SALT SITE IN SOUTH YARRA SALE

Two South Yarra development sites worth more than $12 million have sold in the suburb's former industrial pocket, including the land of the notorious Salt nightclub. Boutique builder Fridcorp and joint-venture partner Macquarie Structured Finance are believed to be paying about $10 million for the Salt site in Claremont Street. Part of the development includes a walkway connecting South Yarra Station and Chapel Street. Around this laneway, a permit exists for a 13-level building with 7500 square metres of office space, a gymnasium and retailing. Apartments are also mooted for the site. In 2002, the nightclub was the scene of a dispute that resulted in the murder of two men and a teenager at the Yarra River nearby. Salt was closed in December 2003 and has since been demolished. The Salt site was quietly offloaded by developer and fund manager Pelorus Property Group. It bought the site in 2006 from Calibre Clothing founder Gary Zecevic for $3 million.   Representatives from Pelorus, Fridcorp and Macquarie Structured Finance were unavailable for comment.   Late last year, Fridcorp paid about $15 million for the former Channel Seven studios in South Melbourne, and is planning apartments on that site. It also recently purchased the Olive Tree Shopping Centre in Lilydale for a price speculated at $11 million. Fridcorp is part funded by venture capitalist and shopping centre owner Daniel Besen. In a second South Yarra deal, builder Icon Developments Australia has bought a 497 sqm development site at 43-45 Claremont Street, not far from Salt. Vinci Carbone director Frank Vinci said the old warehouse site would be redeveloped into apartments. South Yarra's former industrial pocket, known as Forrest Hill, is being transformed into a "village“ of apartments, hotels, shops and offices. Icon Developments has several other projects under way in Melbourne, including a nineshop retail development in Hawksburn Village, a Coles Supermarket in Fitzroy, and a 62-apartment project on Inkerman Street, St Kilda, with Neometro Projects. It is believed Icon paid about $2 million for its Claremont Street site, but this could not be confirmed.   News of developers buying into South Yarra follows reports last week that the Fun Factory site nearby, at the corner of Toorak Road and Chapel Street, will be developed into a 38-level apartment building, offices and retail.