Stambo's Group, which runs a property arm alongside numerous food-related businesses, is understood to be pocketing more than $20 million from the campaign, which targeted apartment builders. It was relaunched in June by Melbournia??? Real Estate's Zoe Zhu.

At 2 Banool Avenue, the 1.4-hectare site was marketed with a Maribyrnong City Council development overlay suggesting the site could make way for a three-level structure with up to 100 dwellings.

The former factory, which has also gone by the name of Melbourne Woollen Mills, is considered significant by the Heritage Council of Victoria. It is recorded as a rare and intact example of a purpose-built mid-19th century industrial building specially adapted to the needs of a woollen mill.

An early photo of the property held by the council from 1882, shows the part-developed factory. Between 1920 and 1940, this was extended to include an imposing wall.

The site is less than a kilometre to the Yarraville Village shopping strip and the suburb's train station, or a bus stop at Francis Street is 50 metres away.

It is adjacent to the Williamstown railway line, Stoney Creek, Anderson Reserve, Woods Reserve and the West Gate Freeway. It is now understood to be under offer.

Another former Yarraville factory, formerly the McCalls Tannery at 125-155 Francis Street and across the train line from the Morlynn Insulator site, is in the process of being replaced with an apartment complex. Melbourne builder 94 Feet is replacing it with a seven-storey, 131-unit complex, due for completion next April. The project is 95 per cent sold, 94 Feet director Dean Rzechta told Fairfax Media.

Stambo's Group thought it sold this property for $19 million last July to Singaporean stock exchange-listed ABR Holdings following an off-market campaign.

It is understood a deposit was returned to ABR after they pulled out of the deal at the end of August.

Forza Capital in $9.7m off-market deal

Forza Capital is paying $ 9.7 million for a 3621 square metre development site in Richmond near the Yarra River, following an off-market deal.

The local developer will build a permitted five-level office complex at 588A Swan Street, within the prestigious Botanicca??? Corporate Park, about six kilometres east of the CBD.

The site was part of a 6830-square-metre holding the vendor, TRCS Synergy Berhard, bought for $11.5 million in December 2011. TRCS is retaining the balance 3209-square-metre parcel.

Forza Capital, with directors including Ashley Wain and Adam Murchie, has developed numerous commercial projects in recent years. Its portfolio includes, at nearby 9 David Street, Richmond, an 11-storey, 130-unit residential building, The Forza, which it started building in April.

Knight Frank's Tim Grant and Danny Clark sold the property for TRCS, which said it wanted to land bank, to capitalise on the potential.

The sale price values the land at $2667 per square metre, which Mr Grant says signals the "hot demand" for permitted office sites following a cooling this year of the apartment market (and subsequently, residential development sites).

With historically low office vacancy rates in Richmond and the city fringe areas, Mr Grant said the site was strategically purchased by Forza to capitalise on the strong demand and potential lift in rents for quality commercial space.

(In)famous Queen Street building re-offered

A prominent and historic Queen Street building, constructed in 1860 as a residence for builder James Lawrence, and later occupied by the Bank of New South Wales, is expected to sell for close to $3 million after an expressions of interest campaign closing next month.

The building made headlines in 2009 when the council shut down the Rajah Sahib Tavern restaurant which was occupying the site. Rajah Sahib Tavern was controlled by immigration agent Larry Mendonca. In 2013, his former girlfriend and landlord of 375 Queen Street - the property for sale - was trying to evict Mr Mendonca from using office space in the building.

Many years ago, when occupied by a different restaurant, the building was visited by global entertainers Mick Jagger and Elton John.

It last sold in late 2013 for $1.84 million when it was described as a vacant, heritage-protected asset in need of a makeover.

Colliers International's Daniel Wolman, Oliver Hay and David Sia, with Knight Frank's Andrew Hansen and George Burbury, are marketing the two-storey, 350-square-metre building on a 204-square-metre plot near the Queen Victoria Market.

Leon Serry pockets $2m over guide price

Circadian Technologies founder and managing director Leon Serry is banking $7.3 million from the sale of an older-style, two-level building in the heart of Toorak Village.

The auction result represents a $2 million rise on the property's guide price when it hit the market six weeks ago.

A mixed-use office and apartment complex, expected to be about four levels atop an underground car park, is mooted by the incoming owner, a developer.

Near Toorak Road shops and a block from Grange Road - and the famous salon for years run by socialite Lilian Frank - 6-8 Wallace Street would take less than 10 minutes to walk from the South Yarra train station to the busy corner of Chapel Street and Toorak Road.

Mr Serry, appointed as a member of the Order of Australia in the general division earlier this year, engaged Gross Waddell's Jonathon McCormack and Michael Gross as marketing agents. Their campaign also targeted investors, with 12-month leases.

Melegant buys in Malvern East for around $15m

Melegant Group is the latest in a string of developers with Melbourne-based managers and offshore capital, to buy a local site.

Melegant is planning a "statement piece" on a 3420 square metre block Malvern East site covering 1-9 Sylvester Crescent, a court between the Glen Waverley Railway Line Reserve, Monash Freeway wall and Glen Waverley Oval (which it has view security over).

Directors David Xu and Eddie Zu said they planned to build a project with townhouses and apartments. The company is managing more than 35 projects with a total end-value of more than $250 million. One of the reasons the site was chosen, they said, was the park-side location.

The property is not far from the former Dairy Bell ice creamery, which Paul Little's private development company is replacing with a medium-density project.

Colliers International's Ted Dwyer and Ben Baines said the Sylvester Court development opportunity generated more than 100 inquiries, six unconditional offers and an unconditional offer that valued each of the individual house lots 55 per cent to 60 per cent higher, than if they were offered individually.

They believe sites in the Stonnington municipality are the most sought after by builders.

"There is so much scope to develop high-end boutique projects suitable to downsizers who wish to stay in the area they have lived for many years" Mr Baines said.

Email: marcpallisco@gmail.com

Twitter: @marcpallisco