Moose Toys owner collects St Kilda shops and office for $22m
Melbourne toy baron Paul Solomon has snapped up a retail and office block for $22.25 million from a private landlord.
Solomon slapped a caveat on the suburban Carlisle St, Balaclava property — in the heart of Melbourne’s Jewish community — this week in what is understood to be a long-term land-banking strategy.
The deal was struck on a tight yield of less than 4% and at a land rate of more than $8000 per square metre. The two and three-level building features 18 tenants and a rental income of about $1.09 million.
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Solomon is co-chief executive of Moose Toys, maker of the Shopkins collectables, with his stepfather, rich-lister Manny Stul.
The sale was brokered by CBRE national director Mark Wizel, the CBRE strip retail investments team Rorey James and Nathan Mufale, and Gross Waddell’s Michael Gross and Benjamin Klein. Wizel confirmed the sale of the property but would not comment further.
The price represents an uplift of close to $4 million for the vendors since the building last changed hands for $18.4 million in late 2015.
The vendors are Kwikpark Pty Ltd, directed by Joel Freeman and Bella Gurevich, and alternate directors Jessica Gurevich and Jeremy Freeman, records show.
The Freeman family previously listed a development site at the edge of the Yarra Valley.
Moose Toys was the fifth-biggest toy manufacturer in Australia and the US in 2016.
This article originally appeared on www.theaustralian.com.au/property.
