The former owner of Contiki and Trafalgar, the *Tollman family*, has placed their Melbourne office, known as Travel House, on the market. This decision comes after the family’s travel business, *The Travel Corporation*, was acquired by *Apollo Global Management* last year. The property, located at 210 Albert Road in South Melbourne, is expected to sell for between $8 million and $10 million.
Travel House is a six-level building overlooking the *Formula 1 Grand Prix circuit* at Albert Park. Spanning approximately 1,700 square metres on a 700-square metre site, the ground floor and second level are available with vacant possession following the departure of *The Travel Corporation*. The building last changed hands in 2011 for $7.2 million. The sale is being managed by *CBRE* agents, including Nathan Mufale, Scott Hawthorne, Jing Jun Heng, and David Minty, who declined to provide further comments on the listing.
Additional Properties Hit the Market in South Melbourne
In a related trend, another property in South Melbourne is also up for sale. The building housing *Chef’s Hat*, a restaurant and kitchen supplies retailer, is expected to sell for more than $15 million. This property, located at 131 Cecil Street, has been in the hands of the current owners for over 45 years. The lease for Chef’s Hat is set to expire at the end of March 2024, while its co-tenant, *Bed Bath N’ Table*, operates on a monthly lease. Covering 1,963 square metres, the site generates an annual income of $748,040.
Nearby, another property, located at 168-174 Dorcas Street, is also on the market. This two-storey office building, covering 1,077 square metres, is expected to fetch over $4.75 million, consistent with current market rates for such properties in the South Melbourne area.
Further afield, a double-storey office at 31-33 Park Street recently sold for $4.9 million, despite the vendor originally acquiring it for $6.075 million in 2017. This sale reflects the current fluctuations in property values, with the new owner planning to occupy the space for the next five to ten years.
Major Lease and Acquisition Activity in Melbourne
In a significant development for the education sector, *CQUniversity* has signed a 12-year lease for the former headquarters of *Bendigo Bank* at 120 Harbour Esplanade. The 8,300-square metre building, located adjacent to a stadium and overlooking the water, will be refurbished to accommodate the university’s needs. The deal was brokered by *Etc. Melbourne* with Edward Knowles and Tony Landrigan leading the negotiations. The university plans to occupy the space in early 2027.
In the nursery sector, two long-established nurseries have changed ownership, ensuring they remain operational. *The Greenery* in Heidelberg sold for over $3 million to the Humphris family, known for their ownership of the *Mt Evelyn Garden Centre*. Meanwhile, the beloved *Acorn Nursery and Oaks Cafe* in Surrey Hills has changed hands for more than $6 million. The nursery, well-regarded for its history and quality, is situated on 3,035 square metres of residential-zoned land.
With spring approaching, the *Beasley’s Nursery* in Warrandyte is also on the market. The property, originally opened with a cafe, spans 10,730 square metres and is being offered vacant as its original owners prepare for retirement. Gorman Commercial is managing the sale and anticipates offers exceeding $2.9 million.
In Box Hill, a remaining privately held property, located at 15 Market Street, is set to go to auction next month. The property, leased to *Polar Express*, was sold by *Whitehorse City Council* in 2005 for $8.33 million. Agents from *Stonebridge* estimate it will fetch between $7 million and $9 million at auction.
Overall, these transactions illustrate a dynamic property market in Melbourne, with significant activity spanning various sectors, from commercial offices to educational institutions and nurseries.
