Home of Burwood Nissan sells for $11m

Mornington

The cinema at 1 Main Street has sold for $3.72 million. A crowd watched the hammer fall and the property sell for the first time in 35 years, Jacobs and Lowe’s Peter Skewes and Jeremy Lewis said.⁠⁠ Four bidders pushed the price $420,000 above the reserve. It sold in conjunction with Vinci Carbone.

Box Hill

A corner property at 406 Elgar Road sold through Gorman Commercial’s Dean Alexander and Stephen Gorman at auction for $1.8 million. In a residential growth zone, it was purchased by a medical specialist looking to upgrade and occupy the existing building.

Preston

The second-hand boom has prompted furniture dealer Mrs. Secondhand to buy an industrial unit as a distribution centre for its expanding business. Fitzroys’ Ervin Niyaz negotiated the off-market sale of the vacant 196 sq m warehouse at 7/188 Plenty Road for $520,000.

Keysborough

Leased to Mansfields, a warehouse at 15 Fiveways Boulevard has sold through Prowse Burns Commercial’s Philip Prowse for $7 million. Returning $365,149 in annual rental income, it fetched a yield of 5.2 per cent. The EOI had nine submissions, Mr Prowse said.

Toorak

An owner-occupier has swooped on a fitted out office suite 302 at 521 Toorak Road. Gross Waddell ICR’s Raoul Salter said the property fetched $700,000 and a building rate of $7000 per sq m with more than 60 inquiries.

Albion

Five bidders pushed the price of a reception centre owned by the Royal Children’s Hospital to $1.91 million – more than $1 million over the reserve. Teska Carson’s George Takis said he was “inundated with inquiry” and the property sold at the very healthy building rate of $4681 sq m.

LEASES

Camberwell

A fully renovated, ex-Aussie Disposal store at 696 Burke Road has leased to a beauty business for $50,000 per annum. Gorman Commercial’s Dean Alexander said Burke Road is slowly filling vacancies.

North Melbourne

Mission Australia has negotiated the surrender of a commercial lease, with the site at 77-81 Boundary Road swiftly occupied by panel beater Euro Collision Care. Gray Johnson’s Rory White said the charity needed to vacate 765 sq m warehouse because of the COVID downturn. Euro signed a 3-year lease at annual rental of $130,000 net.

Fitzroy

The Modern Furniture Store is understood to have leased a 320 sq m showroom at Unit 2 at 189 Johnston Street for around $370 per sq m net. Gorman Commercial’s Dean Alexander was the agent but he declined to comment.