Mark LoGiudice: Ex-Carlton president buys fire-damaged Preston bank
Former Carlton Football Club president Mark LoGiudice has snapped up a fire-damaged Preston bank for about $2.8m.
It’s a fitting purchase for the man that helped put the previously debt-ladled club back in the black.
The 391 High St property was bought via Mr LoGiudice’s investment firm, Crawfords Group, in an off-market deal earlier this month.
Mr LoGiudice spent eight years as Blues president, and held positions on its board for 12 years.
He announced he would exit the role earlier this year, though only handed over the reins to new president Luke Sayers at the end of the year.
When Mr LoGiudice took over the role from Stephen Kernahan in 2014 the Blues were $7.5m in debt, a figure he was able to wipe out during his time at the helm.
On the corner of Cramer St and High St, the former Westpac bank will still collect $132,000 a year in rent until the end of 2022, despite the property having been damaged in a fire earlier this year.
Gray Johnson director Matt Hoath handled the deal for Mr LoGiudice, approaching a handful of property owners along that section of High St seeking an off-market deal.
“We targeted a couple of buildings in the strip,” Mr Hoath said.
“This would have been our second draft pick, but it’s still pretty good.”
The property’s fire damage will be repaired before settlement in mid-December.
Mr LoGiudice has regularly invested in Melbourne’s northern suburbs and was keen to buy near the Preston Market, which is slated for an update.
Mr Hoath said he understood the plan was for them to “reposition” the property to make full use of the area’s increasing popularity.
Mr Hoath said the 385sq m property purchase also reflected high demand from investors for Melbourne’s city fringe and middle-ring suburbs.
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