Prelli Tennis Volleys Property at Investors
The high-profile Prelli Tennis building and its neighbour at 207-209 and 211-213 Victoria Parade, Collingwood are on the market for the first time in nearly 60 years.
Prelli Tennis, which strings racquets for the world’s top tennis players at the Australian Open, other major tournaments and the Olympics, will lease back its premises at 207-209.
The Smarelli family, who have run the business since the early 1980’s, own both properties.
The first is a 192 square metre block and returns $30,000 a year in rent and the second is on a 252 square metre site and earns $49,000 a year.
Gorman Commercial’s Tom Maule is running the expressions of interest campaign.
“We think it will be highly sought after due to its high-profile location near Punt Road intersection.”
“There are 25,000 cars passing it every day – in normal times,” Mr Maule said.
It’s also around the corner from Tim Gurner’s new Collingwood project and a large swathe of other new office and residential projects.
Land in the city fringe area is fetching up to $6,000 a sq metre which means the 444 sqm site could sell for more than $2.6 million.
Published in The Age, Commercial Real Estate Capital Gain, Saturday 1 August 2020, Nicole Lindsay.