This article is from the Australian Property Journal archive
MELBOURNE developer Joe Russo has got a good eye for investing, snapping up charity group Vision Australia's Prahran offices in Melbourne for $21 million.
The charity group last year sold another site, Ormond Hall on St Kilda Rd to Stockland for $28.3 million.
The latest sale of the site at 201 – 209 High Street, Prahran follows a three year long campaign by the charity group to dispose of the asset.
In 2007 Gersh Investment Partners and Pomeroy Pacific offered Vision Australia $25.1 million for the site but the deal fell over.
Russo, the principal of inner city property development company Caydon Properties, paid a premium for the site which was placed on the market again last year with a price tag of around $15 million.
The site currently comprises a 13,711 sqm building on a 4,507 sqm land area. It has approval for a 12-level mixed complex with 330 apartment units, shops and offices.
Australian Property Journal
