The Krongold family sells the East Melbourne headquarters.

The historic Edwardian-era Blood Brothers store at 1 Bedford Street is expected to remain in any redesign of the multi-storey building. At this rate, it could be finished by the time the next election comes around.

The Ringwood car park is one of many promised by the Morrison Government before the last election and not yet built. It would join two nearby existing car parks that could be rehabilitated.

But the council said capital gain last year one was owned by the state government and the other was too far to climb the hill. Maroondah paid $2 million for the property in 2020 with funds provided by the feds.

The local Ringwood District Historical Society has campaigned hard to save the property for the last three years and more than 660 people have signed a petition against the demolition.

It is understood that some of the petition’s signatories promised to protest very loudly during the election campaign of Deakin’s local MP, Michael Sukkar. And lo and behold, he is saved!

Kooyong Representative and Treasurer Josh Frydenberg canceled the four parking lots he had promised to his large constituency after residents indicated they neither wanted nor needed them.

The sale of Kozminsky

Three Chapel Street properties owned by the Kozminsky family for more than 125 years have come on the market.

The properties at 70, 72-74 Chapel Street and 1A Windsor Place to the rear have three titles and cover 1,400 square meters in total. They are sold individually or by pack.

The family believes that Abraham Kozminsky, who came to Australia in 1859 during the gold rush, bought the properties around 1893.

Kozminsky, whose family founded the famous Melbourne jewelry store, bought them to generate income for his daughter and future generations. They are likely to get around $12 million.

70 & 72-74 Chapel Street and 1A Windsor Place, Windsor, Melbourne

Number 72-74 has been the home of Klapp Electronics for more than 50 years, while number 70 is vacant. Windsor Places houses four tenants.

The latter is up for sale through expressions of interest closing June 15, while the stores at 70-74 Chapel Street will go up for auction two days later.

Gross Waddell ICR agents Michael Gross, Alex Ham and Raoul Salter are handling inquiries.

Meet up

The five owners of an Abbotsford strata showroom building on the corner of Johnston Street and Trenerry Crescent made more than $22 million from its sale.

Geoff Brady’s very active Amber Property Group is understood to have beaten out a host of other developers to nab 422-430 Johnston Street, a nondescript 1980s building near the Yarra River.

The 2,428 square meter site is in a key fringe commercial office precinct, across the street from GSK headquarters and the Abbotsford Convent arts centre.

Nick Peden, Jesse Radisich, Josh Rutman, David Hill and Mingxuan Li of JLL handled the sale which represented a land value rate of $9070 per square meter.

Peden said hopeful buyers came from the US, UK, Malaysia, China and Singapore.

“With each individual unit valued at approximately $1.5 million, there was an increase of almost $3 million for each owner. It is a clear demonstration of the lucrative nature of selling with your neighbors.”

little collins

A three-story building in the heart of the CBD has fetched $8.45 million in an off-market deal reflecting a 1.3 percent yield and a land rate of $41,625 per square meter.

Records show that the 4,000-square-foot art deco gem at 267 Little Collins Street was purchased by restaurateur George Calombaris’s longtime partner, George Sykiotis.

267 Little Collins Street, Melbourne

267 Little Collins Street, Melbourne

The seller was Peter Vodicka’s Central City Holdings, which paid $1.05 million in December 1996, just as the city’s bar scene was proliferating in every alley and little side street.

The deal was struck by Fitzroys’ agent, Chris Kombi.

The property returns $110,000 a year. The ground floor is rented monthly to a sportswear retailer, while the Fika Island bar has a five-year and five-year option on the two levels above.

“It is another show of faith that investors have in the future of CBD. There is widespread confidence that visit rates will continue to trend upwards, and we have already seen a big pick-up in overnight and weekend numbers,” Kombi said.

Warragul

The prices achieved by regional properties maintain their momentum. The Latrobe Community Health Center in Warragul sold for more than $9 million with a 4.7 percent yield.

That’s a surprising price for a regional investment given there were only three years left on the lease.

Rorey James, Kevin Tong and Nic Hage of Stonebridge Property Group with Ben Wilson of Wilson Property sold the center after six formal offers.

James said there was strong interest from investors in Melbourne, Sydney and Tasmania keen to avail themselves of the 50 per cent stamp duty discount on regional properties.

“Buyers were attracted by the better yields generally offered in regional areas. They also have a lot of confidence in the regional areas due to the pandemic and more people are now living there permanently,” James said.

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