The "iconic bayside corner", as a For Sale billboard brands 1 Brighton Road, is offered with a valuable but controversial redevelopment permit, issued by the Victorian Civil and Administrative Tribunal, for an eight-level complex with 37 flats and ground-floor shops.

The parcel, on a 911-square-metre block at the south-west corner of Blessington Street, is expected to sell for about $7 million, which would reflect a sizeable capital gain for the vendors who paid $2.1 million in 2006 for what was at the time a high-profile drag venue and gay bar.

Over the subsequent 11 years, the owners - one of whom managed the Greyhound Hotel - faced what they called an "uphill battle" with the City of Port Phillip to make the business more profitable. At various stages, the council refused applications to extend the Greyhound's trading hours, increase capacity, or refit the upper level as a gay sauna.

Built in 1853, the hotel underwent a major refurbishment in 1936 - a move that disqualified it from heritage protection later.

According to Shane Gardner, the general manager of the firm charged with clearing the site, initially the council had no objection to the pub being razed. "It was only when they got 2700 signatures [following a change.org petition] that they said, 'Whoops we think we might have made a mistake!' " Mr Gardner told The Age in May.

An attempt by the local council to have the Planning Minister heritage-list the building before it was demolished failed.

The site is being marketed by Savills Clinton Baxter, Nick Peden and Jesse Radisich.

The Greyhound Hotel was one of three historic pubs that underwent high-profile demolitions in Melbourne this year.

In March, Port Melbourne's 155-year-old London Hotel was demolished, with plans for the site to also make way for an eight-storey apartment complex.

Like the Greyhound, The London at 92 Beach Street underwent a major renovation in the 1930s, which made it ineligible for heritage protection.

Last October, the developers who paid $4.8 million for Carlton's Corkman Hotel in 2014, demolished it without a permit.

Not far away from the Corkman site, in North Melbourne, the historic Turf Club Hotel, at the western edge of the Haymarket Roundabout, is set to be razed to make way for an apartment complex.

Repco's ex-Mulgrave HQ sold

A local investor has paid $8.8 million for a vacant office building at one of Melbourne's busiest suburban intersections.

The long-time national headquarters of automotive retailer Repco at 362 Wellington Road, Mulgrave, near the corner of Springvale Road, will be re-offered for lease following a major renovation.

As well, part of the 8719-square-metre plot may make way for further commercial accommodation.

At present, the asset is configured with a two-level, 3611-square-metre office and 198-bay car park.

Knight Frank's Tim Grant and Tom Ryan with Gross Waddell's Andrew Thorburn and Andrew Waddell, said the site, about 21 kilometres south-east of the CBD, attracted interest from developers, owner-occupiers and investors.

They said the sale price equates to a rate of $2436 per square metre on the building or $1009 on the land. The vendor was an offshore investor who held the asset for five years.

Longriver sells Richmond site

Four months after paying nearly $23 million for a Box Hill petrol station with apartment redevelopment potential, developer Longriver has sold a permit-ready site at 207 Bridge Road, Richmond.

The 661-square-metre land holding, with buildings that currently derive a rental income, was offered with a permit for an eight-level complex containing 51 apartments and three lofts.

Between the Richmond and West Richmond train stations, two kilometres from the CBD, CBRE's Scott Orchard, Jimmy Tat and Chao Zhang sold the block for $6.25 million to a local developer.

Oakleigh asset trades on 1.7 per cent yield

Before an auction attracting an estimated 100-strong crowd, a private investor paid $8.81 million - reflecting a low 1.7 per cent yield - for an Oakleigh asset with redevelopment potential.

Eight bidders contested to buy the securely leased building at the edge of the tree-lined Atherton Road shopping strip, not far from the Oakleigh train station.

Offered with a five-year lease to Inspirations Paint, the 1520-square-metre site, on the north-west corner of Atkinson Street, is zoned Commercial 1, allowing for it to be replaced longer term with a mixed-use project.

Beller Commercial's Liam Rafferty, Fred Nucara and Glenn Ye marketed 55-61 Atherton Road to investors and developers.

Permit-ready Bundoora block under offer

A permit-ready development site in Bundoora is speculated to be selling for about $11 million.

At 214 Greenhills Road, the 2.6-hectare block was offered with permission to build 56 multistorey townhouses - the bulk configured with three bedrooms.

The site abuts the Darebin Creek Reserve, just south of the Metropolitan Ring Road, at the Thomastown suburb border.

Bundoora Square, the University Hill mixed-use precinct and Northpark Private Hospital are not far away. Knight Frank's Danny Clark, Andrew Greenway, Stephen Kelly and Yvonne Zhou were marketing the block, which is now under offer.

Pakenham farmer reaps $100m+ payday

A lucky farmer is banking a speculated price of more than $100 million, sources say, offloading a 118 hectare rural property within the Pakenham's Urban Growth Boundary.

The McGregor Road holding is almost immediately south of the Princes Freeway and an established residential neighbourhood, about 56 kilometres south-east of the CBD.

Once outskirt suburbs, Pakenham, Beaconsfield, Berwick and Officer - suburbs connected by the freeway - are now popular, particularly with first and second home buyers.

According to Domain Group Data, the median price for a four bedroom Pakenham home is $480,000. Online, the cheapest new homes available in the area - configured with four bedrooms and on blocks of just over 400 square metres - command more than half a million.

The McGregor Road, Pakenham, farm was marketed by Derrick Brown and Steven Hobson of agency Gerard Collins.

Late last year, Sydney based developer Stockland paid Marshall Baillieu a reported price of between $150 million and $200 million for a 114-hectare slice of Minta Farm, in nearby Berwick, capable of being subdivided into some 1700 lots once rezoned.

Email: marcpallisco@gmail.com

Twitter: @marcpallisco