Former Richmond star Dustin Martin might take a bit of a haircut while selling down his shrinking his $20 million property portfolio as Saturday’s AFL grand final plays out on big screens across the country.
uncertain
final → take → country
Martin, who retired in 2024, has listed 367 Victoria Street in Abbotsford, a building he bought for $3 million in 2019, when he was plotting his retirement plan.
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he → retire → plan
However, the superstar’s talents haven’t proved as lucrative on the property playing field as they were in football.
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they → prove → football
Teska Carson agents Rory Teska Szer and Larry Takis are quoting about $2.2 million for No.367, which is a bit of a haircut considering it has a fresh five-year lease paying $120,000 a year.
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it → quote → 120,000
Last month, Martin sold 297 Victoria Street for about $2.2 million.
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Martin → sell → million
Although that building didn’t quite meet its price aspirations of $2.3 million to $2.5 million, it did at least make a profit on the 2019 purchase price of $1.9 million.
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it → meet → million
While Martin owns No.367 in his own right, he bought a string of Abbotsford and Richmond properties in partnership with his disgraced former manager Ralph Carr, who was jailed for six years last month for rape convictions.
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who → own → convictions
Martin now has new management and perhaps a new plan for retirement income.
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Martin → have → income
Andy Zhang’s V-Leader Group is selling its new 11-storey tower above the old South Yarra Coffee Palace and Hotel Claremont for about $90 million.
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Group → sell → million
The new 5565-square-metre mixed-use property at 189 Toorak Road retains the Victorian facade of the old building, but it’s all brand new at the back.
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it → retain → back
It was designed by global architects Skidmore, Owings & Merrill (SOM).
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It → design → Skidmore
The building is anchored by a 3908-square-metre lease to co-working operator The Commons, which runs a health club alongside its office space.
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which → anchor → space
Other tenants include SOM’s Asia Pacific headquarters, Fancourt Capital Group and V-Leader Group’s head office.
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tenants → include → headquarters
The owners behind Domain Road restaurant Gilson will be opening its third restaurant on the ground floor.
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owners → open → floor
The building was completed just last year.
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building → complete → ?
The previous owner, hotelier Michael Renzella, sold the hotel for a reported $22 million in 2021, with the permit ready to run.
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permit → sell → 2021
Cushman & Wakefield’s Oliver Hay, Leon Ma and Daniel Wolman have the listing.
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Hay → have → listing
Aeolian Hall
Aeolian Hall, the building which housed one of Australia’s first gay and lesbian venues, opposite Melbourne Town Hall, is for sale.
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which → house → sale
Val Eastwood, a dancer who wore “mannish” suits, opened Val’s Coffee Lounge in the eight-level building at 123 Swanston Street, in 1951.
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who → wear → 1951
The busy thoroughfare is the main reason why the Aeolian Company, the Australian arm of a US musical instrument maker, built the property and moved from Collins Street.
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Company → build → Street
The site was previously occupied by the Royal Oak Hotel.
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site → occupy → Hotel
According to newspaper reports at the time, the Aeolian Company was recording concerts at the Town Hall and then planning to sell the records across the street.
“Records made by the new electrical process are proving very popular,” the company told Melbourne’s The Herald in 1926.
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company → accord → 1926
The building was designed by Peck and Kemter in 1926 and completed by the 1930s.
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building → design → 1930s
It’s in a half-block of the CBD dominated by art deco construction, including the Manchester Unity building, the Burley-Griffin-designed Capitol Cinema and the 12-storey Century Building.
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It → ’ → building
JLL’s Romanor Falconer, Stuart Taylor and MingXuan Li have the listing and expect it to fetch in the mid-$20 million range.
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it → have → range
The 1292-square-metre building is fully leased to four different tenants and returns about $1.1 million a year in rent.
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building → lease → rent
Its vendors paid $15.91 million in 2015.
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vendors → pay → 2015
The tower of 5175 square metres at 224 Queen Street is in the heart of the legal precinct, which could attract owner-occupiers or investors prepared to refurbish and re-let.
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which → attract → occupiers
It’s about two-thirds leased and returns $1.16 million a year from tenants including Maincourt Assets, Sinisgali Foster Legal and Mens Suit Warehouse.
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It → ’ → Assets
Records show it last changed hands in 2000 when the Foti family’s Forrestfield paid $10.75 million on a bloated yield of 8.2 per cent.
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Forrestfield → show → cent
Its transaction history epitomises Melbourne’s property cycle.
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history → epitomise → cycle
It cost $14.55 million in 1988 before passing in at auction in 1990 for $8.75 million against a reserve of $12.5 million.
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It → cost → million
This time, there are hopes the building might fetch more than $25 million.
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building → be → million
Cushman & Wakefields’ Daniel Wolman, Oliver Hay and Leon Ma have the listing with JACX Property acting as transaction adviser.
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Property → have → adviser
As befits a suburb with two universities, Carlton is awash with modern student accommodation, but Cydelia House, at 101-103 Drummond Street, brings back the terrace house living from earlier times.
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House → befit → times
The two adjoining buildings are part of Drummond Terrace, a grand three-storey row of seven houses built by colonial architect Walter Scott Law as a speculative venture in 1890-91, just before a major property crash.
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buildings → adjoin → crash
In 2016, they were converted into 20-self-contained rooms with communal dining, living, study and kitchen areas and leased to the University of Melbourne for post-graduate and mature age student accommodation.
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they → convert → accommodation
Colliers’ Alex Browne, Matt Stagg and Ryan Milivojac are running the campaign and Unified Property Services is the transaction manager.
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Services → run → campaign
The expected price is more than $9 million.
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price → expect → ?
That’s good value.
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That → ’ → ?
…and 11 more, not listed.
The Aporia
