The Valmorbida family has sold three neighbouring residential blocks on South Yarra’s exclusive Avoca Street – part of which has been a development site for seven years.
The buyer, Hawthorn based Prime Edition, via a company, Project Avoca Pty Ltd, has paid about $15 million for the 1283 square metre blocks covering 17, 19 and 21a.
Led by Eric Loi, it is expected to build a five level apartment building with five dwellings on part of the block.
The balance is earmarked for a three storey five bedroom home.
Jellis Craig’s Michael Armstrong and Andrew McCann listed the property last November with c$14-$15.4m price hopes.
The late Adrian Valmorbida and his wife Kairu Chan had started building a family home on part of the Avoca St site (story continues below).
Construction ceased following the patriarch’s death in 2016 and an ensuing legal battle.
The family owns brands including Sirena Tuna, via its Iconic Foods Distribution arm; coincidentally we reported that occupier leased a high quality penthouse office last November.
Also in the Valmorbida stable is Conga Foods, with marques including Moro oil, La Gina, Sacla and Val Verde sauces, Vetta pasta, Zanetti cheese and Solo Mare tuna.
The sale of 17, 19 and 21a Avoca St comes three months since the family divested a historic ex-GJ Coles store in north east Ivanhoe for $5.75m – or some $1.2m over reserve.
The buyer was executives associated with pharmacy – and tenant – Chemist Warehouse.
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