Good bones get local investor across the price line

A healthcare investment in North Melbourne has sold for $5.25 million to a local private buyer.

Gray Johnson’s Matt Hoath and Rory White managed the expressions of interest campaign and sale of 64 Chapman Street on an indicative yield of 5.2 per cent.

Comprising two buildings with a combined area of 414sq m on an 872sq m site, the property is leased to orthopaedic practices VicOrtho, which is on a new six-year lease plus option, and Orthokids.

VicOrtho’s two-level head office tenancy includes consulting rooms and a radiology centre. The address is close to major hospitals.

Mr Hoath said healthcare investments were firmly on the watch of property investors.

“More specifically, those which are anchored by reputable healthcare operators,” he said. “The recent COVID-19 situation has shown the importance of responses to public and community health.”

Assets add up

Two western Sydney industrial properties have sold at auction for a combined total of close to $9 million.

A tenanted 1791sq m warehouse at 63 Leland Street, Penrith, sold under the hammer to a private investor for $4,755,000, reflecting a yield of 5.01 per cent. CBRE’s Brendan Wein and Matthew Alessi, and PRD’s Rob Tappouras and Jay Morosi negotiated the Penrith sale on behalf of Rise Projects.

A 1649sq m office-warehouse at 9 Melissa Place, Kings Park, sold for $4,105,000 to Napier Holdings. CBRE’s Mr Wein and Matthew Alessi managed the sale for a private client. Six registered bidders and 48 bids pushed the sale price $100,000 past the reserve, equating to a 5.25 per cent yield.

Family eye future

A 1087sq m retail strip property in southern Sydney has sold at auction for $4.75 million to a private investor.

Ray White’s Samuel Hadgelias and Con Economos negotiated the sale of 39-47 Station Street, Engadine, on behalf of the family who had owned it for more than 40 years.

The property, which is home to a pet shop, an orthodontist and a restaurant, was marketed with future development potential.

In the can

A warehouse in Sydney’s west has sold to a private owner-occupier for for $1,305,000.

LJ Hooker Commercial’s Aymen Sobbi and Marcel Elias took 32 Cann Street, Guildford, to auction. The renovated property is a 300sq m free-standing warehouse and office on a secured site of 405sq m.

Houses on the hill

A block 5 kilometres from the Brisbane CBD with development approval for five terrace houses has sold for $1.9 million.

Ray White Special Projects’ Mark Creevey and Tony Williams managed the expressions-of-interest campaign and sale of 56 Aston Street, Toowong.

Child at heart

ASX-listed property group HomeCo has added a newly built property in the Melbourne suburb of Tarneit to its portfolio of childcare centres.

CBRE’s Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto, acting for a private vendor, negotiated the $6.57 million sale of 80 Homebush Drive on a yield of 5.75 per cent.

The 2093sq m building on a 2305sq m corner site can accommodate 140 children. It is leased to Explorers Early Learning for a 15-year term with two 10-year options.

Mr Twelftree said the sale was the sharpest result for a childcare centre in Melbourne’s western corridor in the past three years.

Park it off market

An industrial property in Sydney’s north-west has sold to an owner-occupier for $9 million.

LJ Hooker Commercial’s Marcel Elias managed the off-market deal for vendor Yalbeer. The 3304sq m building is on a 5867sq m site at 10 Garling Road, Kings Park.

Pipe dream

Swan Plumbing Supplies has taken the plunge in Melbourne’s north-west, buying a new 1043sq m office, warehouse and showroom property for $2 million before it was taken to market. CBRE’s Jake George negotiated the off-market sale of 30 Slater Parade, Keilor East, for the private developer, and Jacx Property’s Steve Bennett acted on behalf of Swan.

Fund times

A distribution centre property in Campbellfield, north of Melbourne, has sold off market to a Centennial Industrial Logistics fund for $13,297,000.

CBRE’s Daniel Eramo and James Jorgensen steered the sale of 40 Decco Drive, a previously owner-occupied landholding of 35,719sq m with a 9361sq m prime-grade flexible building.

Mr Eramo said the property’s attributes included 10 metres’ internal clearance, multiple loading faces and formats, high power supply and low site coverage, which allowed for future expansion and development.

Runaway rate

The sale of a warehouse in Melbourne’s north-west reflects a building rate of $2580 per square metre for its private vendor.

Colliers International’s Corey Vraca and Mitch Purcell managed the $560,000 sale of 24/72 Logistics Street, Keilor Park – a property in Translink Business Park close to Melbourne International Airport.

This column returns next year. Submissions to property@afr.com.