A strata office on the third level at 620 Bourke Street snared a 10 per cent uplift in just 10 months after changing hands for $2.15 million, Colliers International’s Chris Ling, Anthony Kirwan and George Davies said. The 252-square-metre office sold at a building rate of $8776 per square metre. “The property sold to an owner-occupier just one week into the marketing campaign,” Mr Ling said. In another deal, a 223-square-metre strata office, suites 210-216, at 430 Little Collins Street sold with vacant possession for $1,952,000.
A warehouse at 1-7 Ausco Place has sold with vacant possession for $2.3 million in a deal negotiated by Colliers International’s Luke Lowden and Sam Hibbins. The 1596-square-metre building on a 3016-square-metre site sold in a “hotly contested” private sale process, they said.
A boutique warehouse at 2 McLennan Drive returning $36,508 per annum has sold to a local investor for $795,000 on a yield of 4.6 per cent. Gorman Commercial’s Dean Alexander said the gated industrial complex on the former Simplot site was developed by Banco about 15 years ago.
A high-quality office warehouse at 3/38-42 White Street has sold at auction for $1.52 million. Leased to footwear retailer Edward Meller, the 548-square-metre building sold on a yield of about 6.1 per cent. Two parties pushed the final selling price well past the reserve, Julian Vautin from Nichols Crowder said.
Box Hill North
An investor outbid several rivals to snap up a vacant shop at 521 Middleborough Road. Teska Carson’s George Takis and Larry Takis said the property was knocked down for $860,000, following numerous bids from several parties at a well-attended auction. The single-level,100-square-metre brick building on a 214-square-metre site was offered for the first time in 38 years.
Vaughan Construction has sold a turn-key development at Lot 2, 17 Broadfield Road for $1416 per square metre. The 6212-square-metre purpose-built manufacturing and distribution centre, which will commence construction this year, was purchased by a manufacturer of aluminium windows and doors, CBREs Daniel Eramo said.
Construction of the new Mordialloc Freeway is spurring interest in surrounding regions. At 273 Boundary Road four parties pushed the auction price to $2.21 million, on a yield of 6.4 per cent. The two buildings on 2229 square metres of land had three long term tenancies, Nichols Crowder’s Julian Vautin and Matt Nichols said.
“We are still seeing good demand for assets in the $1 million to $5 million bracket particularly in Melbourne’s inner east and adjoining suburbs,” Gray Johnson’s Matt Hoath said. The freehold of 6 Churchill Street sold at auction well in excess of the $900,00 reserve set by the vendor. It went for $1,055,000 in front of a good auction crowd.
Just around the corner from the new Morris Moor development, 5 Lennox Street sold under the hammer for $2.4 million. Julian Vautin and Matt Nichols of Nichols Crowder said the property, with a new three-year lease, exchanged on a yield of 4.3 per cent.
A shop leased for $32,327 a year net at 47 Florence Avenue has sold for $1,038,000. Crabtrees Real Estate’s Chris McKenzie and Rodney King said the property, held in the same family since the 1950s, sold on a 3.11 per cent yield.
This warehouse “ticks a lot of boxes”, said Colliers International’s Stephen Ryan and Charlie Woodley. In the Paramount Estate at 148 Paramount Boulevard, it sold for $5.75 million on a per sq m rate of $1775. “The food-grade warehouse has insulation in the ceiling, full drive around access, a large canopy, an east-facing yard, a separate car park for truck movements and A-grade amenities,” Mr Ryan said.
A high-end fashion executive bought 13 Wren Road before auction for $1,045,000. The new owner plans to occupy part of the building and lease out the remainder, James Glen from Nichols Crowder says.
A shop leased to cafe Cannoli & Co Pty Ltd sold through CVA’s John Nockles and Jarrod Moran for $2,315,000 at a yield of 3.24 per cent. The tenant had recently renewed a 5+5+5 year lease for Shop 24 in Centreway at $75,000 per annum net.
A 140 sq m office/warehouse with front and rear access, unit 6 at 6 Bromham Place, sold for $870,000 on 5.75 per cent passing yield. Sold via a private campaign, it had three-year lease returning $50,000 per annum with the tenant paying all outgoings, Cushman & Wakefield’s Robert Colaneri and Andrew O’Connell said.
Shops 1 and 2 at 846 Bourke Street sold for $1.1 million on a net yield of 4.7 per cent. Leased to agency Nelson Alexander, the 137-square-metre property sold through CVA’s Jarrod Moran and Ryan Milivojac.
Scope has expanded to 290 Burwood Road, where it has leased 528 square metres in a deal negotiated by Colliers International’s Tom Rothel, Damien Adkins and Ash Dean. The NDIS provider will pay about $450 per square metre net to landlord Zagames.
A showroom/warehouse at 3/14 Queen Street on the corner of Rooks Road has been leased to national retailer Instant Windscreens and Tinting for $37,000 per annum plus GST and outgoings. “The building comprised a small showroom plus a high clearance warehouse and first floor office with a total building area of 430 square metres,” said Gorman Commercial’s Dean Alexander.
A fish and chip shop with upstairs residence has leased at 734 Glenferrie Road for $95,000 a year net on a five-year lease. Allard Shelton’s Jarrod Nankin secured a new operator after it was vacated with its fitout, plant and equipment in place.
The former French Milk Bar at 153 Weston Street has leased to hospitality operators who previously ran Dead Man Espresso in South Melbourne, Common Galaxia in Seddon and Sun Moth Canteen & Bar / Superbus Wine. Dean Alexander from Gorman Commercial said they took a five-year lease plus options at a starting rent of $65,000.
A recently refurbished 3296-square-metre factory at 1-11 McNaughton Road was leased through Crabtrees’ Chris McKenzie at a rental of $265,000 per annum net. National motor vehicle parts supplier ACM Parts took a 3+3 year lease.
Gorman Commercial’s Dean Alexander negotiated three separate leases in quick succession for three specialty shops in the popular Claudios IGA Supermarket complex at 13-15 Fawkner Street. The three 75-square-metre shops leased for $20,000 a year net each on varying lease terms.
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