.5m in 2017, then undertook a renovation.
All up, it contains 196 square metres over two floors, part of which is configured as a double lock up garage.
There is also a bathroom on each level and a Juliet balcony.
The 114 sqm Commercial 2 zoned plot has development upside too – up to four floors.
Stonebridge’s Max Warren, Dylan Kilner and Chao Zhang were the agents (story continues below).
“The auction was attended by over 50 individuals with the heavy rain not dampening the appetite for South Melbourne
commercial real estate,” Mr Warren said.
“Of the six bidders on the day, five were owner occupiers,” he added.
“This strong owner occupier interest was enhanced during the process after our team presented a clear refurbishment and repositioning strategy for the somewhat tired building,” according to the executive.
St Ali will relocate elsewhere in the suburb, Mr Malatesta owns a substantial local portfolio including a Tichborne Place warehouse acquired last May for $1.12m.
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