The 1,151-square-meter building sits on a 4,500-square-foot site just down the street from Myer, David Jones and Emporium.
Records show the seller bought the property in the mid-1980s for $2.36 million. It is expected to sell for around $9.5 million this time.
Colliers agents Oliver Hay, Anthony Kirwan, Daniel Wolman and Leon Ma are handling expressions of interest that close June 15.
Power Investment Corporation owned Richmond Malt for 10 years and paid $8.75 million for the riverside silos and the famous Nylex clock sign.
The site was sold to Joe Russo of Caydon in 2014 for $38 million and is in the midst of a transformation into a $600 million residential, hotel and commercial property.
Caydon is now looking for an equity partner to finance and acquire the next phase, 30,000 square meters of office space, a microbrewery and a 200-room hotel.
The Fitzroy Streamline Press, hidden behind the McCoppins servo and bottle on Johnston Street, is back on the market for at least the second time in five years.
The move comes as generational changes in property ownership and rising property prices for former commercial sites in the heart of Fitzroy.
JLL agents Josh Rutman, Tim Carr, Jesse Radisich and MingXuan Li are in charge of the 2,556-square-meter site at 122-144 Argyle Street this time just a few months after they sold the neighboring Mc Coppins site for around $18 .5 million.
The former acid wash denim factory was 15,000 square feet and reportedly sold for around $12,500 a square foot to a local developer.
The Streamline Press site is not likely to fetch that kind of price, given that the print shop site will require remediation and the property has only driveway-sized frontage on Johnston Street.
However, it is expected to reach a low range of $20 million. It has a wide frontage on Argyle and Young streets and is a short walk to the Brunswick Street strip and a slightly longer stumble to Smith Street.
The site has Commercial 1 planning and zoning controls that will allow development of up to 10 levels.
Other significant transactions at the Fitzroy precinct include Piccolo’s purchase of an Australia Post distribution center at 371-385 Gore Street for $14.27 million; and Beulah’s acquisition of 430-434 George Street for $12.2 million.
Expressions of interest close June 9.
The Early Settler showroom in Blackburn’s Golden Mile shopping area sold for $12.1 million with a strong 4.04 percent return.
It was the first time the massive 18,000-square-foot store at 200-206 Whitehorse Road, which records show was built in the mid-1990s, had been marketed.
On the corner of Ashburn Place, it’s on a large 30,000-square-foot lot and returns just $505,000 a year in rent.
The tight return of 4.04 percent is an indicator of strength in the wide-format investment market. The Freedom store down the street in Nunawading sold last year at a 5 percent return.
The deal was brokered by Stonebridge Property Group agents Rorey James and Kevin Tong and Rick Silberman of Savills.
It attracted four unconditional bids after a first round of eight bids and reflected a construction fee of $6,817 per square meter and a land fee of $4,168 per square meter.
A Chemist Warehouse outlet in southeast Gippsland sold for $3 million, setting a new benchmark yield of 4.5 percent for regional investments.
Records show that Michael Spektor’s National Retail Group has placed a warning on the pharmacy at 92-96 Franklin Street, Traralgon, in the heart of Latrobe Valley.
CBRE agents Scott Hawthorne, Nathan Mufale, Alex Brierley and JJ Heng negotiated the acquisition.
It is understood that NRG beat out other national chemical retailers to obtain the property on the corner of Seymour Street and the strong return on a regional investment shows how intensely the property was sought after.
The Chemist Warehouse lease expires in four years and there are no options left on the property.
“Regional locations continue to be high on the wish lists of local and international investors,” said Hawthorne.
The deal follows Stockland’s sale of the Traralgon Center Plaza to Fawkner Property last year for $85 million; and the recent sale of a store loot at 60-70 George Street Moe’s for $6.2 million with a 6 percent yield.
Meanwhile, in West Colac, a Best & Less store sold before the auction for $2.41 million at a 3.75 percent yield.
Fitzroys agents Chris Kombi and Lewis Waddell sold the 9,000-square-foot store at 118-128 Bromfield Street.
St John Ambulance has signed a 15-year lease on the Pellicano Group’s Notting Hill property at 601 Blackburn Road.
It is the largest of nine new agreements reached by Pellicano for its portfolio of 710,000 square meters of industrial and office space in Victoria and Queensland.
The deal was struck by Lawson’s real estate agent, Mark Spigelman. The annual rental of 5,149 square meters of space amounts to 1.02 million dollars per year.
Pellicano boss Renato Pellicano said the group’s portfolio has an adjusted vacancy rate of just 0.07 percent, the lowest since 2006.