Sizeable slice of old Fitzroyalty up for grabs
By Nicole Lindsay
The Fitzroy estate belonging to notorious slum landlord Frank Cassar has hit the market, 13 years after his death and a bitter family feud involving a fake will.
Cassar’s widow, Sandra, won control over the estate after a court case in 2021 in which she admitted forging his will after his death in 2011.
The Cassars own several properties on either side of 371 Fitzroy Street, Fitzroy.
Cassar ran a panel beating and towing business out of a building on the corner of Kerr and Fitzroy streets for decades, accruing nearby houses which he converted into boarding houses.
His disregard for the residential tenancy law, the dilapidated state of his properties, and other business-related troubles led to a slew of fines and convictions. The Australian Tax Office was pursuing him for $2.4 million in unpaid taxes in 2010.
According to a Supreme Court judgement, Sandra Cassar forged a will leaving the entire estate to her son, Michael Cassar, on the understanding it would be distributed after the mortgages and ATO had been paid out.
The estate consisted of a house in Kew, sold for $4.2 million, a house in Barkly Street, North Fitzroy, which fetched $2.8 million in 2019, and six properties around the Fitzroy premises.
Justice Moore made Sandra Cassar administrator of the estate in 2022.
CBRE agents Nathan Mufale, David Minty, Scott Hawthorne and Jing Jun Heng are marketing the 2000 square metre parcel of properties bordered by Kerr, Fitzroy and Argyle streets as the “Fitzroy Collection.”
The properties were estimated to be worth around $15 million during the court case and are likely to fetch around the same amount, though the agents declined to comment on the price.
There are seven properties, one of which was purchased by Michael Cassar, on 1828 square metres of land stretching from 58-60 Kerr Street, down Fitzroy Street to the corner of Argyle Street. They are for sale as a package or as individual properties.
So far, plenty of interest has been expressed for the individual houses, which are in a blue-chip Fitzroy location, close to Brunswick Street, among many high-profile apartment projects.
The CBRE team is also selling the former Liberty petrol station at 151-159 Victoria Parade.
Records show the 1680 square metre property changed hands in 2020 for a bumper $19.8 million.
Cremorne
Builder-developer Glenvill is set to move out of its digs in Cremorne, with boss Len Warson putting the office on the market.
The four-storey building at 480 Church Street, on the corner of Adolph Street, is carrying a price tag of between $20 million an $25 million.
Glenvill’s office at 480 Church Street, Cremorne.
The 1985 square metre office was built and designed by Warson, who purchased the site in 2014 for $3.85 million. It’s on a 559 square metre site with multiple balconies and views of the CBD.
The 60-year-old construction business has operations down the East Coast, and has been heavily involved in the old Alphington paper mill project.
Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma are handling the sales campaign.
The building is near East Richmond railway station, in the heart of the high-tech fringe office market.
Epping
Fawkner Property Group, an active buyer in the past year, has divested one of its investments, selling a huge petrol station in Epping on a tight yield of 4.3 per cent.
Petrol giant Chevron holds a 15-year lease on the service station, paying $742,835 a year in rent, which means the final price was about $17 million. The buyer is understood to be a high-net-worth Melbourne investor.
Records show the property last changed hands in 2019 for $10.65 million – a very tidy profit for Fawkner, which last year made some big shopping centre plays, buying Cairns Central in Queensland for $390 million; Settlement City in Port Macquarie for $102.4 million; and a half stake, with PAG, in Perth’s Midland Gate Shopping centre for $465 million.
The industrial 1 zoned site at 523 Cooper Street is on a 16,955 square metre land parcel, which allows for plenty of future development. Gorman Commercial’s Jonathan McCormack did the deal.
Fawkner Property’s Sam Ellis said it was pleasing “to deliver such a strong outcome for our loyal investor group. The deal represents a significant capital uplift since inception.”
The investment house has almost $3 billion in funds under management.
Officeworks
Investors continue to line up for regional retail properties, with boutique Sydney fund Blackfox Property making its first foray into the Victoria market.
Records show Blackfox has settled on Shepparton Officeworks, paying $11.61 million for the 3820 square metre Shepparton Retail Hub, which includes a Bottle-O, Red Rooster and Club Lime Gym. It is on 10,000 square metre at 278 High Street, near the railway station, in the heart of the northern Victorian town.
The deal was negotiated by Stonebridge Property Group’s Rorey James and Justin Dowers, with Colliers’ Tim McIntosh and James Lawson.
“The level of interest in the regions is quite strong, with interstate investors and high-net-worth individuals from Melbourne the most active,” McIntosh said
It follows a string of transactions in country Victoria, including recent sales in Colac and Warrnambool.
Next up is the brand new Officeworks in Warrnambool, which also includes a JB Hi-Fi. Stonebridge is selling the property as part of its May national portfolio.
The Sands
Golf course resorts were all the rage in the early 2000s. Some have struggled to keep going, despite their locations.
Back in the bunker is The Sands Torquay, a recently refurbished 112-room, four-star resort and 18-hole course designed by Stuart Appleby, put on the market by Sydney liquidators Mackay Goodwin.
It was developed between 2004 and 2007 by Rupert Murdoch’s nephew, Paddy Handbury, and last changed hands in 2021 for $12.8 million when former Morgan Stanley executive Jack Dahan purchased it from its previous mortgagee after a complex series of negotiations.
Records show Dahan resigned as director of Destination Leisure Holdings in January. The company was put into the hands of receivers in December 2023. The mortgage on the 76-hectare property is held by Anthony Denny’s Central Real Capital.
A syndicate of Chinese investors had paid $23 million in 2017 before going broke in the early days of the COVID-19 pandemic.
CBRE’s Scott Callow is managing expressions of interest in the property, which is offered vacant.
Meanwhile, the Enclave at Healesville, a 2.5-hectare holiday park, has been purchased by an investor for $5.2 million.
The 2.6-hectare property was listed by private funds management firm Equinox Property Group.
Records show Equinox bought the property for $1.66 million in 2017. It has 71 short-stay and permanent accommodation sites.
CBRE’s Marcello Caspani-Muto, Jimmy Tat, Sandro Peluso and Scott Callow managed the transaction.
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