Crazy Asian restaurant at 5-7/107 Bridge Mall has sold for $596,000. A Melbourne-based investor snapped up the shop in the historic Bakery Hill precinct on a 7.7 per cent yield in a deal negotiated by Burgess Rawson’s Beau Coulter and Jamie Perlinger. “This sale further highlights the strength of the regional investment market,” they said.
A site leased to Victoria Carpets at 7-29 Gladstone Road has sold for $14.75 million. Up Property sold to an offshore buyer through Knight Frank’s Gab Pascuzzi and Scott Braithwaite. It sold off-market, selling at a yield of 5.6 per cent with 6.5 years remaining on the lease to Victoria Carpets. The 11,500-square-metre warehouse is on a 20,500-square-metre site.
A rectangular shaped site with 80-metre frontage at 53-55 Canterbury Road has sold for $6.65 million to a developer, Savills’ Brad Esler said. The 26,610-square-metre site with a permit for a service station with industrial units at the rear was sold by 888 Property Group.
An overseas investor has bought Suite 301 in the art deco McPherson’s building at 546 Collins Street for $1.7 million. The 129-square-metre suite sold on a yield of 4.5 per cent with the sale price reflecting $13,178 per square metre. Knight Frank’s Jack De Lutis and Andrew Hansen handled the sale.
A developer has paid $3.5 million, at $9500 a square metre, and on a 2.3 per cent yield for a future development opportunity at 4-12 Langridge Street. Teska Carson’s Luke Bisset, who managed the sale with Matthew Feld and George Takis, said there were several bidders in a 100-strong auction crowd. The 358-square-metre standalone brick warehouse on a 368-square-metre site was zoned Commercial 1 with three street frontages. It sold subject to a five-year lease at a current rental of $81,120 per annum net.
A shop occupied by a NAB branch, Woodard’s estate agents and Mount Waverley Orthodontics at 264-266 Stephensons Road has sold for $5,101,000. “It is a significant property that received a lot of interest in the market,” said CBRE’s JJ Heng who sold it with Rorey James and Nic Hage. The property was returning $201,852 plus GST and outgoings and transacted on a yield of 3.96 per cent.
Five owner-occupier bidders pushed the sale price of 1-7 Chifley Drive on the Dundas Street corner $350,000 above the reserve. Auctioned by Gray Johnson’s Rory White, it went for $4.1 million. “The building has been occupied for many years by a packaging industry supplier that is relocating and the property was offered with an extended settlement in January next year,” he said.
Tom Maule and Stephen Gorman of Gorman Commercial in conjunction with Corser Property negotiated the sale of 112-114 Fordham Avenue for $1.15 million. The property was sold under the hammer, with five bidders competing, to an owner-occupier who will look to use the existing plans and permits for two townhouses at the rear.
Entry-level warehouse units in a new business park at 35-47 Hood Street have sold out within six months. Prices started from $410,000 for 24 modern units, with building areas ranging from 106 square metres to 153 square metres. They fetched a total of $11.5 million, ICR Property Group’s Raff de Luise and Julian Materia said. “We’re still getting interest after all units have been sold,” they said.
A 400 sq m warehouse/office at 10 Scoresby Road sold for $1.1 million through Jarrod Moran and Stan Dawidowski from CVA.
An investor paid $950,000 for an empty shop at 315 Bay Street. Teska Carson’s Luke Bisset and Michael Taylor said three bidders pushed the price to more than $130,000 over the vendor’s reserve.
A superior result for a superior location? The property at 33 Superior Drive sold through Cameron’s Will Cooper and David Johnson after only one week on the market fetching $925,000 and achieving a yield of 5.45 per cent.
Investors keen to be a part of Box Hill’s evolution into a Melbourne satellite city, competed for a neighbourhood paint shop, which sold under the hammer on a 3.2 per cent yield. Terence Yeh, of Fitzroys, sold the 160-square-metre freehold at 169 Middleborough Road for $995,000 on behalf of private owners.
A main road office warehouse at 47 Huntingdale Road sold at auction for $1.52 million. Crabtrees Real Estate’s Rodney King and Aaron Bensimon said it was offered with vacant possession and features a clear-span warehouse of 468 square metres on a substantial 734-square-metre landholding.
“There is a growing generation of Melburnians that prefers to live and work across the inner city. More businesses are looking to cater for this, say Fitzroys’ Stephen Land and Peter Weatherby. They negotiated a 10-year lease at 3G Marine Parade to electrical engineers Tekt Industries. Tekt leased the hybrid warehouse at $192,500 per annum plus GST.
Once a lounge bar, tavern and live music venue, a now vacant shop at 61 Glen Eira Road in the Ripponlea shopping strip has been leased. Gray Johnson’s Rory White said the new tenant for the two-storey property, opposite Attica restaurant, will continue with the lounge bar theme. They signed a five-year lease at $45,000 net plus GST.
Burger bar Jacky Jones will move into Shayher Group’s Pentridge Prison redevelopment in a lease deal negotiated by Colliers International’s Mark Reid. The 105-square-metre site will be Jacky Jones’ second outlet. It signed an eight-year lease at gross face rent of $864 per square metre.
Industrial training and license provider Foresite Training has secured a five-year lease over 92-94 William Angliss Drive. CBRE’s Ricardo Cappelletti, Tom Murphy, Todd Grima and Fergus Pragnell negotiated the lease at an annual rate of $300,000 plus GST within one month of managing the sale transaction for the property.
A 720-square-metre office and warehouse at 88 Herbert Street has leased through CBRE’s Guy Naselli, Jake George, and Ben Quennell to Able Australia Services. Formerly the home of Silver Top Cabs, it leased for $100,000 per annum net for five years.
A taekwondo gym has taken a lease on an industrial unit at 4/72-80 Hampstead Road. V Team Taekwondo leased the 420-square-metre warehouse through CBRE’s Ben Quennell, Jake George and Fergus Pragnell on a two-year term.
Mortgage broker In2Financial has agreed to lease a double-fronted building at 115 Gardenvale Road. Brokered by Teska Carson’s Fergus Evans and George Takis, the long-term lease will return $65,000 per annum net for the lessor. The property has a split-level office/showroom with boardroom, kitchen, staff room and reception area.
Crabtrees’ Anthony Mondous and Megan Miles brokered the lease of four industrial showrooms at 1-4, 536-546 Clayton Road at an average per square metre rate of $152. The 354-square-metre high clearance showroom/warehouses had main road exposure.
Cameron Hunter has joined GormanKelly as a senior sales and leasing consultant. He previously worked at Colliers and JLL.
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