Vic Health Minister cashes in on commercial property boom

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The property was offered for sale by Courtside, whose ultimate holding company is Watsons Properties. Corporate records show ownership of Watsons Properties is split between Mr Foley and Timothy Fallaw.

Mr Foley’s late father was a long-time director and managing director of property consultancy Watsons, which previously occupied the 5 Main Street premises.

It had been owned by controversial developer John Woodman before he sold it to Marshal Melbourne, owned by his son Heath Woodman, a former director of Watsons.

“More than 30 years ago, my father and his business partner purchased 5 Main Street in Mornington,” Mr Foley said in a statement.

“When my father died in 2007, this property formed part of his estate, in which I acquired an interest in accordance with the terms of his will.

“I receive a disclosable interest from the estate from Dapat Pty Ltd, which has been declared on the pecuniary interest register since I first became a member of Victorian Parliament.”

Mr Kagan told the Financial Review he saw potential to convert the building into retail space on the lower floor.

“The position is fantastic. It’s right in the heart of Main Street, where all the development going on. It’s a really huge growth area,” he said.

“The initial offer I lobbed in was beaten by somebody else, so I came back with a higher offer and was successful.”

Mr Stuart said: “Since November 2020 we’ve seen dramatic take-up of premises for lease with minimal incentives being offered.

“In contrast to other parts of Greater Melbourne, this shows the continual resilience of this vibrant part of the Mornington Peninsula, and why we’ve seen strong demand growth together with record sale prices being achieved for our clients.”

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