Rundown shop and house sells for three times reserve

Colliers International’s Jordan McConnell and Frank Oliveri took the property to auction under instructions from Margaret Hole and Peter Kensey acting as trustees appointed.

The buyer is a local developer.

“It’s not often we see results this strong in the room but to end up 364 per cent above reserve demonstrates why we use auctions,” Mr McConnell said.

IT crowd

An owner-occupier in the IT service and retail sector paid $10 million for an office-warehouse at Maribyrnong, in Melbourne’s inner west.

CBRE’s Bryce Pane and Harry Kalaitzis negotiated the sale of 2-4 Mephan Street with Bosisto Commercial’s Glyn Bosisto and Tom Davis. The property is an 8364-square-metre office-warehouse on a 14,900-square-metre site.

The buyer is one of the biggest IT hardware retail chains in Victoria, according to the agents.

Crane attraction

An industrial property on a 10,800-square-metre landholding in Perth’s southern suburbs sold for $3.2 million to an owner-occupier.

JLL’s Nick Goodridge and Jeremy Parasiliti sold the factory-office-workshop at 41 Miguel Road, Bibra Lake, via an offers-invited campaign.

“The property presented an opportunity to acquire an underdeveloped site with value-add and development potential,” Mr Goodridge said.

The property has a building area of 1186 square metres and includes a 10-tonne gantry crane.

Woodstock era

A private investor has bought an industrial property in Guildford, west of Sydney, for $6.8 million.

Ray White Commercial’s Joseph Assaf, Victor Sheu and Peter Vines sold 69 Woodstock Street by expressions of interest.

The 3462-square-metre office-warehouse on a 6102-square-metre site has three street frontages.

“The property has been owner-occupied by Class Windows and Kitchen Elements for over two decades,” Mr Sheu said.

Rule of threes

A retail strata trio at a shopping centre in Melbourne’s northern corridor sold for a combined $2.9 million.

Fitzroys’ Chris Kombi and Lewis Waddell negotiated the sale of 301, 305 and 309 Harvest Home Road, Epping, at Lendlease’s Aurora Village.

One shop is leased to Bottlemart, another is home to Suburban Grill and the third is leased to Aurora Groceries.

The properties sold to three separate purchasers, including self-managed super fund buyers and experienced investors, the agents said.

Mr Kombi said strata-titled properties had grown in focus.

“Strata-titled property offers an easier management proposition, with an owners corporation overseeing maintenance, while low land tax liabilities don’t cut into the return,” he said.

Power purchase

A near-new industrial unit west of Melbourne has sold for $200,000 to a family business.

The sale price of 12/55 Barretta Road, Ravenhall, by JLL’s Blake Grewar, equates to $2500 per square metre.

The 80-square-metre property, which sold three years ago for $150,000, has secure on-site parking, electric security gates and container-height electric roller shutter access.

“The property was bought by a father-and-son duo to expand their electrician business,” Mr Grewar said.

Auction stations

A retail-office property in Melbourne’s south-east with a two-bedroom flat upstairs has sold in an online auction for $724,000.

The sale of 344 Bay Road, Cheltenham, by Ray White Commercial’s Ryan Amler achieved a result $14,000 over the reserve price.

The 220-square-metre property has been leased to a remedial massage business since 2018.

Mr Amler said the auction had to be changed from on-site to online quickly because of the return of pandemic restrictions.