Valeo motors into ex-South Melbourne car yard
Local developer Valeo has swooped on a compact South Melbourne car yard offered permit-ready for a seven storey commercial and residential complex (see artist’s impression, below).
The ex-Lanza Automotive dealership at 135-137 Market Street, on the south west corner of Kent Place, traded for c$4 million, reflecting a rate of $11,500 per square metre.
The parcel neighbours a double storey showroom also once occupied by Lanza – on 865 sqm at #139-145 – which sold to another developer in December, 2020, for $6.63m.
Colliers’ Daniel Wolman, Leon Ma and Oliver Hay brokered the latest deal.
The result, they said, demonstrates the market’s willingness this year to pay a premium for development sites in prime locations, like South Melbourne (story continues below).
Elsewhere in the suburb, Valeo recently completed a mixed-use project, Teri, incorporating an Art Deco Australia Post building, for National Sterling, at 85-97 Market St.
Valeo is also behind a four level office at 182-184 Coventry.
Last week, a 738 square metre development site with three street frontages between Centuria’s recently acquired 101 Moray St, and the Maori Chief Hotel, hit the market.
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