The vacant land at 402-416 Chapel St, South Yarra (left), and St Germain, Toorak (right), have been traded between the same two companies.
Prolific Melbourne-based developer Bill McNee has splashed an eye-watering $65m on a patch of dirt in Chapel St, South Yarra.
Mr McNee’s Vicland development business has bought the 3306sq m vacant site from the Spotlight Property Group.
The deal comes hot on the heels of another mega transaction involving both companies.
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Earlier this week, it was announced that the Spotlight Property Group had purchased Toorak’s St Germain building from Vicland.
The Spotlight group is believed to have spent more than $180m on the 12-storey office and retail hub that’s also home to developer Tim Gurner’s social and wellness club Saint Haven’s Toorak branch.
Spotlight Property Group owns the retailers Spotlight, Anaconda, Harris Scarfe and Mountain Designs, and is headed by the billionaire Fried and Fraid families.
Commercial real estate agency Cushman & Wakefield’s Daniel Wolmann described Mr McNee’s acquisition of the South Yarra land as “one of the most significant development parcels to transact in inner Melbourne in recent years”.
Mr Wolman said Mr McNee would be able to deliver a benchmark mixed-use project at the 402–416 Chapel St site.
The vacant site at 402-416 Chapel St, South Yarra, is less than 300m from The Jam Factory shopping and entertainment precinct.
The St Germain building on Toorak Rd, Toorak, has been bought by the Spotlight Property Group.
St Germain’s tenants include Coles, property development company Deague Group, real estate agency Kay & Burton, supermarket Scoop Wholesale and fine dining restaurant Cecconi’s.
There’s an existing permit for a mixed-use development on the huge block, but Mr Wolman said it was not the same as a proposal to construct a $120m, 12-storey hotel which Stonnington Council approved about a decade ago.
Work on that particular project, apart from planning, has yet to proceed.
Mr Wolman said that in addition to local buyers, a number of groups from across Australia, including some with international backers, had inquired about the South Yarra property which has a 75m-long frontage to Chapel St.
Buyers wanted to secure the land for a variety of reasons including building a hotel, residential, build-to-rent, retail or commercial development, he added.
Plans to develop a $120m hotel on the Chapel St site, seen sitting vacant in 2024, never came to fruition. Picture: Google Maps.
Bill McNee’s South Yarra mansion is for sale via expressions of interest.
The home has multiple pools including one of the rooftop, another in the garden and a plunge pool and spa.
Aside from St Germain, Vicland’s high-profile projects include a 34-level residential tower in Southbank, the Point Cook town centre in Melbourne’s west, a 445-apartment complex named The Spencer in West Melbourne and 33 Cremorne, a 12-level workspace and wellness hub in inner Melbourne.
Mr McNee has also listed his modern South Yarra mansion for sale with a $26m-$28m range through Kay & Burton’s Nick Kenyon and Ross Savas.
The house features a six-car garage, lift, wine cellar and bar, cinema and billiards rooms, and a rooftop swimming pool.
A wellness set-up includes a sauna, steam room and plunge pool, while the outdoor entertainers’ area showcases a built-in kitchen, fireplace and a heated pool.
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