People still have to eat, no matter how high inflation climbs. Now, the Woolworths supermarket in the old Glenferrie Market complex has fetched $12.85 million on a sharp yield of 3.3 per cent.
But records show that, in 2007, Diamen – part-owned by investor Jimmy Goh at the time – paid $7 million to the centre’s developers, David Frid and Michael Kahane. In a deal brokered by Ainsworth Property’s Josh Luftig, Tan Thach, Zelman Ainsworth, the bank turned on its old 900-square-metre banking chamber and took 200 square metres down the street at 100 Exhibition Street.
Deeper into the CBD’s retail core, Bendigo Bank has vacated its space in the Block Arcade’s secondary entrance and taken up TM Lewin’s former digs at 356 Collins Street, while the Bank of Melbourne has moved out of 233 Collins Street. “We believe 10 Beach Street to be the only freestanding beachfront office building in the City of Port Phillip. The genuine scarcity of this offering makes it an exciting prospect,” Kirwan said.
The 1324-square-metre building is on a huge lot of 6700 square metres at 1 Bacchus Marsh Road, with a head lease to Better Medical.