Former Swisse Wellness managing director Michael Saba has sold a Clifton Hill investment after two years.
The former Thrifty Link Hardware store at 15-33 Queens Parade traded after an auction last Friday.
The price is understood to be c$6.5 million.
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 former United Kingdom Hotel).
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 August 12 could see it gazetted Commercial 1, allowing residential (story continues below).
Mr Saba reportedly bought the building to occupy as a chocolatier.
It was unsuccessfully offered for sale a year ago.
The replacement 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 selling to China’s Biostime for $1.67 billion
About $1b is reported to have gone to Stephen Ring whose father founded Swisse Wellness (formerly known as Suisse).