This article is from the Australian Property Journal archive
PROPERTY development company Pelligra has completed its circa $7 million acquisition of a furniture store home to Melbourne nostalgia cult figure Franco Cozzo.
Known for his “grand sale” and “megalo, megalo, megalo” proclamations in the homely television advertisements for the store, Cozzo put the double-storey Footscray showroom property of around 2,000 sqm onto the market early in 2017 before quickly withdrawing it.
Pelligra emerged quietly emerged as a buyer almost a year and a half later, and chairman Ross Pelligra last week confirmed the deal was successful.
The 54-58 Hopkins Street property encompasses 1,088 sqm and has a 37-metre frontage to Hopkins Street.
Cozzo has also opened stores under his name in North Melbourne and Brunswick.
The Pelligra family has just bought the Mercato shopping centre in the centre of booming Byron Bay, teaming up with the United Cinemas owners the Mustaca family to splash out $120 million for the Woolworths and Palace-Cinemas anchored complex, as well as a 1.1 hectare neighbouring development site that is set for a four star hotel.
Pelligra is currently developing a business park and industrial hub on the 122 hectare former Holden car factory site in northern Adelaide.
