Properties' sale deadline extended

The five adjacent properties owned by developer Stephen Chittock within the Esplanade block at St...
The five adjacent properties owned by developer Stephen Chittock within the Esplanade block at St Clair. Photo by Stephen Jaquiery.
The deadline to sell a block of five adjacent properties in the Esplanade precinct at St Clair has been extended 12 days, to July 12.

Developer Stephen Chittock's remaining St Clair properties - the seven-unit Esplanade Motels and Apartments complex, Swell restaurant and three private residences - have been for sale since early June. The properties cover a total 2739sq m and have a combined capital value of $4.4 million.

The deadline for offers was yesterday, but Colliers commercial and industrial sales and leasing broker Bill Brown said it had been extended until July 12.

No formal offers had been tabled by yesterday, but two parties were considering buying all five properties, while the majority of other "interested parties" wanted to buy parts of the properties, he said.

"There's steady interest. The parties want more time to consider the properties, zoning and also businesses," Mr Brown said.

Re-zoning now allows for small commercial operations to be established, as of right.

During the past decade Mr Chittock has refurbished the Mansions apartment block, which he recently sold.

In March, he was bought out by Calder Stewart Property, for an undisclosed sum, of a 50-50 venture in 26-room boutique hotel and restaurant, St Clair Beach Resort, which has an estimated value of up to $14 million.

 

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