Albert Dadon sells another piece of Art on the Park
Ubertas Group, owned by businessman and professional musician Albert Dadon, also the ex son-in-law of the late Marc and Eva Besen, has sold another investment near the top of town.
The 114 square metre shop built to boundary on the ground floor of the Art on the Park apartment and hotel at 360 William Street, traded at auction for $1,781,500 – a 5.6 per cent net passing yield.
Also $249,000 over reserve, the buyer is Asia based.
The four underbidders were too, according to Stonebridge’s Dylan Kilner, who represented Mr Dadon with Max Warren.
“We’re seeing strong demand from offshore buyers who recognise Melbourne’s global standing as a livable and investable city,” he added.
“Tourism is on the rise, the CBD is coming back to life, and international groups are drawn to the affordability of Melbourne property compared to other global gateway cities,” he said.
Another tower piece sold
Known a 330 William St, leased to City Mart for 18 more months, the property is opposite Flagstaff Gardens, near Queen Victoria Market and the city’s legal precinct – “one of the city’s most established and high amenity corridors” Mr Warren said.
“To have five Asian based groups competing is a clear sign of offshore conviction in the Melbourne market,” he added.
The deal comes 13 months since we reported Ubertas offloaded the hotel component of Art on the Park; known as the Oaks Melbourne on William Suites, with 220 studios, it collected $70m Minor Hotels.
Three years ago meanwhile the executive banked $3.62m – a 5.3pc yield – from a prominent Chemist Warehouse backed store at nearby 326 William St, on the north east corner of La Trobe.
The residential component of Art on the Park, also known as Avani Jazz Corner Residences, contains 75 dwellings.
The property also includes popular jazz bar Bird’s Basement.
Mr Dadon, also a musician, was married to Debbie Besen.
Mr Besen, a major shopping centre developer and philanthropist, died in November, 2023, just over two years following his wife.
Subscribe to our newsletter at the bottom of this page.
