This article is from the Australian Property Journal archive
DEVELOPER Ross Pelligra has joined forces with car dealer and property investor Nick Theodossi to buy London-based Inchcape’s flagship Subaru dealership property at Port Melbourne for $50 million, taking the total deals in the city fringe suburb within the past week, to over $80 million.
Theodossi said the partners will initially look at either partially occupying or leasing it, whilst unlocking the development potential from vacant/car parking space of circa 4,700 sqm at the rear of the 9,000 sqm Subaru building on the 99 Lorimer Street site.
“We will consider occupying part of the site or look to capitalise on strong demand from a number of automotive brands seeking premises in the city fringe which is becoming increasingly more difficult to find. We will remain flexible to achieve the best outcome,” he added.
“We are looking to create an innovative project around live, work and play and aligning ourselves with the Government’s vision of delivering a sustainable and eco-friendly precinct that will provide jobs and accommodation for generations to come,” Pelligra said. Pelligra recently settled on the acquisition of Franco Cozzo‘s Footscray furniture store.
The 1.8-hectare site has Capital City zoning which allows for multi storey residential outcomes.
The off-market deal was handled by Dawkins Occhiuto’s Walter Occhiuto. The agency last week transacted the Shell and Coles Express service station nearby for $32.12 million.
“This is without doubt one of the most astute and significant transactions in this precinct in a number of years. The property is a generational asset given its scale, profile and its proximity to the Melbourne CBD which is under 1.5kms away.
“It offers substantial modern improvements whilst having the potential to develop or reposition at the same time, providing outstanding flexibility going forward,” Occhiuto said.
Director Andrew Dawkins said Inchcape’s decision to sell allows the group to forge ahead with future alternate dealership plans.
“Clearly Inchcape has taken advantage of strong market conditions whilst the purchaser can unlock the site’s future development potential. It’s a win-win.” Dawkins said.
