Italian Media Giant Makes Move in Melbourne

Il globo

Italian media giant Il Globo will take up residence in Victoria Street, Brunswick after securing an 850 sqm space on the busy Melbourne strip.

Il Globo is majority owned by regular BRW rich listers the Valmorbida family of Melbourne, who leased the property from ICR Property Group for approx. $90,000 per annum.

Il Globo was founded by Terry Valmorbida in 1959, with former freelance journalist and Italian radio network station pioneer, Ubaldo Larobina owning the remaining share.

The Valmorbida family, who also have interests in wine production, creative design and property, have regularly featured among the BRW Rich List families with their net worth thought to be north of $300 million.

Investors appreiate Chapel Street style

Fitzroys has sold a Chapel Street, South Yarra retail property opposite the Jam Factory for $2.72 million, after strong interest shown by a large number of investors looking to secure a prime asset in the famous strip.

The 479 Chapel Street property sold on a building rate of $26,150 per sqm and land rate of $18,500 per sqm.

James Lockwood and Mark Talbot sold the property following an historic campaign that had seen it offered to the market for the first time in 35 years.

The 147sqm site is leased to national retailer Hairhouse Warehouse on a 7-year lease with a further 7 year option.

Lockwood said the property attracted more than 100 buyer enquiries.

“The property’s absolute prime position in the iconic retail strip attracted a mix of local and offshore buyer groups, with the purchaser a Taiwan-based investor,” he said.

Talbot said the strong enquiry from a range of buyers demonstrated the confidence investors have in Chapel Street, South Yarra’s future prospects.

“The local residential population is continuing to boom, underpinning the future upside of the strip, led by the nearby Forrest Hill project that is home to nearly 4,000 residents and has seen around $2 billion worth of construction take place,” he said.

“This includes the upcoming developments such as the 50-storey Capitol Grand development on the corner of Toorak Road nearby, the 661 Chapel Street development and the 10-level, 176-room hotel mixed use development at 402 Chapel Street.”

Blue chip East Melbourne investment sells for $5.95 million

Fitzroys has sold a boutique East Melbourne residential block of 12 apartments for $5.95 million.

The trophy investment on the high profile corner site at 2-4 Garden Avenue encompasses 310sqm and comprises a three-level residential building of 12 fully refurbished, individually titled apartments and a rooftop entertaining deck with 360-degree views.

Zoned General Residential 1, it is returning a total gross rental of $230,736 per annum and sold on a net yield of around 3.3%, and land rate of approximately $19,800 per sqm.

Fitzroys agents James Lockwood, David Bourke and Terence Yeh handled the auction campaign.

Lockwood said the property attracted more than 200 enquiries throughout the campaign, with interest coming from a mix of boutique hotel and accommodation providers, syndicates and local and overseas investors, and was sold in front of a large crowd on auction day.

He said it was bought by an investor with a long-term view of holding onto the property.

“The property is positioned in a prime city-fringe location on the edge of the Melbourne CBD, in the prestigious residential suburb of East Melbourne directly opposite the MCG, Yarra Park and Quest East Melbourne Serviced Apartments,” he said.

Terence Yeh said the location offered easy access to a plethora of hospitality, medical, educational and entertainment options in the Melbourne CBD and is located within Melbourne’s premier sporting precinct with direct access to Richmond’s lifestyle and café precincts of Swan Street and Bridge Road.

The sale comes less than a week after Fitzroys sold a block of 28 apartments in inner- eastern Hawthorn at 37 Elphin Grove for $4.6 million, which had attracted more than 100 buyer enquiries and was picked up by an offshore party.