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Developer Ozzie Kheir Offloads West Melbourne Site

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Plans for a 180-room hotel on a heritage-listed site in Spencer Street have been thrown into doubt after Melbourne developer Ozzie Khier offloaded the 920sq m site in Melbourne’s west.

The sale is the first transaction concluded as part of a portfolio of adjoining properties offered to market by the property developer.

Khier’s portfolio in West Melbourne includes buildings located at 355 and 371 Spencer Street, which are currently under negotiation.

Aziz “Ozzie” Kheir partnered with Probuild founder Phil Mehrten to build the hotel on the heritage-listed Spencer Street site.

It's understood a private Melbourne developer snapped up the 920sq m parcel site at 102-108 Jeffcott Street for $9.5 million, after the site transacted for $6 million four years ago.

The Jeffcott Street property comprises a converted 1838sqm warehouse, which was previously occupied by education provider Menzies. It was purchased with vacant possession.

Earlier this year, Kheir’s Resimax Group purchased the 828-hectare Eynesbury Estate in Melbourne's outer west, in a deal worth more than $300 million.

CBRE director Mark Wizel, who managed the sale with Julian White, said the team fielded “decent levels of enquiry’’ for the three properties offered to the market as part of the portfolio.

Marketed as the "Melbourne Three", Wizel said the closing date for the sales campaign coincided with the World Health Organization declaring the developing Covid-19 crisis a global pandemic on 11 March.

“The sale of the Jeffcott Street property was particularly interesting as we had interest from both developers and owner occupiers who saw value in the existing improvements,’’ Wizel said.

White noted the timing of the sale as less than ideal, adding that the warehouse is expected to make way for a high-density apartment development.

The latest transaction follows developer Jeff Xu’s Golden Age Group, which snapped up a large site at Glen Waverley in Melbourne’s east for around $23 million earlier this month.

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Article originally posted at: https://www.theurbandeveloper.com/articles/developer-offloads-west-melbourne-site