Collapsed Developer’s Melbourne Sites on the Block

Two sites owned by collapsed property developer The Residence Company have come to market in the Victorian capital.

KordaMentha was appointed in February, 2024, as receiver-managers to the 30-year-old company run by Mark Oman.

On the block are a residential block at 10-16 Lilydale Grove at East Hawthorn and 550 Swan Street, a double-storey showroom and office, Richmond.

The Swan Street property comprises 2758sq m of gross floor area (GFA) with onsite parking.

▲ The Richmond property for sale as part of The Residence Company asset sale.

A commercial 1 zoned landholding, it spans 1627sq m with 40m of frontage to Swan Street.

The property is for sale through Daniel Wolman, Hamish Burgess, and Joe Kairouz of Cushman & Wakefield, and Jesse Radisich, Josh Rutman and Tim Carr of JLL.

The asset’s current short-term income was yielding $475,796 plus GST a year, with “flexible lease arrangements tailored to suit owner-occupiers or developers seeking to activate the site in the short-term, presenting ample rental upside opportunities”, the agents said.

“There is potential for major redevelopment, subject to council approval, aligning with the trajectory of neighboring developments such as 480 Swan Street by Charter Hall.”

The property if for sale by expressions of interest closing April 24.

▲ The East Hawthorn residential tower is for sale in one line.

Meanwhile, the East Hawthorn property comprises 36 apartments in a mix of one, two and three-bedroom apartments.

The 12-storey tower has a combined NSA of 3211sq m. Resident facilities include a gym, rooftop terrace and visitors’ carpark.

It has direct access to Auburn Train Station, the Glenferrie Road retail strip and Auburn retail village.

The property is being sold by expressions of interest closing April 18 by JLL’s Jesse Radisich, Josh Rutman and MingXuan Li, along with Jellis Craig Projects’ Stephen Bowtell and Andrew Macmillan.