Covering three properties between 127-153 Stanley Street, and two sites, at 212-224 Rosslyn Street, the L-shaped block includes a collection of low-rise warehouses, offering prospective developers the chance to replace the parcel with large towers, or a greater number of smaller apartment complexes.

The land is about 400 metres from the CBD edge, near Festival Hall, Etihad Stadium and Flagstaff Gardens.

Despite its proximity to the CBD, developers have been unable to propose major buildings of greater than 10 levels around West Melbourne, in part given opposition by a vocal local community wanting to protect the precinct's low-rise streetscapes.

High-rise, high-density apartments are earmarked for the area when two railyard sites known in planning documents as E-Gate, and Arden, are repurposed over coming decades.

The Stanley and Rosslyn street sites were marketed to townhouse and apartment builders by agents Clinton Baxter, Nick Peden and Jesse Radisich, of Savills, with Alexkarbon's Alex Puglia, Charles Bongiovanni and Helen Li.

In nearby Dryburgh Street, and opposite the North Melbourne train station, Cbus Property is marketing a 10-level apartment complex, Volaire, after a proposal for a 14-level complex was denied.

Across the road from Volaire, local developer PDG Group recently paid $24 million for a 4795 square metre island site known as 79 Ireland Street, which has the potential to make way for numerous towers and a retail village.

PDG has also been appointed to redevelop the 6462-square-metre "Munro site", now owned by the City of Melbourne and set to be better incorporated into part of the Queen Victoria Market.

Themed Melbourne cafe premises for sale

A retail asset leased to a Kate Middleton-inspired cafe, and built on a site once occupied by the Department of Justice for storage, is expected to sell for more than $2.5 million, representing a yield of about 5.6 per cent.

The 196-square-metre space on the ground floor of Peregrine Projects' Zac Apartments complex at 227 High Street, Prahran, is being offered with a 10-year lease to operators Randy Dhamanhuri and Valerie Fong, who also run the city's Operator 25 venue, in Wills Street.

The restaurateurs worked with designers and a branding agency to come up with the Middleton Cafe concept, which is fitted with understated, high-end, fixtures. Beller Commercial's Fred Nucara and Sam Fogarty are marketing the retail asset, which also includes car parking.

Across town in Fitzroy, the George's Bar has recently opened, a tribute to Seinfeld character George Costanza.

Fishermans Bend pay day coming

An enormous Fishermans Bend property purchased at a slow time in the local market three years ago, when planning for the precinct was less clear, is set to deliver a multimillion-dollar pay day for its corporate investor owners.

Vendors Salmon Street Holdings with Strategic Financial Group Australia, which represents high-net-worth individuals, can expect more than $30 million for 18-22 Salmon Street, bought  for $12.1 million as a passive investment.

The Port Melbourne site includes two low-rise office buildings, each with about 8500 square metres of lettable area, and occupying a 9712 square metre parcel opposite the JL Murphy Reserve, offering residential redevelopment potential.

On a fully returned basis, according to Knight Frank selling agents Gab Pascuzzi, Danny Clark and James Templeton, the existing buildings could return annual rent of $1.275 million. The investment is 12.5 per cent vacant.

The listing comes four months after medium-density local builder ID_Land paid $30 million for a 1.7-hectare industrial site at nearby 187 Williamstown Road – at the intersection where residential Port Melbourne meets the docks.

Dowds sell Hawthorn East asset

Fashion entrepreneurs Carl and Wendy Dowd can expect about $13 million to $14 million from the sale of an office at 391-393 Tooronga Road, Hawthorn East, near the Toorak Road exit of the Monash Freeway.

The modern 2423-square-metre building, until recently leased with naming rights to Bayer, is being sold with vacant possession – allowing agents to target developers as well as investors.

Gross Waddell's Andrew Waddell and Andrew Thorburn with Sutherland Farrelly's Paul Farrelly are representing the vendors, whose family has been in the fashion business for three generations, associated with brands including Hickory, Maggie T and The Clothing Company.

The vendors own historic Healesville property, Halcyon, which has opened its gates to be part of the Australia's Open Garden Scheme.

Nearby, at 8 Hall Street, Hawthorn East, a $50 million office is mooted for a 2356-square-metre site which sold for $9 million late last year. This property was offloaded by private investment group Marks Henderson with a permit for a five-level, 8171-square-metre building with 253 car parks.

Pace proposes lower Abbotsford tower

Pace Development Group has reduced the height and density of a proposed apartment building behind the 93-year old St Crispin House at 247-259 Johnston Street, Abbotsford.

The local developer paid $13 million last April for the 2171-square-metre site, some hundred metres from the Victoria Park train station.

The property was being marketed with a development scheme (not a permit) for a 15-level building after a 2012 application to build a 17-level tower was rejected by the City of Yarra council and Victorian Civil and Administrative Tribunal.

Late last year, Pace proposed a 19-level building atop a three-level basement. The developer is now trying to concede to City of Yarra planners with its latest application, 13 levels (above a three-level basement) and 148 dwellings.

More than 200 bike spaces, and 210 car parks are also earmarked for Pace's complex, which also covers an adjoining property known as 36-40 Stafford Street.

The red brick St Crispin building has in the past been occupied by a shoe leather supplier and machine tool firm.

In 2014, Pace, whose founder and managing director is BRW Rich Lister Shane Wilkinson, paid charity the Smith Family $8.8 million for its outgoing headquarters at 73-77 Wellington Road, Collingwood, not far from the St Crispin site.

However, this year Pace has focused on building its portfolio of middle suburban development sites: in May, it paid more than $13 million for a 3661-square-metre property in Doncaster East while in June it paid more than $7 million for two neighbouring properties covering 2550 square metres at 552-558 High Street Road, Mount Waverley

Email: marcpallisco@gmail.com

Twitter: @marcpallisco