VicLand Offloads $20m in Stonnington

VicLand has made more than $16 million from the sale of two development sites in the Stonnington area this month and stands to make another $6million from the sale of a recently opened retail development at 255 Chapel Street, the second level of which is the White Charlie nightclub.

VicLand director Bill McNee said the property group did not follow a set strategy, other than to invest in projects with the potential to add healthy value.

"At the moment we are concentrating on building shopping centres," Mr McNee said. "We’re building one on an 8800-square-metre site at Point Cook, as well as one in Bairnsdale, and another in NSW."

VicLand also builds apartments. Its residential property portfolio includes a $60 million, 155-unit development under construction on the site of the former Greyhound bus terminal at 58 Franklin Street in Melbourne.

Gross Waddell director Jonathon McCormack negotiated both of VicLand’s recent Stonnington sales, including the Trevor West shop on the corner of Toorak Road and Avoca Street, South Yarra, which sold for about $6 million.

VicLand paid about $5 million for that site a year earlier.

It also recently sold a 250 sqm development site, with a 500 sqm building, at 256 Chapel Street, Prahran, for more than $10 million to Queensland-based developer Watpac, which is proposing a $50 million redevelopment.

Beller real estate director Fred Nucara is now marketing the White Charlie property at 255 Chapel Street.

Mr Nucara said he expected the building to sell for between $5.7million and $6 million, on a yield of about 6.5%.

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Marc Pallisco

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

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