Time & Place snare prominent inner-city site
Time & Place has snapped up a prominent inner city Melbourne office/warehouse for a new arm.
The asset manager and developer is paying a speculated $14 million for 24-42 Alexandra Parade, Clifton Hill – for years owner occupied by the Gange family, founder of taxi brands Astoria and Silver Top.
The local arm of Singapore based StorHub was the seller, paying the Gange family $13m early last year.
Time & Place is buying it also for self storage, via a new entity, TPL Storage Holdings No 2.
The deal comes four months since we reported the group bought a 1.78 hectare Northcote site with plans for apartments.
Development upside
On 2477 square metres, also facing Hilton Street and a side road, 24-42 Alexandra Pde was marketed for its potential to yield a 10 level building. Zoned Commercial 2, this can’t include residential.
The two storey improvement contains 2088 sqm with high internal clearances – between 3.4-4.4 metres.
There are also 25 car parks.
Alexandra Pde is a major thoroughfare leading to the Eastern Freeway entrance.
Cushman & Wakefield’s George Davies, Anthony Kirwan and Raphael Favas, the agents, declined to comment about any part of the deal.
StorHub, which began trading in Australia in mid-2023 backed by CapitaLand, is proceeding with developing a complex to occupy on a Burnley site acquired last year from Salta.
Another self storage facility at Seaford meanwhile is nearing completion.
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