Another day and another development site controlled by troubled builder Steller is for sale.
This time in East Keilor – metres from the Essendon border – a hillside block overlooking Steele Creek is expected to trade for between $7.3 million and $8 million.
Steller applied, but had not yet received permission, to build 47 townhouses (artist’s impression, top) on the 1.3 hectare holding known as 12 and 18 Craig Street. The proposal is being heard by the Victorian Civil and Administrative Tribunal in September.
The northern edge of the parcel abuts a 36-unit residential project which required the construction of a “Lombard Street, San Francisco”- style zig-zag road down the bluff.
The southern side of the block abuts Rose Creek Estate, a winery run for decades by Tony and Lina Siciliano.
St Bernard’s College and Rosehill College are in the immediate vicinity, while Essendon Grammar’s senior school is up the street in Rachelle Road, East Keilor.
The brokers said the site, zoned General Residential, offers elevated parkland and creek views.
East Keilor’s median house price is about $850,000, they added.
In April we were the first to report that Steller had ceased construction at numerous Victorian building sites as it faced funding woes.
At the time the builder said it would focus on its aged care division, but it has since listed many of those sites for sale.
It recently shut down its website.
A partnership between Steller managing director Nicholas Smedley and Simon Pitard was also dissolved.
Yesterday we reported that a high-profile property Steller co-controls, Sorrento’s Continental Hotel, was being offered for sale.
It was less than a year ago Steller announced it started an $80 million redevelopment of the Sorrento property, which would have added apartments and a hotel in buildings of up to seven storeys around the heritage protected limestone pub, built by actor turned politician George Coppin.
The St Kilda site where the Greyhound Hotel once stood, a low-rise office at 200 Wells Street, South Melbourne, and a cleared block site at 451-461 Hampton Road, Hampton, are amongst the other properties the builder is offloading.
Last month we reported that Mr Smedley sold a Glen Iris home for $8.05 million.
The businessman made headlines when he paid $9 million for the mansion a year earlier, setting a price record for the exclusive south-east suburb.
Mr Smedley’s father, Peter Smedley, died in April, aged 76. Noteworthy enough to have a Wikipedia page, Peter held numerous senior executive positions including as chief executive officer of petroleum giant Shell and health and logistics company, Mayne Nickless (now known as Mayne Group).
Also a former Arrium chairman, Peter Smedley was posthumously appointed a Member of the Order of Australia last week, for his “significant service to the community”.