The Spurling family – of formal suit hire fame – has sold a double-storey North Melbourne property which for a period acted as its headquarters.
The office/showroom/warehouse at 530-538 Victoria Street was picked up for the family’s Spurling Formalwear business more than 25 years ago.
But following the sale of the brand about 15 years ago, the property has been retained by the vendor as an investment.
One of the tenants over that time, a training college, required a Class 9B compliance for educational use, a permit offered with the sale.
The building contains 1250 square metres of area and sits on a 1391 sqm plot near the Errol Street retail strip.
Zoned Mixed Use, 530-538 Victoria Street was targeted to developers, despite being part of a precinct with a 10.5 metre height restriction.
CBRE’s Guy Naselli represented the purchaser – interests associated with the Southern Cross Education Institute.
The property, now expected to make way for a training college, was expected to sell for more than $8 million.
Elsewhere in North Melbourne, Fridcorp is selling a 1311 sqm plot at 3-15 Shields Street, permit-ready for a nine-storey apartment building.
Luxury car dealer Nick Theodossi also recently listed his high-profile North Melbourne showroom, and 11 blocks around it, as a major residential development play.
Earlier this week, we reported that Perth-based developer Cedar Woods listed a 1411 sqm parcel at 88 Leveson Street, North Melbourne, permit-ready for a five-level townhouse project.
Like 530-538 Victoria Street, this site is expected to sell for more than $8 million.