HERZOG PROPERTY SALE

David and Ruvi Herzog, who ran the successful First Auto Wholesalers dealership established by their late father, Izzy Herzog, are selling a high profile Port Melbourne commercial property developed in the 1990s.

The 65-67 Fennell Street asset abuts the West Gate Freeway and is within a 240 hectare precinct recently gazetted for high-density redevelopment as part of plans to rebuild Fishermans Bend as four residential based villages.

The 4514 square metre site, with future mixed use redevelopment potential, is expected to fetch about $8.5 million.  The family is also selling an adjoining 1555 square metre lot at 69 Fennell Street for $1.3 million.  In 2008, the Herzog family sold a Southbank development site to residential developers for about $23 million.

The family still owns a substantial property portfolio centred around Port Melbourne and South Melbourne.  Vinci Carbone will auction the Fennell Street assets.