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).
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.
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).