The 1151m² building sits on a 415m² site just up the road from Myer, David Jones and Emporium.
Records show the seller purchased the property in the mid-1980s paying $2.36 million. It should sell for around $9.5 million this time around.
Colliers Agents Oliver Hay, Anthony Kirwan, Daniel Wolman and Leon Ma are processing expressions of interest that close on June 15.
Power Investment Corporation owned the Richmond Malt for 10 years, paying $8.75 million for the riverside silos and the famous Nylex clock.
The site was sold to Joe Russo of Caydon in 2014 for $38 million and is halfway through a transformation into a $600 million residential, hotel and retail estate.
Caydon is now looking for a capital partner to finance and acquire the next stage, 30,000 m² of office space, a micro-brewery and a 200-room hotel.
The Fitzroy Streamline Press, tucked away behind the Servo and McCoppins Bottle Shop on Johnston Street, is back on the market for at least the second time in five years.
The move comes amid generational changes in land ownership and soaring property prices for former commercial sites in the heart of Fitzroy.
JLL agents Josh Rutman, Tim Carr, Jesse Radisich and MingXuan Li are responsible for the 2,556 sq m site at 122-144 Argyle Street, just months after selling the nearby Mc Coppins site for around $18.5 million.
The former acid-wash denim factory occupied 1,484 m² and was reportedly sold for around $12,500 per m² to a local developer.
The Streamline Press site probably won’t fetch that kind of price, given that the printing site will need remediation and the property only has a driveway-sized frontage to Johnston Street.
However, it is expected to make around $20 million. It has an expansive frontage on Argyle and Young streets and is a short walk from the Brunswick Street strip and a bit further from Smith Street.
The site has Commercial 1 zoning and planning controls which will allow development up to 10 levels.
Other major deals within the Fitzroy compound 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.
Closing of expressions of interest on June 9.
The Early Settler showroom on Blackburn’s Golden Mile retail strip sold for $12.1 million on a high yield of 4.04%.
It was the first time on the market for the huge 1,775 square meter store at 200-206 Whitehorse Road which records show was built in the mid-1990s.
Around the corner from Ashburn Place, it sits on a large 2903m² site and brings in just under $505,000 a year in rent.
The tight yield of 4.04% is an indicator of the strength of the broadsheet investing market. The Freedom store located in Nunawading was sold last year with a return of 5%.
The deal was struck 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 rate of $6,817 per square meter and a land rate of $4,168 per square meter.
A Chemist Warehouse outlet in southeast Gippsland has sold for $3 million, setting a new benchmark yield of 4.5% for regional investments.
Records show Michael Spektor’s National Retail Group warned the pharmacy at 92-96 Franklin Street, Traralgon, in the heart of the Latrobe Valley.
CBRE agents Scott Hawthorne, Nathan Mufale, Alex Brierley and JJ Heng brokered the acquisition.
It is understood that NRG has beaten other national chemical retailers to score the property on the corner of Seymour Street and the high return on a regional investment shows just how much the property has been sought after.
The Chemist Warehouse lease expires in four years and there are no remaining options on the property.
“Regional locations remain high on the wish lists of local and international investors,” Hawthorne said.
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 swag at 60-70 George Street Moe for $6.2 million on a 6% yield.
Meanwhile, out west in Colac, a Best & Less outlet sold pre-auction for $2.41 million with a yield of 3.75%.
Fitzroys agents Chris Kombi and Lewis Waddell have sold the 804m² store at 118-128 Bromfield Street.
St John Ambulance has signed a 15-year lease at the Pellicano Group’s Notting Hill estate at 601 Blackburn Road.
This is the largest of nine new transactions completed by Pellicano for its portfolio of 710,000 m² of industrial and office space in Victoria and Queensland.
The deal was brokered by Lawson’s real estate agent, Mark Spigelman. The annual rent on 5149 m² of space is $1.02 million per year.
Pellicano boss Renato Pellicano said the group’s portfolio had a tight vacancy rate of just 0.07%, the lowest since 2006.