Brunswick Market site formerly owned by Tony Mokbel hits the market

The Brunswick Market site at 655-661 Sydney Rd and 50-52 Breese St is for sale.

The Brunswick Market site once owned by notorious drug tsar Tony Mokbel is being sold by a skincare don.

Known as “Market Square”, 655-661 Sydney Rd and 50-52 Breese St, Brunswick, has been listed by Aesop founder Dennis Paphitis and builders Molonglo Group.

Mokbel formerly owned 655-661 Sydney Rd along with several other properties in Brunswick and Coburg, but not the Breese St property.

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JLL capital markets director Jesse Radisich is handling the sale on behalf of the vendors, who bought the site for about $17m in 2020.

He said the vendors did not want the asking price released, however the Herald Sun understands it is in the vicinity of $18m-$18.5m.

The 3059sq m site spans a block within a Commercial 1 zone with “high density development potential with planning precedent supporting nine levels-plus”.

It provides “scope for retail, apartments, build-to-rent, co-living, student accommodation or office (STCA)”, according to the listing.

The property at 655-661 Sydney Rd, in 2004. The building has since undergone a facade facelift.

Tony Mokbel.

“This opportunity will provide a strong indication as to the appetite for major sites from both build to rent groups but also major locally based and offshore traditional apartment developers,” Mr Radisich said.

He said the joint venture was listed after it “decided to divest its landholdings and focus on other interests” including a smaller project in Albert St, Brunswick, and another in the Australian Capital Territory.

Mr Radisich said the Brunswick Market might have to temporarily halt operations while it was developed in the future.

“I think whoever develops the site will have an adaptation or retail use for the ground floor,” he said.

Actor Simon Westaway portrayed Mick Gatto and actor Robert Mammone played the role of Tony Mokbel in the television series Underbelly.

Looking down Sydney Road, Brunswick.

Mr Radisich said international groups, including those in the build-to-rent space — predominantly in the United States — had shown interest in the property.

The Brunswick Market dates back to the 1950s and includes a fresh meat and vegetable market.

Russel’s Fruit & Vegies manager Mo Yamak said he and other vendors within Brunswick Market hoped whoever purchased the site would develop a “bigger and better” retail area.

He said the market was popular among Moreland residents, including many who have frequented its retail stores for decades.

Expressions of interest close Wednesday April 20 at 2pm.

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