Steller site in Preston listed by KordaMentha

Another Steller site now controlled by a mortgagee is for sale – this time in Melbourne’s northern suburb of Preston.

The 1.83 hectare block at 22 Wood Street is adjacent to the Northland Shopping Centre, owned by GPT Group and Vicinity Centres.

It’s eastern boundary abuts parkland around Darebin Creek – which is also the suburb divide with Heidelberg West.

The site (marked) is about 10 kilometres north of the Melbourne CBD.

The Steller block is being offered with a permit for a multi-level aged care complex containing four buildings.

On land zoned Residential Growth 1, any incoming owner could rework the permit to allow for a medium density apartment project.

It is expected to sell for about $15 million, according to sources.

Steller paid $13.6 million for the Preston parcel in mid-2017, toward the peak of the last property cycle.

It was acquired with a string of other properties including 6-12 Davey Street, Frankston ($13.5 million) and 32-40 Graham Street, Highett – which cost $18.8 million and Savills sold for $28.5 million in September.

JLL’s Alex McColl, James Thorpe and Steve Kelly are marketing 22 Wood Street with the agency’s Alternative Investment division’s David Hill and Noral Wild, who are acting under instructions from KordaMentha.

“Opportunities of this scale and aspect are rare in this tightly held inner northern suburb,” Mr McColl said. “This is a unique opportunity to acquire a large land holding in a prime location within a growing precinct”.

Ms Wild added that retirement village and aged care sites within inner urban Melbourne are highly sought-after.

KordaMentha listed this Steller site in central Cheltenham last week via Savills.

Last week we reported that KordaMentha listed a Steller site in Station Street, Cheltenham, via Savills (pictured, above).

Another block in Richmond was listed by Colliers International – as we reported – on behalf of McGrathNicol, which aims to recover a $97 million Steller debt for its client, Asian financier, OCP.

McGrathNicol will sell seven Steller sites.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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