New restaurant for university's Carlton precinct
A first-time commercial property buyer has secured a freehold building opposite Melbourne University at 167 Grattan Street, Carlton, for $1.68 million.
Having recently migrated to Australia, the purchaser was determined to find a property supporting hospitality, identifying the university precinct as an ideal location. They plan to open a Chinese barbecue restaurant on the site.
Stonebridge Property agents Sarah Xi, Rorey James, Nic Hage and Max Warren handled the sale.
Braeside
A hotly contested auction has reconfirmed market strength for well presented, renovated industrial property.
Nichols Crowder, together with Tsimos Commercial Property, sold a 550-square -metre warehouse just off Boundary Road – at 29 Tarnard Drive – under the hammer for $2.13 million, representing a building rate of $3873 a square metre.
Soon after the auction, an identical adjoining property was also sold for $2.15 million.
Port Melbourne
NSL Property Group has sold a 700-square -metre office/warehouse at 11-15 Rocklea Drive in an off-market deal for $3.2 million.
Guy Naselli brokered the deal with the expanding Ashmark Institute, which has a number of Victorian campuses and a head office in North Melbourne.
Bentleigh
Fitzroys agents Mark Talbot and Tom Fisher have sold at auction 697 Centre Road – occupied by global giant Pizza Hut – for $855,000 on a tight 4.3 per cent yield.
The strata-titled property has a 5+5-year lease with its 20-year tenant, ending in 18 months.
Talbot said the sale price was $55,000 over the reserve and reflected a high building rate of $9300 a square metre.
Rowville
Gorman Allard Shelton has sold a 340-square-metre industrial unit at 3, 9 Viewtech Place at auction to a local investor for $875,000 – a sharp yield of 3.4 per cent.
The property is leased to long-term tenant Dana Precision, a manufacturer of precision components, for $31,725 a year. It has 12 months to run on its lease, with a further option of three years.
Dean Alexander and Nathan May handled the sale.
Balwyn North
Gray Johnson has sold four shops on a single title in the Greythorn Central retail precinct at auction for $3.65 million.
The properties – at 275-277 Doncaster Road and 1, 1A and 1B Sylvander Street – are on 507 square metres of land with a building area of 365 square metres. Brett Simpson and Tom Burley brokered the deal.
Hawthorn
A local owner-occupier paid $5.1 million at auction for an East Hawthorn showroom in the busy Burwood Road precinct, near Auburn railway station.
The 1183-square-metre double-storey building at 157 Auburn Road is on two separate land parcels totalling 1067 square metres.
Colliers agents Ben Baines and Alex Browne ran the auction for vendor Marco Fabrics, which has operated out of the property for 30 years.
Campbellfield
CVA has sold a 1060-square-metre warehouse at 30 Sarah Street to a local investor for $2.4 million.
The property failed to sell at auction last year, but with freehold stock in the city’s north quite scarce, more than 149 inquiries and several formal offers were made. Craig McKellar and Luca Angelico handled the sale.
LEASEWhittlesea
The City of Whittlesea has leased a former Westpac Bank at 61-63 Church Street.
Burgess Rawson’s Ben Luu negotiated the 3+6+6-year deal at an undisclosed annual rental.
The single-storey building has an area of 277 square metres on a site of 470 square metres.
“This hub will bring more of our services out to the farthest region of our municipality,” said City of Whittlesea administrator Lydia Wilson.
Bayswater
A 948-square-metre industrial warehouse on a 2033-square-metre block at 14 Sydney Road has been leased for $118,500 a year. Colliers agents Andrew Chrapot and Harry Larwill brokered the deal.