Cremorne still a hit with investors

Rowville

Crabtrees Real Estate’s Megan Miles and Joe Monea negotiated the sale of an office/warehouse at 1/12 Macro Court for $601,000 to a local owner/occupier. “Even though the property was listed at the height of the pandemic, we were confident the demand for such facilities would result in a sale,” Ms Miles said.

Cheltenham

Demand for classic brick warehouses in the south-east remains popular. A 418 sq m building on 618 sq m of land at 1 Hewitt Street sold with vacant possession for $965,000. Andrew Pannam from Nichols Crowder said the sales campaign generated 76 inquiries.

Braeside

A fully fitted food production facility with a long-term secure tenant sold to an investor for $800,000 in a deal negotiated by Crabtrees Real Estate’s Rod King and Andrew Loudon. The factory at 24a Braeside Drive is returning rent $62,496 per annum net from Prestige Food Manufacturing Pty Ltd who just recently renewed a six-year lease.

Coburg North

An industrial warehouse at 10-12 Hocking Street has sold through CVA’s John Nockles and Craig McKellar for $2.09 million. The property, leased to CCC Operations trading as chocolate maker Ernest Hillier, changed hands on a yield around 7.35 per cent. Ernest Hillier also occupies the building directly behind the premises.

Kew

A small shop near Kew Junction at 149 High Street was snapped up for $1 million. The premises, rented for $33,745 net a year until October, sold on a strong 3.4 per cent yield, according to Philip Prowse from Prowse Burns Commercial.

Burnley

In a tightly held pocket, a strata office at 5/151 Barkly Avenue had multiple offers from buyers and was sold one week into being marketed. The 170 sq m office sold for $750,000 through Morley Commercial’s Josh McMullin.

Hampton Park

Telco giant Telstra has sold a ready to develop vacant site at 104 Robjant Street in a deadline private sale for $460,000. Gray Johnson’s Rory White said the 1122 sq m, of which a total of 895 sq m is available for potential development, was purchased by a local residential developer-builder.

LEASING

Richmond

A 110 sq m ground floor shop at 166 Swan Street, next to Messina and directly opposite Grill’d, has been leased to Mexican food chain Zambreros. The property received multiple offers and achieved a sq m rate above $700, Morley Commercial’s Tom Larwill said.

Richmond

The former home of Jimmy Grants at 427 Church Street has been leased to burger franchise New York Minute for seven years. The deal was transacted at an annual rental of $100,000 per annum net, Teska Carson’s Michael Taylor said.

MOVERS

Leedwell Property has expanded its industrial and logistics team appointing former CBRE sales and leasing specialist Renee Ferraro.