Jeff Xu buys Makers Mark on Collins Street

Jeff Xu buys Makers Mark on Collins Street
Jonathan ChancellorDecember 7, 2020

Equiset's Lorenz Grollo has sold the Makers Mark building at 464-466 Collins Street for $25 million to Jeff Xu's Golden Age Group.

The 483 square metre site with an 11-metre Collins Street frontage cost $10.5 million in March 2013. After a development approval, involving adjoining air space entitlements, it was listed with supposed $30 million hopes.

Golden Age intends to revise the project, constructing a 280-apartment project designed by Bates Smart, to be called Collins House, above the historic three storey facade near the corner of William Street.

It is a much traded retail property with roller coaster sales having sold previously for $7.15 in 2005 on a yield of 5.25% through Knight Frank's Clinton Baxter; $3.5 million in 2004; $3.8 million in 2001; $1.75 million in 1998 and at $2.5 million in 2005.

Grollo has told the Australian Financial Review he plans to undertake a $100 million revamp of the nearby Melbourne landmark, Rialto Towers, with co-investor, Kuwaiti-controlled St Martins Property.

It is planned to add 9,000 square metres of retail space in the ­forecourt and refurbishing the towers which his father Rino built with brother Bruno Grollo.

When the brothers divided the company in 2000, the Rialto stake stayed with Lorenz’s side of the family.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Editor's Picks