Ambulance building sells for $700,000 above reserve
612-616 Camberwell Road sold under the hammer for $3.6 million.

Ambulance building sells for $700,000 above reserve

SALES

Camberwell

Fitzroys’ Chris James and David Bourke, together with Patrick O’Callaghan of O&Co, negotiated the sale of the home of Ambulance Victoria at 612-616 Camberwell Road under the hammer for $3.6 million. The sale price for the 75 sq m single-storey purpose-built facility reflected a sharp 3.8 per cent yield and was $700,000 above reserve. “This property presented perhaps the safest investment in the current environment,” Bourke said.

Brunswick East

An older industrial building at 165 Donald Street sold at auction through Gorman Commercial’s Tom Maule and Jonathon McCormack for $3.6 million. The vacant building is situated in the Moreland Industrial Land Strategy area earmarked for future residential rezoning.

Northcote

Boutique development sites continue to attract a significant buyer pool. Gross Waddell ICR’s Danny Clark and Andrew Greenway negotiated the sale of 242-249 St Georges Road for around $4 million. The property, permit approved for 25 apartments and two ground floor shops, attracted 60 enquiries in the first week and more than 110 enquiries altogether, they said.

Blackburn

Held by the same owner for 38 years, a vacant building at 143A Whitehorse Road sold under the hammer for $1.54 million, at a building rate of $4150 per sq m. Gorman Commercial’s Tom Maule and Jonathon McCormack said quality buildings, even if vacant, are being sought-after by investors willing to take on the leasing risk.

LEASES

Ashwood

An American burger operator has taken a five-year lease at 537 Warrigal Road in a deal negotiated by Gorman Commercial’s Dean Alexander. They will pay $35,000 per annum plus GST and outgoing for the property with a small commercial kitchen, retail area of 50 sq m, and a two-bedroom residence. A neighbouring property at 539 Warrigal Road has leased to a beauty/massage business for $28,000 per annum.

Melbourne

A former Nandos near Melbourne Central has leased to the operators of the Little Temperance Cafe. The 145 sq m shop at 1/339 Swanston Street, which includes a 50 sq m basement, leased for between $2300 to $2500 per sq m on a straight 10-year lease. Gorman Commercial’s Dean Alexander declined to comment on the rent achieved. The tenant was represented by Terrence Yeh of The Leasing Agency.

Hawthorn

The former BMW site at 693 Burwood Road has been leased to major retailer Baby Bunting on an 8-year lease at a rate just over $390 per sq m gross. Gorman Kelly’s Nick Breheny said Baby Bunting will relocate from down the road to the 1332 sq m building.

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