Vantage Property Investments has invested again in Melbourne’s east, picking up a 12 level office, off-the-plan (artist’s impression, right), from Pace Development Group, with which it has established a joint venture ownership agreement.
The deal for 9 Montrose Street, due for completion next year, is understood to be worth over $30 million.
Pace paid $4.062m for the 485 square metre site, presently a double storey warehouse (pictured, top), in September, 2019, with a 12 month settlement.
At the time, the property was permit-ready for a structure the same height, but with 34 dwellings.
Vantage is expected to seek office pre-commitments while 9 Montrose St is under construction.
The acquisition comes 15 months since the fund manager, led by Matt Spring, negotiated the $20m-plus sale of the Skipping Girl Place complex at 651 Victoria St, Abbotsford, which contains the Little Audrey neon sign (story continues below).
Coincidentally, that buyer, a company called Orled, is part-directed Sharron Singer, who sold a St Kilda Rd office to Vantage for $58m in 2019.
Elsewhere in Hawthorn East, recently, Growthpoint outlaid $125m for the commercial component of a mixed-use project at 141 Camberwell Rd.
Epson also chose the suburb for its Melbourne headquarters – 90 Camberwell Rd, owned at the time by Forza Capital which sold it after striking the lease, banking $6m.
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