RAIL SHOP ON MARKET

A SOUTH Yarra shop developed after a landmark 1994 state government decision designed to encourage commercial development atop railway lines, has been Iisted for sale. Leased to General Pants Co, the 214 square metre shop was one of three developed on the western side of Chapel Street, on airspace above rail tracks which for decades divided the Malvern Road part of the fashionable South Yarra strip from the Toorak Road side. The shop for sale now, known as 2 and 3, 529 Chapel Street, is expected to sell for about $5 million, according to selling agency Vinci Carbone. The airspace was controlled by VicTrack, and co-developed with Time Developments in 1998. Two years later, Challenger Group bought airspace across the road from the Village group. which once owned the Jam Factory shopping centre next door. Challenger spent $8 million building three shops, selling them in 2006 for $18 million