A local businessman with plans to owner-occupy has bought a warehouse in Melbourne’s Collingwood for $8.4 million.
The older-style brick building at 163-165 Islington Street with exposed sawtooth timber trusses has an area of about 1200 square metres. It includes a warehouse with eight metres’ internal height, a coolroom-freezer and a commercial kitchen.
Gray Johnson’s Brett Simpson, who struck the deal, said developers as well as owner-occupiers were among the interested parties.
“However, the owner-occupier inquiries were strongest as developers, despite a perceived redevelopment potential for this substantial site, are currently somewhat constrained by the prevailing market perspectives,” Mr Simpson said.
The corner property is one block west of Hoddle Street and has three roller doors, with three-phase power connected.
The property was offered with vacant possession at settlement and was previously occupied by a seafood products business.
A Sydney-based developer has ventured into Victoria to secure a vacant block in the inner Melbourne suburbs with approval for an apartment project.
The 1700-square-metre landholding at 1542-1544 High Street, Glen Iris, sold for $5.68 million with a 30-day settlement.
CBRE’s David Minty, Nathan Mufale, Alex Brierley and Dylan Kilner negotiated the sale, which followed an expressions-of-interest campaign directed by the mortgagee in possession.
Five groups were shortlisted from an initial list of 14 bidders in the two-round campaign.
The permit approval is for a residential project comprising 22 apartments.
Mr Minty said Melbourne’s lower entry prices and higher population growth projections were helping to drive demand from Sydney developers.
Developer gets extra
Surplus NSW government land in Gosford on the NSW Central Coast has sold under the hammer for $2,205,000.
A local developer placed the winning bid for 11-15 Ward Street, a 2764-square-metre site opposite Gosford Hospital with two street frontages and close to the railway station.
Ray White Commercial’s Joseph Assaf, Victor Sheu and Peter Vines marketed the property.
“Prospective uses for the site varied from residential unit developers, boarding houses, and childcare operators,” Mr Assaf said.
A Hungry Jack’s investment in Cairns has sold at auction to a private investor for $5.21 million.
The freestanding restaurant – which has a new dual-lane drive-through facility – adjoins the Coles-anchored DFO Cairns shopping complex at 274 Mulgrave Road, Westcourt.
Burgess Rawson’s Glenn Conridge and Raoul Holderhead sold the 3188-square-metre site for Sentinel Property Group. The property attracted 19 bidders and the yield 163-165 Islington Street, Collingwood. about 4.7 per cent.
The property is leased to Hungry Jack’s until March 2030, with options to 2040. The auction was held in Melbourne.
Sentinel acquired DFO Cairns for $39.7 million in 2016. It is the only direct factory outlet centre north of Brisbane.
Developer checks in
A private Sydney developer has paid $4.2 million at auction for a bulky goods building in the Sydney suburb of Auburn.
CBRE’s Robert Dowdy and Alex Mirzaian negotiated the sale of 211-217 Parramatta Road, a freestanding building on a site of 2074 square metres.
The Auburn bulky goods district is home to national and international retailers such as Costco, Harvey Norman, Bunnings Warehouse, Fantastic Furniture, Adidas and Nike.
The agents carried out 28 inspections. Fifteen bidders registered and a total of 22 bids were placed.
The new owner has earmarked the site for a hotel development, according to the agency.
Plans in Prahran
The new owner of an inner-Melbourne office-warehouse plans to occupy and refurbish their $4,425,000 purchase.
Gorman Commercial’s Jonathan McCormack and Andrew Prowse marketed 39-41 Mount Street, Prahran, in an expressions-of-interest campaign.
The two-level freehold comprises building area of 822 square metres, configured as two separate tenancies, on a land area of 486 square metres.
The agents fielded interest from potential owner-occupiers, developers and investors for the property, which was offered with vacant possession and for the first time in 45 years.
A Perth-based investor has bought a retail investment property in the city’s north-east for $3,325,000.
Occupied on a 10-year lease by ASX-listed retailer Supercheap Auto, the standalone 750-square-metre building at 9 Locke Lane, Ellenbrook, sold in a cash deal and on a 6.5 per cent yield.
Vend Property’s Jeff Klopper negotiated the sale in the midst of the COVID-19 lockdown on behalf of an eastern-states based owner.
Green for go
A Sydney-Brisbane private syndicate has bought a residential development site in the Brisbane inner-southern suburb of Greenslopes for $2.45 million.
The buyer group edged out competitive locals to secure the 3489-square-metre property at 100 Nicholson Street, which has development approval for 21 townhouses – the second stage of the IVIE Residence project. The first stage, five four-bedroom townhouses with street frontage, is complete.
Savills Australia’s Robert Dunne and Will Carman managed the campaign and negotiated the deal.
Mr Carman said Greenslopes’ median house price is $720,000 with a median rent of $470 per week.
“In the last 12 months, Greenslopes has seen a 3.5 per cent increase in the average house price with demand well above the Queensland average,” he said.
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