United Petroleum founders behind ex-Target store deal

Also today we are reporting the sale of Shepparton Retail Hub.

A company once controlled by United Petroleum co-founders Eddie Hirsch and Avi Silver has sold Colac’s ex-Target store.

The K-Hub Colac site has two street frontages.

Now a K-Hub, leased to K-Mart, like Target a Wesfarmers brand, 145-167 Murray Street (or the Princes Highway) achieved $5.25 million from a local private investor.

Colac’s Woolworths Centre sold this month for $21 million.

The tenant just exercised a renewal until 2027; it moved in three years ago following the closure of over 75 Target and Target Country stores.

With 4459 square metres, the building occupies a 7823 sqm Commercial 1 zoned site.

Further income could be earned from standalone dwellings at the north east corner of the parcel, fronting Dennis St.

Savills’ Rick Silberman and Stephen Bolton represented the vendor, a company speculated now to be led by family members, which paid $550,000 in 1996.

The incoming landlord can claim the state government’s 50 per cent stamp duty concession for regional properties.

The deal follows Colac’s Woolworths Centre, nearby, selling for over $21m to an offshore investor.

Also today we are reporting Sydney fund manager Blackfox Property Group acquired the Officeworks anchored Shepparton Retail Hub.

Stonebridge’s Justin Dowers and Rorey James were the agents (story continues below).

The Hawthorn East office United Petroleum founders recently bought.

Petrol tsars and property

Mr Hirsch and Mr Silver meanwhile, speculated to be worth a combined c$3.6 billion, established significant individual and co-held property portfolios after 145-167 Murray St.

Last August they purchased a Hawthorn East office at the corner of Auburn and Toorak roads, abutting a 7-Eleven acquired three months earlier – all up providing a 1.27 acre amalgamation.

Also eight months ago the pair bought a corner petrol station site – part of a former farm – at the Clyde/Clyde North border, now a major Melbourne growth corridor.

In 2021, meanwhile, they sold a Pinkenba, Brisbane, industrial building block to Charter Hall for $43m.

Spreading 8.7ha, the partners turned an impressive profit after paying $13.75m in 2014 with plans for a fuel terminal.

Mr Hirsch is also behind an office under construction, again in Abbotsford, at 218-228 Hoddle St.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.