Swisse Wellness former managing director Michael Saba sells Clifton Hill retail investment

EXCLUSIVE

Former Swisse Wellness managing director Michael Saba has sold a Clifton Hill investment he bought just two years ago.

The former Thrifty Link Hardware store at 15-33 Queens Parade traded after an auction last Friday.

It is understood to have exchanged for about $6.5 million – a little less than price Mr Saba paid.

The 1540 square metre plot is within a popular retail strip – near one of the country’s only heritage-listed McDonald’s restaurants (the c1937 jazz moderne former United Kingdom Hotel, pictured, below).

McDonalds’ Clifton Hill restaurant is heritage protected.

A multi-level office could replace 15-33 Queens Parade given its Commercial 2 zoning.

However, a proposed planning amendment (C421) to be heard on Monday August 12 could see it gazetted Commercial 1, which would allow residential.

Mr Saba reportedly bought the building to owner-occupy as a chocolate making retailer.

He unsuccessfully offered it for sale a year ago.

15-33 Queens Parade, Clifton Hill.

New agents Teska Carson’s Larry Takis and Luke Bissett with Killen Thomas’ John Camilleri moved it following a campaign relaunched in June.

Mr Saba along with another former Swisse Wellness executive, Radek Sali, profited the pill company to China’s Biostime for $1.67 billion

About $1 billion is reported to have gone to Stephen Ring, whose father founded Swisse Wellness (formerly known as Suisse).

Share or Recommend article

Marc Pallisco

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

Marc Pallisco
error: Content is protected !!