Telstra sells Melbourne exchange to developer
Telstra has sold another outgoing telephone exchange to a developer.
The ASX-listed telco is reaping about $1.7 million, sources say, for the 1751 square metre holding at 752 Pascoe Vale Road, Glenroy.
Brick improvements span 865 sqm.
A 99-year peppercorn lease applies to a 3.5m x 3.5m corner section leaving the bulk of the site for redevelopment.
Marwood is the buyer with plans for a medium density housing project.
“This site represents a compelling opportunity to deliver housing in a market experiencing ongoing supply constraints across Victoria,” a spokesperson said.
“We’re proud to continue pursuing projects that create real impact in growing communities,” they added.
It is the second Melbourne development site the group has picked up this week – the other, an ex-Courtney & Patterson dealership in Heidelberg, set it back $11m.
Last year realestatesource.com.au reported Marwood outlaid $28m for a St Kilda Road office.
That seller was Abrdn which paid $41.6m in 2015.
Glenroy is 13 kilometres north of Melbourne’s CBD (continues below).
Developer buys another exchange
Telstra offered the Glenroy property with a three year leaseback with a 12 month option.
Exposed to Pascoe Vale Rd for 37 metres, zoned General Residential 1, it could accommodate a multi-level apartment or townhouse project.
It is near the heritage protected ex-Glenroy Library (737 Pascoe Vale Rd), which Merri-Bek City Council sold to an occupier in 2024.
Lemon Baxter’s Paul O’Sullivan and Hans Fan were the agents.
The deal comes five months since realestatesource.com.au reported Bill and Mario Gravanis’ Oscars Hotels bought an outgoing Sydney exchange from Telstra with plans to repurpose it as a hospitality venue.
In 2024, the telco sold a c1919 ex-exchange to Up Property which is planning to include it in a residential redevelopment incorporating a former Australia Post office next door, at the Armadale/Malvern border, south east of Melbourne.
Telstra has been shedding disused exchange for more than a decade; in 2022 it offloaded one in central Box Hill, to Alex Zhang’s Synergy Property.
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