Another site controlled by failed developer Steller has hit the market.
The St Kilda block at 1 Brighton Road accommodated the Greyhound Hotel (pictured bottom, right), which was razed two years ago, after standing 164 years.
Steller acquired the 911 square metre parcel for $7.5 million in late 2017.
The site came with a permit for a seven level residential building containing 37 flats and ground floor retail.
That permit is again being offered with the site.
CBRE will auction 1 Brighton Road on November 22.
Steller tried to sell the site last year – initially for $8 million, then for less than $7 million.
It was withdrawn from sale when the developer didn’t find a buyer.
Despite finding financial difficulty earlier this year, Steller repeatedly refused to list the St Kilda block.
Steller sites sold, elsewhere
Yesterday we reported that a Rosebud farm controlled by Steller sold following a Mortgagee in Possession auction for $4.65 million – a sharp drop on the $7 million the builder paid in 2016.
Last month we reported that Ryman Health paid Steller $28.5 million for a 1.2 hectare aged care development site in Highett, in Melbourne’s south east. Steller turned a profit on this one, as it paid $20 million two years earlier before obtaining a permit for a 122-bed aged care complex.
Steller also sold an office investment with development upside in Highett, in June – reaping $3.4 million.
In August Steller sold a small office development site in the St Kilda East pocket of Balaclava for less than $2 million. It paid $2.4 million in 2017.
The Continental Hotel in Sorrento, for which Steller is a joint venture partner, is also for public sale. Expected to trade for more than $20 million, any incoming owner would have to invest a further, speculated $40-million-plus, to complete a renovation of the heritage protected property.
An East Keilor site owned by Steller has been withdrawn from sale, however.
The subject of a VCAT application which could see it replaced with a large townhouse project, this block might be worth more once that permit is approved.