Kooyong makes $50 million shot for new courts and pickleball

A spokesperson for Kooyong confirmed it’s in due diligence to buy the property which will add 10 new hard courts, a wellness centre and a slew of netball, handball and pickleball courts that could be open to the local community.

The pricey valley bisected by the Monash Freeway and Gardiners Creek is home to Kooyong’s existing 6.3 hectare spread, private schools Scotch College and St Kevin’s College, and numerous sporting grounds.

The off-market deal was negotiated by ex-Colliers agent Andrew Ryan who recently opened a Melbourne outpost of the Warrnambool-based Ryan Group Real Estate. He declined to comment.

A 90-day due diligence period is scheduled to end in December with settlement in two years.

The move effectively restores Kooyong’s landholdings to its original size and comes as the club announces its centennial master plan. The club originally owned the property it is buying from Vision Australia which has a 4800 square metre office on the land and a number of cricket pitches.

The Lawn Tennis Association of Victoria was formed in 1892, but it wasn’t until 1920 that it bought the flood-prone land between Gardiners Creek and the railway line.

Twenty grass tennis courts were laid and the clubhouse was built in 1922. The first stadium came later in 1927. Kooyong, home to the Australian Open until its move to the city-fringe Victoria Park in 1988, also doubled as a venue during the 1970s, hosting The Rolling Stones, Led Zeppelin, Black Sabbath, Bob Dylan, David Bowie and Elton John. A proposed new roof over the stadium could restore Kooyong as a concert venue.

Club management was overhauled last year after a scandal over mismanaged venue spending, and experienced sports administrators Ian Robson and Steve Wood have taken over as chief executive and chairman respectively.

Blue-chip action in Armadale

Melbourne-based boutique property fund Vantage Property is selling an office on the blue-chip High Street strip it has held since 2012. A string of bumper deals on the Armadale high street over the past 12 months cemented the sell date for the 3200 sq m office.

Developed by Paul Little’s Little Property Group in 2010, the commercial building at 863 High Street was sold to Vantage for $14.5 million.

It’s on a 950 sq m site and sits alongside apartments and town houses developed by LPG over the old Geddes Antiques store.

Cushman & Wakefield’s Oliver Hay, Daniel Wolman and Leon Ma of Cushman and Knight Frank’s Trent Preece and Tom Ryan are handling the campaign.

Based on other recent deals, it should fetch more than $25 million. In August, a private investor paid more than $25 million for 1111 High Street after selling his stake in the Goodlife Gym.

99 Bikes

Flight Centre’s side-hustle, 99 Bikes, is selling a portfolio of seven stores around the country as speculation mounts that the listed travel agent is reviewing the future of the 79-outlet chain. 99 Bikes is a joint venture between Flight Centre, its founder Graham “Skrew” Turner and his son Matt Turner, plus a swag of employees.

The outlets for sale include three shops in both Brisbane and Perth – including one in the evocatively named suburb Success – and one in Mordialloc at 200-208 Boundary Road.

Stonebridge agents Nic Hage, Rory Alexander, Harry Curtain and Ian Lam are expecting between $1.3-$5 million for each of the shops.

According to documents seen by the Australian Financial Review, investment advisor Grant Samuel is running the ruler over the chain which has a 25 per cent of the cycling market in Australia and holds exclusive distribution rights for 36 brands in Australia and New Zealand.

Albert House up for sale

Melbourne property developer, philanthropist and honorary consul to Monaco, Andrew Cannon is selling a Richmond office in which he previously housed the Mediterranean-based consulate. The consulate is long gone. Cannon moved it to a new building on Ridgway Place in the CBD in 2007 overlooking the Melbourne Club.

The 362 sq m office at 1 Albert Street office, known as Albert House, is just off the Church Street drag. The 138 sq m ground floor is leased to a physiotherapy practice while the upstairs office is vacant.

Cushman & Wakefield’s Anthony Kirwan, George Davies and Raphael Favas have the listing and are expecting more than $2.4 million.

Further down the road, a furniture showroom with an 11-storey hotel permit is back on the market. The 1710 sq m site at 587-593 Church Street was bought by Goldfields in 2020 for $19.1 million.

Documents indicate Goldfields sold it to Dino Strano’s Mainspring Property Group before settlement. However, Goldfields’ Marco Gattino remains a director of the company, 587 Church Street, which made the purchase.

Cushman & Wakefield’s Leon Ma, George Davies, Oliver Hay and Daniel Wolman are running the expressions of interest campaign.

Also on the market, across the road in Cremorne, is a four-level office at 100 Green Street.

Records show the building was bought by digital marketing agency We Are Brands Group in 2021 for $3.67 million.

The 428 sq m building is going to auction next month through CBRE’s Alex Brierly, Scott Hawthorne, Nathan Mufale and Jing Jun Heng. It’s expected to fetch between $3-$3.3 million.

Up the Junction

The property market slump between 2023-24 has resulted in many properties listing for sale more than once or twice or thrice.

One building back on the market with a better selling angle is 250 Camberwell Road, an A-grade office at Camberwell Junction.

Last year, the office went to market with a 45 per cent vacancy rate, hoping for an owner-occupier buyer.

The 5022 sq m building is now 100 per cent leased and returning $2.15 million a year.

Syndicator Peak Equities paid $27.5 million for the office in 2017 when it was leased by Priceline.