Charles Mellick nabs office from receiver
Fortis director and investor Charles Mellick has bought a prominent five level Double Bay office from receivers.
The auction result – $25.5 million – was what 377-383 New South Head Road traded for in May, 2021 – a record price for an auction in the suburb, also a low 3.9 per cent yield.
KordaMentha was the vendor for a private company, Wisdom International.
Greater Union developed the office 2015, replacing the Village Twin Double Bay, and before that, the c1938 Art Deco Vogue Theatre.
Lower yield that in 2021
With 1529 square metres over five floors, including ground level retail, 377-383 New South Head Rd abuts the Kiaora Lands shopping centre precinct, with a library and 400-bay car park (story continues below).
The block spreads 588 sqm.
The Mellick deal reflects a 3.6pc return.
Ray White Commercial’s Grant Whiteman with Colliers’ Miron Solomons were the agents.
The deal comes six months since childcare centre investor and GWS Giant deputy chairman Adrian Fonseca outlaid $20.5m for Double Bay’s Roma Arcade, which rises three levels on 640 sqm at 413-417 New South Head Rd.
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