Dustin Martin begins selling his commercial portfolio, could net 15m from two Abbotsford properties

Nathan Mawby

First published 01 November 2024, 9:28am

Dustin Martin is about to sell some of his commercial properties around Melbourne.

Former Richmond Football Club great Dustin Martin is preparing to sell off a series of Abbotsford commercial properties.

The three-time premiership winner and Norm Smith medallist, who also won the 2017 Brownlow, has an extensive property portfolio amassed with talent management boss Ralph Carr — the former husband of Tina Arena.

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Jones Real Estate’s managing director Paul Jones sold many of the properties, mostly in Richmond and Abbotsford, to Dusty and Carr as part of a consortium.

Next week his firm will list 367 Victoria St, Abbotsford, for sale with a $4m-$5m sale expected and 401-407 Victoria St for upwards of $9m. Sold together, they could net as much as $15m.

It could mean a serious post-football payday for the ex-Richmond star.

367 Victoria street Abbotsford is expected to hit the market next week. Picture: David Crosling

Records show Martin started his collection on the street with No. 367, known as Victoria House, which he paid $3m for in 2019. He subsequently splashed $1.6m on No. 407 in 2020, and a further $3.1m for two neighbouring sites — with his Richmond-based manager Ralph Carr involved in the purchases.

Mr Jones said he expected the two sites could sell to a mix of owner occupiers or investors looking to land bank, or even an urban fringe developer. It was also possible they could sell together.

“They could sell as a package, but it’s more likely it will be two buyers,” he said.

Jones Real Estate’s Luke Peric will also work on the sale and while he would not discuss the vendor’s identity, said the reason for the sale was they had “received significant interest from investors and developers for prime inner-city commercial assets”.

The properties come with holding income thanks to tenants in place, but Mr Peric said also offered significant value as they could be developed in the future.

401- 407 Victoria Street, Abbotsford is another of the properties that Martin and Carr are selling. Picture: David Crosling

Major assets in the area are in the process of getting an upgrade, with Victoria Gardens currently being overhauled by development giant Salta Properties.

Mr Peric said the Victoria St properties would suit high-net worth buyers looking for “land banking opportunities” in the inner city with development potential.

“And it’s only a matter of time before Abbotsford starts to see a bit more growth, and I think it has massive room to grow,” he said.

Martin also owns multiple commercial buildings on nearby Butler St.