Knock-down king Whelan the Wrecker is here. Again
Demolition firm Whelan the Wrecker has returned. The knock-down kings, who demolished thousands of properties over a 99-year history, is back on the tools.
While the original family-run Whelan the Wrecker business shut down in the early 1990s, another veteran of the demolition industry, Delta Group’s Con Petropoulos, has revived the name and historic sign.
The new Whelan the Wrecker is knocking down a 1920s-era double-storey building at 9-13 Stewart Street in Richmond.Credit: Luis Enrique
Whelan the Wrecker’s history and famous jobs featured heavily in Gus Berger’s 2022 film The Lost City of Melbourne with the Whelans are shown relishing the destruction of the city’s old buildings.
The new Whelan the Wrecker is knocking down a 1920s-era double-storey building at 9-13 Stewart Street in Richmond, opposite the railway station, where US property giant Hines once planned a 10-storey office building.
The historic industrial area has been extensively redeveloped but at least two earlier plans for the site were ruled out because they were too high and bulky.
The knock-down kings, who demolished thousands of properties over a 99-year history, are back on the tools.Credit: Luis Enrique
Originally the Guest & Lee furniture factory, it was used as a warehouse for ragtrader, Sammi, from the late 1980s and was sold to Impact Investment Group in 2016 for $10 million.
Hines bought it in 2019 and after fights with both Yarra Council and the Victorian Civil and Administration Tribunal, the company finally obtained a development permit for an eight-storey development from the planning minister in 2022, effectively backing up the previous decisions.
Hines sold the project in 2023 to its neighbours, the apparel group Slimform Holdings for $17.04 million. Established more than 100 years ago Slimform is now owned by Hong Kong-based investors.
The company recently completed an eight-level office building above its old premises down the street at 33 Stewart Street and revamped No.29 into a four-storey office housing the Slimform headquarters and other tenants.
The Hong Kong investors also bought 44 Wangaratta Street in 2021 for nearly $19.5 million
Slimform’s local boss Derham Moss, who has a long association with the area, said he and the company’s owners had a strong desire to maintain the street’s heritage.
“I’m really passionate about this area – it’s a good blend of resi and commercial,” Moss told Capital Gain. “We put a lot of effort into keeping the facade at No. 33 and the facade of No.13 is quite unique. That’s what tenants want anyway. They don’t want shiny surfaces like you get in the CBD.”
Carpe diem
Property developer Carpe Group and Icon Developments have snapped up a Collingwood development site for $10.6 million.
The sale of 53-57 Cambridge Street, a two-storey warehouse on an 811 square metre corner site, is the biggest deal done this year in Collingwood though it could yet be pipped by the sale of the old Gloweave site on Wellington street.
The property, which has frontage to Langridge and Derby streets, has been home to textile merchant M.Recht Accessories for more than 40 years.
53-57 Cambridge Street, Collingwood
Cushman & Wakefield’s Daniel Wolman, who did the deal with Hamish Burgess, Leon Ma and Raphael Favas, said eight bids were made for the property which is in the heart of the industrial suburb’s redevelopment area.
Carpe is planning to turn the site into a luxury apartment project.
Up the road at 194-202 Wellington Street, an old office-showroom converted into hospitality has changed hands for a price believed to be between $4-4.5 million.
An investor bought the building which has a fresh five-year lease to Proud Mary Coffee Roasters (which trades as Aunty Peg’s). The 999-square metre building has a full commercial kitchen.
Gross Waddell ICR agents Glenn Ye, Andrew Waddell and Danny Clark handled the transaction.
Jail break
Golden Peak Developments, one of the companies working at the former Pentridge prison precinct in Coburg has offloaded an 1100 sq m site for $9.75 million.
Records show 45P, a company associated with the Dib family’s Blue Sky Developments, has a caveat over 45 Pentridge Boulevard.
45 Pentridge Boulevard, Coburg.
The site, overlooking McDonald Reserve near Bell Street, has a permit for more than 200 apartments in a 16-level tower.
Cushman & Wakefield agents Joe Kairouz, Hamish Burgess and Leon Ma negotiated the deal.
Queens Parade
Finally going ahead after several years of neglect and attracting layers of graffiti is a five level residential project at 15- 33 Queens Parade, Clifton Hill, near the Smith Street intersection and the huge Gasworks redevelopment precinct.
The former hardware shop has changed hands several times in the past seven years. Former Swisse Wellness boss Michael Saba paid $6.7 million in 2017 before selling to Tope Lane for $6.5 million in 2019. Developer Prime Edition, who is behind the current project, paid $8.3 million in 2021.
The apartment development, designed by Cera Stribley, is being marketed with an odd AI-generated campaign depicting Queen Elizabeth II, Marie Antoinette and Catherine the Great going about their business at various local landmarks. No sign of Queen Victoria after whom the leafy boulevard is named.
Renders of the apartment project at 15-33 Queens Parade, Clifton Hill
According to the Collingwood Historical Society, the strip was once part of Heidelberg Road but was renamed Queens Parade in 1887 to honour Queen Victoria’s 50-year golden jubilee reign.
Digging deep
Investors have dug deep for childcare centres this month. The East Brighton Only About Children centre sold for $16.5 million, reflecting a 4.9 per cent yield.
The centre at 409-411 South Road was built in 2017 and returns $823,107 a year. CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat handled the sale.
Stonebridge Property Group’s Rorey James, Nic Hage, Kevin Tong and Max Sinclair have also sold three childcare centres for the Taverner Group.
The first, at 1 Lauer Street, Doncaster is leased to Imagine Childcare and sold to an interstate investor for $15.5 million on a 6.05 per cent yield.
The second, a Grow Early Education centre at 203-205 Canterbury Road, Heathmont, fetched $12.01 million, reflecting a 5.83 per cent yield, It was purchased by an Asian investor.
A local investor bought the third property, a Nido Early School centre at 3-7 Clarendon Street, Ascot Vale, paying $8 million, on a 5.79 per cent yield.
The Beast at 80 Lygon Street, East Brunswick.
The Beast
East Brunswick bar the Beast sold ahead of this week’s scheduled auction after 21 days on the market.
A land-banking local investor will pay $3.75 million for the 620 sq m double-storey bar at 78-80 Lygon Street. Fitzroys’ Chris Kombi, Ervin Niyaz and Ben Liu did the deal.
Meanwhile, the Imperial Hotel at 522 Chapel Street sold at a hot lunchtime auction with three bidders pushing the price to $6.85 million.
The Imperial Hotel, 518-522 Chapel Street, South Yarra.
The buyer is believed to be a developer. The pub is across the street from the Jam Factory redevelopment and adjoins the Colonnade shopping centre and car park, owned by the wealthy Kornhauser family.
Teska Carson agents Matthew Feld and Luke Bisset and Larry Takis handled the auction.
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