Boutique fund Forza Capital has sold a 90 Camberwell Road office, fully leased to electronics company Epsom as its Melbourne headquarters, for $6 million. The fund manager offloaded the 630 sq m office and showroom on an 842-square-metre site on a 4.65 per cent yield in a deal negotiated by Fitzroys’ Paul Burns. Epson, currently fitting out the premises, recently signed a 5+5+5-year lease returning $279,000 per annum with 3.75 per cent annual increases.
A pandemic-proof property took just two weeks to find a buyer: a medical practice at 270 Seaford Road has been sold through CVA’s Daniel Philip and John Nockles for $2.3 million. It sold to a medical operator who will use the existing improvements for their medical practice, they said.
A business owner wanting to relocate from the city to St Kilda Road snapped up two ground floor offices at 105-106, 470 St Kilda Road. The buyer paid $1.35 million, Gorman Commercial’s Tom Maule and Jonathon McCormack said.
Box Hill South
A vacant property at 12 Clarice Road sold for $1,625,000. Gorman Commercial’s Dean Alexander said the deal showed the strength of the market despite COVID-19 restrictions as it sold at a building rate of $2625 per square metre.
Two brothers who run a plumbing and electrical business have swooped on a 276-square-metre warehouse at 3/1 Bungaleen Court, paying $1576 per square metre. Crabtrees Real Estate’s Megan Miles and Andrew Loudon negotiated the deal for the property, which is leased at $3000 per month on a short-term tenancy.
A developer has paid $1.5 million during lockdown for a retail/office property that was on the market for nearly two years via six different agents. Teska Carson’s George Takis, who brokered the deal with Michael Ludski, said 415 Bay Street ultimately sold with vacant possession to a buyer who viewed it via a video walk-through.
An office/warehouse at 3/132 Keys Road has transacted on a tight 5.1 per cent yield. The property, returning rent of $70,922.64 per annum net, sold through CVA’s Daniel Philip and John Nockles for $1,385,000.
Two owner-occupiers purchased two strata office suites off the plan in MAB’s development at 43-57 Blazey Street for a combined price of $1,211,500 plus GST. The development is attracting inquiry from CBD-based professionals, Knight Frank’s Matthew Romanin and Nick Bisset said. It sold in conjunction with Colliers’ Ted Dwyer and Chris Ling.
It might be occupied by Cheap as Chips, but a large 1868-square-metre showroom at 173-183 Murray Street sold for $3.72 million on a yield of 7.4 per cent. Occupied by the national retailer, the 2460-square-metre site in the heart of Colac sold through Savills Australia’s Rick Silberman and Steven Lerche.
An office/shop at 3/201 Ormond Road sold to an owner-occupier for $405,000, Philip Prowse from Prowse Burns Commercial said.
Foodies are taking smaller retail spaces as demand for takeaway and home delivery booms. Fitzroys’ Tom Fisher has leased a 35-square-metre space in the Lido Cinemas complex at 679 Glenferrie Road to the Cookie Box in a 3+3-year deal at rent around $1300 per square metre. A short distance away, at 642 Glenferrie Road, 99 Pancakes signed a 4+4-year lease at $42,000 per annum for a fitted 50-square-metre corner space.
Poly Global has leased a 284-square-metre Box Hill office from South Haven, paying $380 per square metre under a three-year lease. Just minutes from Box Hill Central, Poly will use the office as a display suite for its new nearby mixed-use project, Colliers International’s Ash Dean, John Howell and Damien Adkins said.
Aged care services provider Promptcare has taken a three-year lease in a 427 sq m ground floor office at 722 High Street. Gorman Commercial’s Richard Height said Promptcare was searching for larger ground floor space close to its current office.
A fitted 150-square-metre property at 151 Commercial Road has been leased to a Mediterranean eatery at $55,000 per annum plus outgoings and GST, on a 4+4-year term, said Lewis Waddell from Fitzroys.
An MP has taken a five-year lease over a ground floor office at 197 Riversdale Road. Gorman Commercial’s Richard Height transacted the deal.
Public transport company ComfortDelGro has leased a 170-square-metre office suite at 10/1 Milton Parade through Gorman Commercial’s Richard Height. The company signed a three-year lease at an undisclosed rent, but rates in the area are around $310 per square metre.
The Victorian Civil and Administrative Tribunal has leased a 942-square-metre office at 1 Balmoral Street in a 10-year deal at $310,000 per annum net. The lease was negotiated and closed by Nichols Crowder’s Linda Ellis.
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