Skipping Girl complex sold to developer
Little Audrey – also known as the Skipping Girl vinegar sign – will be fixed to a taller tower under longer term plans by its new owner, Orled Properties.
The National Trust listed display and the three level building beneath it, a complex known as Skipping Girl Place at 651 Victoria Street, Abbotsford, has quietly sold for more than $20 million.
Fitzroys’ Paul Burns represented the vendor, Vantage Property Group.
Coincidentally, Orled is part directed by Sharron Singer, from who Vantage bought a St Kilda Road office in 2019.
Skipping Girl Place
On a 2971 square metre site backing onto the Yarra River, Skipping Girl Place was offered by several strata owners including Vantage, which managed the disposal.
The art deco building contains 3668 sqm of space and 102 car parks.
Based on its present annual income ($1.2m), the sale price reflects a circa six per cent yield.
Most of the occupiers are on short leases.
“The purchaser plans to upgrade and re-let the building with a longer term view to redevelopment which may include adding levels to the existing building or construction of a new one,” Mr Burns said (story continues below).
“As well as the chance to secure a landmark asset, the attraction for buyers also stemmed from the property’s rare riverfront position, its location opposite Victoria Gardens surrounded by medium and high density residential and the ongoing gentrification of the city fringe,” he added.
“Abbotsford is one of the last city fringe suburbs with genuine unrealised development potential,” according to the executive.
“Melbourne’s inner city office markets have been in huge demand throughout COVID with flexible working arrangements in vogue and businesses and employees are looking for highly accessible locations close to lifestyle amenity.
“The Richmond and Cremorne markets have become ultra-competitive in recent times and neighbouring Abbotsford is firmly in the sights of a growing number of businesses”.
Next door to Skipping Girl Place, a nine-level residential complex, Walmer is under construction.
That developer, Salta, also recently built apartments at 627 Victoria St, the site of a former brewery which another Little Audrey sign sat at for decades prior to 1970, when a replica was created at #651.
Vantage paid SHL Nominees, part directed by Ms Singer and the Lederman family, $58m for 574 St Kilda Rd two years ago.
It initially listed Skipping Girl Place via different marketing agents last February, just before the national COVID lockdown.
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