Leo's Fine Food & Wine Kew sale linked to James Packer
Richlister James Packer and a Melbourne developer have joined forces to create a boutique residential and retail project at a well-known Kew supermarket site.
Leo's Fine Food & Wine in Princess St has sold to the South Yarra-based luxury developer Orchard Piper, with billionaire Mr Packer also linked to the off-market deal.
In addition, Leo's owner The Le Max Group have farewelled their Heidelberg supermarket in Burgundy St.
Douglas Menzies Chambers sells for $23m in Melbourne CBD
Commercial real estate agency LAWD representatives declined to comment on the sold prices but industry sources indicated the Kew supermarket was quoted in the $50m range and the Heidelberg site at circa $20m.
The 6835sq m Kew supermarket is slated to close next year as plans for its future development get underway.
The Le Max Group is led by Leo and Rose Blake, who founded their company in 1971.
LAWD director of development transactions and advisory, Lukas Byrns, said the Melbourne-based Banco Group purchased the 6105sq m Heidelberg supermarket.
'They bought it as an investment, I think in the longer term they may potentially develop it,' Mr Byrns said.
Banco Group's managing director is Mario Lo Giudice, brother to Carlton's former president Mark LoGiudice.
Mr Byrns added that the two Leo's sites had attracted solid interest from a variety of buyers.
'We had interest from developers looking for to build-to-sell, build-to-rent, retirement, in addition to groups looking to reposition the existing retail stores,' he said.
'We've seen an influx of activity for well-located apartment sites in Melbourne recently, as developers position themselves to have apartment product to sell into an improving market within the next 12 months.'
An Orchard Piper spokesman said they were working with architects Wardle and partner NPACT, 'on the early stages of planning a thoughtful, design-led urban renewal project that better utilises the site by providing a much-needed, cohesive, retail and residential offering for the area' at the Kew address.
'We recognise that Leo's is a much-loved local institution and, as part of the acquisition, intend to incorporate a fine produce offering that delivers the same quality and variety of groceries the community has long enjoyed,' Orchard Piper director Luke McKie said.
The NPACT investment firm is heavily funded by Mr Packer and headed by former Crown Resorts strategy and development vice president Todd Nisbet.
LAWD Paul Callanan and Peter Sagar had the listing alongside Mr Byrns, with Charter Keck Cramer's Tom Byrnes and Patrick McNulty acting as transaction advisers
LAWD last week announced the sale a former timber supply and manufacturing centre at 224 Heidelberg Rd, Fairfield, to developer Cedar Woods for a reported $50m.
And a consortium backed Mr Packer recently revealed plans to transform a Balwyn nursing home into a life-extending luxury apartment complex.
A wellness retreat inspired by Hotel Chadstone that features a gym and mix of saunas, a curated library and reflection garden is planned for future residents.
The former 52-bed Aveo aged care centre at 23 Maleela Ave, Balwyn, was bought by the NPACT.
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