Sydney-based Fortis swoops on Richmond development site
Fortis director Charles Mellick said plans for a fresh 7000-square-metre, 10-storey project will be submitted to planning next year with construction anticipated for 2022.
Fortis, the development arm of boutique fund manager Pallas Capital, has $800 million worth of projects underway in Melbourne, including a new South Melbourne headquarters and a redevelopment of the industrial corner of Smith Street and Alexander Parade in Clifton Hill.
The first post-lockdowncommercial auction took place on Wednesday at Perini Tiles showroom, at the west end of Bridge Road.
The auction, managed by Gorman Commercial agents Stephen Gorman and Tom Maule, attracted about 100 people who were spread out, using witches hats as a distance guide.
Seven bidders competed for the 613-617 Bridge Road property, which sold for $5.575 million – reflecting a yield of 2.8 per cent.
Shortly after, Teska Carson’s Matthew Feld and Michael Ludski held an auction at 466-468 Glen Huntly Road, Elsternwick. Four bidders competed for the property, which sold for $2.33 million – $830,000 more than the reserve. A local investor/developer bought the 198-square-metre corner site.
Foti in Flockhart
The Foti family is selling a development site down by the Yarra River at 42-50 Flockhart Street, Abbotsford.
The 404-square-metre site has 140 metres of river and park frontage and comes with a permit for a five-level office building.
Records show the Foti family, through investment vehicle Stock Corporation, paid $6.2 million for the car park in early 2018 and obtained a permit late in 2019.
JLL agents Josh Rutman, James Thorpe, Steve Kelly and Mingxuan Li are handling expressions of interest and are expecting around $7 million.
Across the street, Forza Capital has applied to build an 11-storey office tower above the 470-bay car park it bought two years ago.
There is plenty of change afoot in Richmond with several owner-occupiers calling time on offices they’ve held for many years.
Psychiatrist Andrew Stocky is selling his former office building at 266-272 Church Street near the Bridge Road intersection.
The 623-square-metre office is on a 535-square-metre piece of land on the corner of Berry Street. It is zoned Commercial 1 and is expected to fetch around $5-5.5 million.
Teska Carson agent Matthew Feld and Morley Commercial agent Josh McMullin are handling expressions of interest, which close on December 9.
Also recently listed, on the west Richmond border with East Melbourne, is architect Gregory Burgess’ warehouse office at 10 York Street. The 580-square-metre twin-peaked roof warehouse was built in the 1920s on a 893-square-metre lot. It’s divided into three spaces, including studios, meeting rooms, open plan work spaces and an apartment.
Nelson Alexander Commercial agents Arch Staver and Damien Theisz are handling expressions of interest, which close on December 14. It’s expected to fetch around $4-$4.4 million.
It is currently only partly leased but could earn up to $150,000 if fully occupied.
The Alcaston Gallery will be establishing a new headquarters in a strata office at 50 Market Street.
The gallery’s owner, Beverley Knight, told Capital Gain finding “beautiful new office…