Ex-nightclub trades between developers for a premium
Asia based developers have traded Ringwood’s former Jooce nightclub – nowadays a Genesis gym and Rivers outlet.
The 7015 square metre holding, 93-97 Maroondah Highway, on the north east corner of Market Street, also facing Seymour, fetched $18.88 million following an expressions of interest campaign closing in late September.
Singapore backed Staley Properties paid $13.5m, settling in September, 2020.
It also obtained a permit for an 11 level tower with 256 dwellings, 11 townhouses and over 5000 square metres of commercial space.
The incoming owner is China based.
Development closer
Savills Julian Heatherich and Benson Zhou represented Staley (story continues below).
Based on the return, their deal reflects a 3.5 per cent net passing yield.
The asset is opposite a Costco store and office, being developed by QIC, at the south east corner of Market and Ringwood streets – and the Eastland shopping centre.
VicRoads’ new headquarters is also in the pocket.
Ringwood is 25 kilometres east of Melbourne’s CBD.
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