Fridcorp buys South Yarra’s Salt site

Fridcorp and joint-venture partner Macquarie Structured Finance have paid a speculated $10 million for South Yarra’s Salt nightclub site, in Claremont Street.

In 2002, the venue was the scene of a dispute that resulted in the murder of two men and a teenager at the nearby Yarra River nearby.

The business was closed in December, 2003, and the building later razed.

The land was quietly offloaded by developer and fund manager Pelorus Property Group which paid Calibre Clothing founder Gary Zecevic $3m in 2006.

Late last year, Fridcorp paid $15m for Channel Seven’s former South Melbourne studio with plans for apartment buildings.

The builder also recently purchased Lilydale’s Olive Tree Shopping Centre for about $11m.

The developer is part-funded by local investor Daniel Besen (story continues below).

In a second recent South Yarra deal, Icon Developments Australia has purchased a 497sqm parcel at nearby 43-45 Claremont St

Vinci Carbone’s Frank Vinci said a warehouse on the site would be replaced with a residential complex.

The suburb’s former industrial pocket – Forrest Hill – is undergoing urban renewal with several high rise apartment, hotel and office towers.

Icon’s commercial development pipeline includes a nine-shop project in Hawksburn Village, Prahran and Coles at Fitzroy.

It is also building 62 dwellings, in partnership with Neometro, in Inkerman St, St Kilda.

Last week it was reported the Fun Factory site at the north west corner of Chapel St and Toorak Road could be replaced with a 38 level apartment building.

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Marc Pallisco

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

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