Sizeable slice of old Fitzroyalty up for grabs

The Fitzroy property belonging to notorious slum landlord Frank Cassar has deed the market, 13 years aft his decease and a bitter household feud involving a fake will.

Cassar’s widow, Sandra, won power implicit the property aft a tribunal lawsuit successful 2021 successful which she admitted forging his volition aft his decease successful 2011.

The Cassars ain respective properties connected either broadside of 371 Fitzroy Street, Fitzroy.

Cassar ran a sheet beating and towing concern retired of a gathering connected the country of Kerr and Fitzroy streets for decades, accruing adjacent houses which helium converted into boarding houses.

His disregard for the residential tenancy law, the dilapidated authorities of his properties, and different business-related troubles led to a slew of fines and convictions. The Australian Tax Office was pursuing him for $2.4 cardinal successful unpaid taxes successful 2010.

According to a Supreme Court judgement, Sandra Cassar forged a volition leaving the full property to her son, Michael Cassar, connected the knowing it would beryllium distributed aft the mortgages and ATO had been paid out.

The property consisted of a location successful Kew, sold for $4.2 million, a location successful Barkly Street, North Fitzroy, which fetched $2.8 cardinal successful 2019, and six properties astir the Fitzroy premises.

Justice Moore made Sandra Cassar head of the property successful 2022.

CBRE agents Nathan Mufale, David Minty, Scott Hawthorne and Jing Jun Heng are selling the 2000 quadrate metre parcel of properties bordered by Kerr, Fitzroy and Argyle streets arsenic the “Fitzroy Collection.”

The properties were estimated to beryllium worthy astir $15 cardinal during the tribunal lawsuit and are apt to fetch astir the aforesaid amount, though the agents declined to remark connected the price.

There are 7 properties, 1 of which was purchased by Michael Cassar, connected 1828 quadrate metres of onshore stretching from 58-60 Kerr Street, down Fitzroy Street to the country of Argyle Street. They are for merchantability arsenic a bundle oregon arsenic idiosyncratic properties.

So far, plentifulness of involvement has been expressed for the idiosyncratic houses, which are successful a blue-chip Fitzroy location, adjacent to Brunswick Street, among galore high-profile flat projects.

The CBRE squad is besides selling the erstwhile Liberty petrol presumption astatine 151-159 Victoria Parade.

Records amusement the 1680 quadrate metre spot changed hands successful 2020 for a bumper $19.8 million.

Cremorne

Builder-developer Glenvill is acceptable to determination retired of its digs successful Cremorne, with brag Len Warson putting the bureau connected the market.

The four-storey gathering astatine 480 Church Street, connected the country of Adolph Street, is carrying a terms tag of betwixt $20 cardinal an $25 million.

Glenvill’s bureau astatine 480 Church Street, Cremorne.

The 1985 quadrate metre bureau was built and designed by Warson, who purchased the tract successful 2014 for $3.85 million. It’s connected a 559 quadrate metre tract with aggregate balconies and views of the CBD.

The 60-year-old operation concern has operations down the East Coast, and has been heavy progressive successful the aged Alphington insubstantial mill project.

Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma are handling the income campaign.

The gathering is adjacent East Richmond railway station, successful the bosom of the high-tech fringe bureau market.

Epping

Fawkner Property Group, an progressive purchaser successful the past year, has divested 1 of its investments, selling a immense petrol presumption successful Epping connected a choky output of 4.3 per cent.

Petrol elephantine Chevron holds a 15-year lease connected the work station, paying $742,835 a twelvemonth successful rent, which means the last terms was astir $17 million. The purchaser is understood to beryllium a high-net-worth Melbourne investor.

Records amusement the spot past changed hands successful 2019 for $10.65 cardinal – a precise tidy nett for Fawkner, which past twelvemonth made immoderate large buying centre plays, buying Cairns Central successful Queensland for $390 million; Settlement City successful Port Macquarie for $102.4 million; and a fractional stake, with PAG, successful Perth’s Midland Gate Shopping centre for $465 million.

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The concern 1 zoned tract astatine 523 Cooper Street is connected a 16,955 quadrate metre onshore parcel, which allows for plentifulness of aboriginal development. Gorman Commercial’s Jonathan McCormack did the deal.

Fawkner Property’s Sam Ellis said it was pleasing “to present specified a beardown result for our loyal capitalist group. The woody represents a important superior uplift since inception.”

The concern location has astir $3 cardinal successful funds nether management.

Officeworks

Investors proceed to enactment up for determination retail properties, with boutique Sydney money Blackfox Property making its archetypal foray into the Victoria market.

Records amusement Blackfox has settled connected Shepparton Officeworks, paying $11.61 cardinal for the 3820 quadrate metre Shepparton Retail Hub, which includes a Bottle-O, Red Rooster and Club Lime Gym. It is connected 10,000 quadrate metre astatine 278 High Street, adjacent the railway station, successful the bosom of the bluish Victorian town.

The woody was negotiated by Stonebridge Property Group’s Rorey James and Justin Dowers, with Colliers’ Tim McIntosh and James Lawson.

“The level of involvement successful the regions is rather strong, with interstate investors and high-net-worth individuals from Melbourne the astir active,” McIntosh said

It follows a drawstring of transactions successful state Victoria, including caller income successful Colac and Warrnambool.

Next up is the marque caller Officeworks successful Warrnambool, which besides includes a JB Hi-Fi. Stonebridge is selling the spot arsenic portion of its May nationalist portfolio.

The Sands

Golf people resorts were each the rage successful the aboriginal 2000s. Some person struggled to support going, contempt their locations.

Back successful the bunker is The Sands Torquay, a precocious refurbished 112-room, four-star edifice and 18-hole people designed by Stuart Appleby, enactment connected the marketplace by Sydney liquidators Mackay Goodwin.

It was developed betwixt 2004 and 2007 by Rupert Murdoch’s nephew, Paddy Handbury, and past changed hands successful 2021 for $12.8 cardinal erstwhile erstwhile Morgan Stanley enforcement Jack Dahan purchased it from its erstwhile mortgagee aft a analyzable bid of negotiations.

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Records amusement Dahan resigned arsenic manager of Destination Leisure Holdings successful January. The institution was enactment into the hands of receivers successful December 2023. The owe connected the 76-hectare spot is held by Anthony Denny’s Central Real Capital.

A syndicate of Chinese investors had paid $23 cardinal successful 2017 earlier going broke successful the aboriginal days of the COVID-19 pandemic.

CBRE’s Scott Callow is managing expressions of involvement successful the property, which is offered vacant.

Meanwhile, the Enclave astatine Healesville, a 2.5-hectare vacation park, has been purchased by an capitalist for $5.2 million.

The 2.6-hectare spot was listed by backstage funds absorption steadfast Equinox Property Group.

Records amusement Equinox bought the spot for $1.66 cardinal successful 2017. It has 71 short-stay and imperishable accommodation sites.

CBRE’s Marcello Caspani-Muto, Jimmy Tat, Sandro Peluso and Scott Callow managed the transaction.

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