The Freshwater Place home of TGI Fridays has sold under the hammer for $6,532,500. CBRE’s Julian White, Nathan Mufale, Alex Brierley and Leon Ma steered the auction as four bidders fought it out to secure the two-level, 461 sq m strata shop. It changed hands under the hammer for well above the $6.15 million reserve. The sale price reflected a building rate of $14,170 per sq m and a yield of 5.4 per cent based on a lease to the global TGI Fridays restaurant brand. “The pricing reflects the chronic shortage of available stock for sale in the Melbourne CBD,” Mr White said.
Investors aggressively chasing returns have outbid developers to snare 17-23 York Street on a sharp 2.7 per cent yield. Stephen Gorman and Dean Alexander from Gorman Commercial handled the sale of the single-level warehouses on behalf of the family who originally built the property in the 1960s.
Agents Gray Johnson had a privately owned industrial showroom and warehouse at 15 Thompson Street listed for lease with an indicative asking rent of just $46,000 net when a buyer appeared with an offer of $1.51 million to purchase the property. Rory White said the owner promptly accepted their deposit on a 90-day settlement for the 230 sq m warehouse.
The suburbs are achieving similar strata office results to the CBD. Stephen Gorman and Jonathon McCormack of Gorman Commercial said Suite 2 at 1127 High Street sold for $1.7 million on land rate of $10,691 per sq m. “This strong lease to Burke & Associates Lawyers created the perfect investment for yield-starved investors,” Mr Gorman said.
Box Hill South
CVA Property Consultants’ Ian Angelico and Jarrod Moran have negotiated the sale of an office/ warehouse, Unit 13 at 29-31 Clarice Road, for $1.15 million. The 336 sq m property has an open plan first floor office and high clearance warehouse with roller door access.
Near the ???mega mile,’ a ground-floor 1000 sq m showroom has leased for $140,000 a year on a 5+5+5 year term. CVA’s Jarrod Moran and Stan Dawidowski struck the deal for 648 Whitehorse Road with a domestic homeware supplier that is expanding from Perth.
Expense management provider Inlogik has taken bigger premises at 192 Burwood Road, in a leasing deal negotiated by Colliers International’s Sarah Jack, Kevin Tutty and Tom Rothel. Inlogik relocated int a 979 sq m recently refurbished space at 192 Burwood Highway paying $420 per sq m gross face rent.
Remedy Drinks, the bottled kombucha brand, has leased a whole 500 sq m floor, plus two large terraces at each end, on Level 2 at 6 Bond Street for use as its head office. Samuel Friend and Stephen Land from Fitzroys negotiated the lease for a private landlord. Remedy was represented by Marcus Quinn and Burke & Associates Lawyers from Quinn Reynolds. The three-year lease has two further three-year terms, and was struck at $270,000 per annum.
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