‘Ozzie’ Kheir kicks off string of deals with $9.5m West Melbourne sale
Developer, hotelier and horseracing identity Aziz “Ozzie” Kheir has sold off a West Melbourne investment property for $9.5 million.
And he’s got deals in the works worth another $50 million for neighbouring sites.
Kheir heads development firm Resimax, which obtained development approval for plans covering the 102-108 Jeffcot St property and two neighbouring addresses last year.
But the decision to sell netted him a $3.5 million windfall just from the first property to sell from the trio, having bought it four years ago for $6 million.
Last year Kheir became the first person to own horses that had won both the Melbourne Cup and The Everest racing events. He part-owns Protectionist, which won the Melbourne Cup in 2014, and Yes Yes Yes, which won The Everest in Sydney last year.
Three-year-old horse Yes Yes Yes won the third running of The Everest with trainer Chris Waller and jockey Glen Boss. Picture: Christian Gilles
He was also attached to reality TV show Clubland, which featured Brynne Gordon (formerly Edelsten) in 2016.
A local investor bought the Jeffcot St property that was until recently home to the Menzies Science Institute.
It is understood the remaining sites are being negotiated with other buyers, with deals expected to be brokered around the $10 million and $40 million mark in the coming weeks.
Ozzie Kheir has a range of successful businesses to match his horse racing wins.
Kheir says his firm has added value to all three properties.
CBRE’s Mark Wizel brokered the first deal and says the timing of the sales has been unfortunate with COVID-19 declared a pandemic the same day as an expressions of interest campaign for the properties was closed.
However, with two more sales being negotiated, and a fourth significant sale to Golden Age Group’s Jeff Xu for a $23 million development site in Glen Waverley inside the past fortnight, there are positive signs in the market.
The Eynesbury Estate to Melbourne’s west.
“They couldn’t have done any worse for timing, but in terms of the deal it is very solid,” Wizel says.
Earlier this year Resimax bought Eynesbury Estate in Melbourne’s west for a rumoured $300 million.
This article from the Herald Sunoriginally appeared as “Ozzie Kheir: Developer racing towards $60 million in deals”.
