Discount dynamo Panda Mart takes over empty Bunnings Preston superstore

When the new Preston Bunnings opened on Bell Street in 2023, the retailer had two years remaining on the Chifley Drive store and was paying more than $2 million a year for the empty property. BWP now also owns Bunnings’ Bell Street superstore following the takeover last year of Newmark Capital.

Panda Mart’s new space in the south-east, the ex-Masters store on the South Gippsland Highway in Cranbourne, has been empty since Woolworths’ ambitious attempt to compete with Bunnings came crashing down in 2016.

The hardware and homewares emporium – designed to snatch market share from rival Coles-owned Bunnings – failed to hit the spot with shoppers and was bought by investment banker David Di Pilla, who used it to establish the HomeCo group.

Bertie bought

Toyota’s former research and design centre at 61 Bertie Street, Port Melbourne is up for lease following its sale to investor and importer Ali Ali.

Records show Ali’s Property Corporate Holdings No.8 settled its purchase last month, paying $51.7 million, which was close to the asking price.

The almost 2-hectare site has a slew of showrooms, warehouses and office space covering 11,590 square metres.

Ali scored a bargain back in 2023, paying $30 million for a nearby 3-hectare property at 277-281 Ingles Street, which had been listed at around $60 million. Also once part of Toyota’s extensive operations, the site came with planning approval for a four-tower mixed-use development.

Toyota has retained its headquarters at 155 Bertie Street, but moved the centre’s functions to Altona. The first Toyota car assembled outside of Australia was put together in Port Melbourne in 1963.

Once a hotbed of automotive manufacturing, Fishermans Bend has long been earmarked for urban redevelopment, but a lack of planning clarity and compromised public transport options have dampened demand for location on the fringe of Port Melbourne.

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The Bertie Street deal was struck by CBRE agents Harry Kalaitzis, Matthew Romanin, Trent Hobart and Andrew Bell. Dawkins Occhiuto’s Walter Occhiuto and CBRE’s Romanin and Charlie Betts are handling leasing inquiries.

Innocent bystander

The Brown Family Wine Group has sold its Innocent Bystander venue in Healesville to Yarra Glen winery group Zonzo Estate.

Zonzo will expand its hospitality offerings from its nearby vineyard to the restaurant at 334 Maroondah Highway.

“Patrons can expect a delicious new dining experience, a unique retail offering, and a new home for the legendary Zoncello Limoncello Spritz,” Zonzo’s Rod Micallef said.

It’s worth noting shoppers will still find the Innocent Bystander label on the bottle shop shelves. While the veteran Brown Family Wine Group is giving up the restaurant it bought in 2016, things remain full steam ahead on the Innocent Bystander wine label.

Colliers agents Ben Baines, Lucas Soccio, Duncan McCulloch, and James Zhuang managed the transaction, which was originally quoted at around $4 million. Baines said the deal was wrapped up just two weeks after expressions of interest closed, with six offers under consideration.

Social fund

A purpose-built accommodation facility for essential workers employed at Bendigo Hospital has sold for more than $35 million to a social infrastructure fund.

The property at 10 Atkins Street, North Bendigo was developed by Qualitas and sold to New Zealand-based infrastructure investor HRL Morrison and Co in 2016.

The project includes 120 apartments in 11 three-storey buildings that are fully leased to the Bendigo Health Care Group until March 2044.

The deal was done by Colliers agents Rob Joyes and Travis Hurst, and reflected a yield of 6.2 per cent.

Joyes said the complex is just 500 metres away from the hospital and attracted a diverse mix of potential buyers, including “private investors, listed residential funds, listed healthcare funds, listed social infrastructure funds, and high-profile syndicators”.

“The secure lease term of 19.46 years was appealing for several bidding parties,” he said.

Cash strapped

A 14-storey apartment tower in downtown Dandenong is for sale after the company that owned the site was put into receivership last October.

The part-finished building at 27 Scott Street is now under the control of corporate undertaker Grant Thornton.

Building works worth about $24 million – including the concrete columns up to level 13 and fire stairs up to level 12 – have already been completed, along with electricity, plumbing and windows installation.

Stonebridge agent Julian White, who is marketing the property, declined to supply a quote price for the development.

It’s the latest in a long line of projects to hit the wall as money runs out while building costs increase.

In Box Hill, private funder Metrics has taken control of APH’s proposed Novotel hotel site. In the CBD, the Liberman family’s Merricks Capital took control of the Melbourne Place Hotel project on Russell Street and recently sold it to Ark Capital Partners for $150 million.

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The Dandenong site has had a checkered history, with both owners since 2015 running into trouble.

The company that owns it, the prosaically named 27 Scott Street, is in receivership, while its owner Philidor Vic – controlled by Ester Grezos – has applied for voluntary deregistration.

A related company, Philidor, controlled by Ioannis Gkarezos – also known as John Grezos – is also the subject of a wind-up application.

A report from the receivers indicates 27 Scott Street, the company undertaking the project, owes around $18 million to various creditors, including private mortgagees.

Its only assets are two MG sedans worth $60,000 and a $1.5 million debt owing from a previous owner for five pre-sold apartments.

The Grezoses acquired the site and company from builder Andrew Nadinic in 2020. Records show a controller, not a receiver, was appointed in 2019 before Nadinic sold the property to the Grezoses.

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