ZAGAME'S QUEST

Members of the Zagame family are reweighting their substantial property portfolio, listing a large Bourke Street shop at the ground level, a building occupied between 1936 and 1989 as the Malcolm Reid and Co furniture store.

Now known as 157 Bourke Street, or shop two of the Quest on Bourke complex, the 170-square metre retail premises is leased to Vigorous Thai Massage, returning annual rent of about $178,000.

The vendors, including Patriarch Victor Zagame and Robert Zagame, can expect about $3.5 million for the asset they bought in mid-2003.

Vinci Carbone's Frank Vinci is marketing the prime-located retail asset less than 100 metres from the Bourke Street Mall.

Members of the Zagame family have been active buyers of property in recent months, their biggest outlay more than $20 million for a Hawthorn office building. The Zagame Automotive Group also paid Fairfax Media $16 million for a vacant former printery near the Melbourne Airport in Tullamarine.

The family is also seeking a permit to build apartments on the site of its Downtowner Hotel in Lygon Street, Carlton.