In a move claimed will save the Celtic Club from financial troubles, 316-320 Queen Street, on the south-east corner of La Trobe Street, is quietly being offered to developers in a deal speculated will top $25 million.

The committee has sought to increase the value of the 676-square-metre block in recent years and discreetly find a buyer.

In late 2012, it won approval from former planning minister Matthew Guy for a 45-level, 256-unit residential tower.

By mid-2013, after another off-market campaign, the club inked a deal with developer Buildcorp which would have meant it banked $12 million for the Queen Street airspace and occupied the lower four levels of the new development.

However, when just 62 per cent of members voted in favour (when the club requirement for a motion was two-thirds), that deal was torn up.

At a recent meeting, nearly 90 per cent of members voted for a sale.

Advocates argue that, as well as a cash injection to counter the dwindling membership, a more flexible Celtic Club premises would allow for other revenue streams.

The Celtic Club site is identified by a heritage-protected three-level Victorian-rendered building, which was a hotel until 1959.

ICD INVESTS IN HIGHETT

In a deal to satisfy its requirement to have a 10-year pipeline of projects, ICD Property has paid $15.6 million for a Highett investment with long-term redevelopment potential.

The 9057-square-metre site at 241-245 Bay Road is expected to make way for numerous apartment towers after 2025.

ICD Property was not considered a logical suitor for the asset: a passive investment offered with a 10-year lease to Fitness First, which is paying annual rent of $1.25 million.

The world's largest privately owned health club only moved into the refurbished two-level, 5335-square-metre building a few years ago.

With second street frontage to Avoca Street, the block is on the suburb border which divides Highett from Sandringham and Cheltenham.

Colliers International's Tom Noonan and Jeremy Gruzewski, along with DBRE's James Davie and David Bancroft, marketed the property.

Mr Noonan said residential development had never been stronger in the bayside area as 2500 medium density dwellings were either under construction or recently completed.

He said a driver was Highett's proximity to private schools, including Brighton Grammar, Haileybury, St Leonard's College and Sandringham College.

ICD Property's development pipeline in Victoria includes rural land in Fyansford, near Geelong, earmarked for a 1000-lot housing estate by 2020.

In the CBD, it is building a 63-level, 633-unit complex, Eq. Tower, in A'Beckett Street. In Collingwood, it is completing the You and I building at 450 Smith Street. ICD Property is also marketing apartments for a project in Power Street, Hawthorn.

JETTS JUMPS INTO BOX HILL

Jetts Fitness has leased retail space at the new and highly visible Australian Taxation Office building in Box Hill.

The 19-level, 19,000-square-metre premium-grade glass office replaced a 7-Eleven convenience store at 913 Whitehorse Road. It includes two ground-floor retail tenancies, including the 322-square-metre space leased by Jetts Fitness, which operates more than 250 clubs in Australia and New Zealand.

GormanKelly's Sandro Peluso​ said Box Hill had regenerated over the past decade to become a major activity centre.

Prior to that, the local office sector was battling high vacancy rates and, therefore, a lack of quality new supply.

Nowadays, more white collar occupants recognise the suburb's convenience: Box Hill is serviced by a train, bus and tram and is a short distance to the EastLink and Eastern motorways.

With the construction of the ATO building atop a hill, the suburb is prominent from several kilometres away.

However, it won't be the only Box Hill tower. Plans are afoot for a 34-level building at 545 Station Street. Two more residential towers, of 36 and 26 levels, were also recently approved for 850 Whitehorse Road.

CHURCH SALE IN ELSTERNWICK

The Uniting Church of Australia can expect to bank about $3 million from the sale of a disused property in bayside Elsternwick.

The former church at 64-66 Orrong Road, on 1785 square metres, is expected to be contested by developers and community groups, particularly from the childcare industry.

The Elsternwick church has not been used publicly for nearly 25 years. Funds from the sale will help update UCA's Victorian archive system.

Colliers International's Ted Dwyer and Jeremy Gruzewski are marketing the site.

HOT PRICE FOR COLD STORAGE

One of Australia's largest industrial deals may be announced shortly.

Agency CBRE is working with a short-list of investors prepared to buy Oxford Cold Storage's 24-hectare Laverton North factory.

The warehouse was marketed as being on the largest footprint within the Asia-Pacific region for a property of its type (refrigerated logistics).

It was listed in January, carrying $250 million expectations.

TOP GMH CATCH IN FISHERMANS BEND

Mirvac is offloading the landmark Fishermans Bend headquarters purpose-built for General Motors Holden about 10 years ago.

An off-market campaign is under way, sources say, a week after Fairfax Media revealed GMH was preparing to sell its huge Fishermans Bend manufacturing plant, occupied since 1936.

Mirvac valued its Salmon Street asset at $102.5 million in 2011.

The office is renowned in leasing circles for its super-sized floor plates of more than 7000 square metres.

The Detroit-based car company earlier this year appointed an agent to sublease part of the three-level building. It is committed until 2020, three years after it ceases manufacturing in Australia.

GMH plans to retain a test driving facility in Lang Lang and is expected to renew its Fishermans Bend office.

In February, rival Ford announced it would relocate some corporate functions undertaken at Broadmeadows to a modern office at Salta's Victoria Gardens in Richmond.

Ford will retain a presence in the northern suburb – home to its Asia Pacific Engineering Centre – and continue to operate research and testing facilities in Geelong and Lara after it, too, stops making cars in Australia.

Email: marcpallisco@gmail.com

Twitter: @marcpallisco