Four months after selling Festival Hall to Hillsong, the Wren family has traded an office abutting it.
The double storey building, 3/119-123 Adderley St, West Melbourne, contains 721 square metres of lettable area and six car parks.
Recently refurbished, it was offered vacant; it was last utilised by the owner as a gallery but before that, rented to Menzies as an adult training school.
It was once used to support the stadium business.
The new owner, a local occupier, has paid $3.4 million.
Four neighbours and a goldmine
The showroom occupies a 536 sqm plot about 200 metres from the CBD and Southern Cross station.
It is one of four adjoining warehouses; combined they cover 3348 sqm from Dudley to Rosslyn streets.
In 2018, a nearby four-storey Ermin Smrekar office, on an 853 sqm corner site, sold to IOOF for $22m (story continues below).
Across the road Deague Group recently completed 22 and 28 level apartment towers on a 3839 sqm plot once owned by AFR Rich Lister Peter Scanlon.
Trenerry Group with the Smorgon and Kanat families are constructing West End, a mixed-use project with 377 dwellings and 92 hotel rooms, on 9200 sqm opposite 119-123 Adderley St.
Festival Hall sits on 4135 sqm.
One to go…
A year ago the Wren family offered Festival Hall with 3/119-123 Adderley St and a nearby building also used as an ancillary office.
When Hillsong only wanted the stadium, the unsold properties were relisted via Savills’ Nick Peden, Mark Stafford and Jesse Radisich.
The other asset, 288-296 Rosslyn St – which is on a similarly large (499 sqm) site – is still available asking $3.8m.