Michael Yates finally secures onsale of 55 Claremont Street, South Yarra

Michael Yates finally secures onsale of 55 Claremont Street, South Yarra
Michael Yates finally secures onsale of 55 Claremont Street, South Yarra

Veteran South Yarra developer Michael Yates has sold his last remaining site in South Yarra.

The 55 Claremont Street offering was bought pre-auction by a local developer for $8.6 million.

It sold in 2014 at $6.188 million with extended settlement terms.

The 50 plus year veteran, who turned 74 this week, says he's not leaving development, but he has sub-leased his office.

The auction had been delayed twice due to disputes between Yates, his financiers and a buyer of an off-the-plan apartment in the permitted scheme who wished to proceed with their off the plan purchase. 

The site has approval for a 15-storey tower with 37 apartments. 

CBRE marketed the property in conjunction with Gorman Commercial's Jonathon McCormack and Stephen Gorman.

Yates pulled the permitted residential project last year after selling only 20 of the penthouse-style apartments.
 
He then offered it as an amalgamated, 969-square-metre site, with the neighbouring property owned by cleaning company AES Services boss George Haritos, but it failed to sell. 

"It was a problem child," Mr Yates told the Australian Financial Review last week of his decision to put it back on the market as a single site. "I've never had to pull a project on the market in 57 years."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Off the plan South Yarra

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