The allure of a 10-year triple net lease to infrastructure construction company McConnell Dowell resulted in an industrial warehouse selling for $7.35 million through JLL’s Adrian Rowse and Matt Crofts, reflecting an initial yield of 4.9 per cent. “The property at 13-15 Cherry Lane was a strong offering in a supply starved market … that attracted significant buyer interest,” Mr Rowse said.
Despite its sales campaign being interrupted by COVID-19, a shop at 439 Keilor Road sold for $1.4 million at a tight 4.25 per cent net yield to a self-managed super fund investor. Fitzroys’ Mark Talbot and Chris Kombi said, although the auction for the property leased to Ferguson Plarre Bakehouses on a secure 6+6-year term was cancelled, the subsequent sales campaign generated more than 130 inquiries.
An investor swooped on an office/warehouse at 6/177 Beavers Road. The property sold privately through Prowse Burns’ Philip Prowse for $1.56 million. The 730-square-metre building has a 130-square-metre office and 10 car spaces.
An office/warehouse at 39-41 Mount Street in Prahran has sold for $4,425,000. The warehouse sold through an expression of interest campaign run by Gorman Commercial’s Jonathan McCormack and Andrew Prowse.
Sherry and empanada bar operator DoubleTree International (Australia) will open in a 47-square-metre ground-floor tenancy at 16 Toorak Road. In a deal brokered by Teska Carson’s Reece Israel, DoubleTree will pay $30,000 per annum on a three-year term with two further three-year options. Mr Israel said the property benefited from its prominent Toorak Road frontage.
OZ Caravan Hire has leased a corner site at 1801-1803 Sydney Road. The recreational vehicle trader took the 5001-square-metre site with a showroom and covered servicing facilities on a three-years-and-six-month lease at starting rent of $110,000 plus outgoings and GST, said Gray Johnson’s Stephen Buchan and Rory White. The landlord gave an initial rent-free period until November 1, although the lease starts from June 1.
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