Development Site Opposite South Melbourne Market Expected to Fetch About $20 Million
AN OWNER-occupier that controls a massive 4287 square metre property opposite the South Melbourne Market has publicly listed it for sale.
The Novak Prestige Motor Works site at the north-west corner of York and Cecil streets, in South Melbourne (aerial, right), is an amalgamation of several adjoining properties. Panel beater and painter Novak purchased the first site in 1965, acquiring another seven over a 45-year period.
Effectively a development site, and being offered with an extended settlement, the property is expected to arouse interest from builders, or land bankers which may onsell all or part of it at a more buoyant time of the market, possibly with permits.
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