Bowls club scores trophy for playing fields
Southern Indoor Bowls Club has sold its landmark Caulfield premises. Photo: Supplied

Bowls club scores trophy for playing fields

The Southern Indoor Bowls Club has scored a trophy price for its 50 year old South Caulfield playing fields.

Bidding for the space, at 348-354 Hawthorn Road, a former theatre, surged more than $1 million over its reserve to sell for $10.26 million.

The former Camden Theatre has housed the bowls club since 1968 but declining membership, technology and better grass management at traditional outdoor venues rendered it redundant.

Savills agents Clinton Baxter, Nick Peden and Glenn Ye took bids from eight separate developers, all attracted by its 2295 square metre size and Commercial 1 zoning.

“We were literally ‘bowled over’ in the rush,” Mr Baxter said.

“And the ultimate sale price being well above the reserve of $9 million and at a remarkable $4,500 a square metre for the land demonstrates the confidence that is rapidly returning to the market post-federal election.”

The club has a 15-month settlement on the property so it can fit in one more season next year. Funds will be distributed to other bowls clubs in the area.

Canterbury tale

A Canterbury office building has sold off-market more than six months after passing in at auction.

Title deeds show the three-level office building at 19 Shierlaw Avenue settled this month with Jianme Wang’s Long Yang Holdings paying $11 million.

Jeremy Gruzewski struck the deal for the rebadged Aston Commercial, previously known as Beller Commercial.

Mr Gruzewski said “it was a ripping result in any market.”

“It shows there’s a lack of stock in the market. There’s fewer choices for people,” he said.

The 1570 square metre property is fully leased to three tenants, returning $592,795 a year. The deal reflects a yield of 5.3 per cent.

Last year the ground floor was vacant and the vendors, Scott McVilly and Rosse Clarke, directors of construction firm Buildcorp, were offering a 24-month rental guarantee.

Beller Commercial was founded 12 years ago by Fred Nucara and Beller director Andrew Fawell.

The move to establish a separate identity as Aston Commercial – a play on its location as “a Stonnington agency” – comes as Beller and its project marketing business merges with Buxton.

Wynne wins

State planning, housing and multi-cultural affairs minister Richard Wynne will have an even shorter walk between offices when his electoral digs move down to 188-196 Gertrude Street, Fitzroy.

The member for Richmond is shifting from 232 Brunswick Street but as a minister he also works out of an office on the city fringe at St Andrews Place.

Mr Wynne has a four lease, with a four year option, over the 135 square metre space, paying $87,500 a year.

Title deeds show the building is owned by former Carlton football player Barry Armstrong, who bought it in 2013 for $7.25 million.

The ground floor space was long-occupied by Deans Art Supplies, next door to Gertrude Contemporary art gallery but times are a-changing in Fitzroy and Collingwood and offices have overtaken art.

Gray Johnson leasing agent Rory White, who struck the deal, has negotiated tenants for all three refurbished floors to high tech, IT, web design and consultancy businesses.

West Coast footy player Tyson Stenglein also has an office upstairs with his Space Between graphic design business leasing a 432 square metre office last year.

Hospital

The first day surgery hospital to sell this year was auctioned via a live-streamed boardroom event last week.

The Cheltenham hospital, offloaded by German-based healthcare business Fresenuis Medical Care was snapped up by a local investor paying $5.52 million, on a yield of 5.1 per cent.

It’s leased to day surgery outfit Cura Group – taken over by Fresenuis in 2017 – for a ten year period.

The 551 square metre hospital at 26-28 Chesterville Road hospital is on 1172 square metres of land zoned General Residential. Cura pays $282,487 a year.

CBRE agents Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto handled the live-streamed auction, which involved four active bidders.

Mr Peluso said it was the first of its kind but could become more popular especially for hospitals and childcare centres which are sensitive about crowds and visitors.

”We had a number of requests to view the auction by medical professionals and investors across the globe, which is why we chose to make the auction available via live stream – maximising the price for our client,” Mr Twelftree said.

Anywhere Auctions handled the technology for CBRE.

Bubble tea

Bubble tea continues its takeover of Melbourne’s CBD with the once ubiquitous yeast-wafting Subway giving way to the tapioca-laden beverage.

The Alley LuJiaoXiang is opening its second CBD store at 103 Elizabeth Street – previously occupied by Subway – paying $200,000 a year for five years.

Bubble tea to take over Subway on Elizabeth Street.
Bubble tea to take over Subway on Elizabeth Street.

Fitzroys agent Alex Shum said the rental reflects a price of $2667 a square metre.

The bubble tea phenomenon is being driven by international students, Mr Shum said.

The Alley LuJiaoXiang already has a shop at QV on Lonsdale Street and the new location close to Flinders Street railway station gives them a footprint in two busy locations.

Mr Shum also recently leased a 50 square metre shop at 59 Elizabeth Street, closer still to Flinders Street Station, to international chain Gotcha Tea at $165,000 a year.

Panel beating

Kensington Village’s panel beating shop, the Melbourne Collision Repair Centre, could be on the move with the large corner site coming to market.

The Kensington smash repairs business is in three buildings covering 438 square metre at 458-470 Macauley Road, on the corner of Rankins Road.

David Deicke’s panel beating business has a lease until January 2020 but with no options.

A deceased estate is selling the property via auction on July 19 through CBRE agents David Minty, Dylan Kilner and Chao Zhang, who are expecting more than $2.5 million.

At the city end of Kensington village, the Quiet Man hotel sold in late 2017 for $6 million to a developer at the market peak.

There’s been no movement on plans to demolish the atmospheric Irish pub which continues to trade.

CBRE have another panel beating shop on their books south of the CBD in the Fishermans Bend precinct.

The owners of Winfield Automotive are offering their 2746 square metre Capital City zoned land holding for sale on a five year lease back arrangement.

The 276 Ingles Street property has an existing 1700 square metre warehouse and returns $450,000 a year in rent.

It is expected to sell for more than $9 million. The planning uncertainty down at Fishermans Bend combined with the residential downturn has impacted on land prices and turnover.

Just down the road, 222 Ingles Street, is still waiting for a buyer.

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