The card’s in the mail and so is the cheque. Cameron’s Angus Clark and Ivo Redmond sold Biscay Greeting Cards’ 7830 square metre warehouse at 108 Logis Boulevard to a local owner-occupier for an unprecedented $12 million. “This buoyant south east industrial market truly does speak for itself,” Mr Clark said.
BLAH: it says in big letters on the front fence of a Victorian cottage at 109 Langridge Street. The property’s defiance didn’t stop investors paying a premium $1,085,000 price. It’s $10,000 per square metre pricing normally reflects a mixed use or commercial 1 site, Beller Commercial’s Liam Rafferty said. “The site is ripe for multi-level office redevelopment or as a landbank opportunity in this fast-evolving precinct. Collingwood is becoming the place to be.”
Prime retail with strong tenant profiles are in demand. Fitzroys’ Mark Talbot and David Bourke sold 67 Church Street for $2.41 million under the hammer, with the sale price reflecting a land rate of $39,000 per square metre and a sharp yield of 3.2 per cent. The shop, leased to Solomon Lew’s stationery company Smiggle, attracted more than 90 inquiries.
It took 300 bids at the auction of 50-54 Duke Street for an owner-occupier to fight off a developer and secure the property for $3.126 million. The marathon auction saw the 358 square metre single-level building on a 675 square metre site sell for $426,000 above the vendor’s reserve, Teska Carson’s Matthew Feld and Luke Bisset said.
Leased to Total Care Medical Group for the last 40 years, 194-196 Karingal Drive sold in a private sale for $5.4 per cent. CBRE’s Sandro Peluso, Bianca Butterworth, Josh Twelftree and Kinson Wong sold the centre which offered dental, general practitioner and other allied health services.
Aided by a recent renovation and surging office market, a two-level office at 120 Moray Street saw strong capital growth when it sold for $1.89 million after heavy bidding by investors and owner occupiers. “It resulted in a $690,000 uplift in just 12 months,” CBRE’s Rorey James, Max Ruttner, Jing Jun Heng and Alex Brierley said.
A private investor and owner occupier have each purchased an individual office suite at 240 Plenty Road for a combined total of $922,500. Knight Frank’s Nick Bisset and Matthew Romanin said: “There continues to be a strong demand for strata office suites in the University Hill precinct.”
A vacant shop with a fully renovated three-bedroom apartment above at 1341 Burke road sold post after auction for $1,175,000. Gray Johnson’s Brett Simpson and Rory White said the two-storey brick shop and dwelling passed in at auction in front of a large crowd but sold immediately afterwards to a local owner-occupier. It was previously occupied by The Nappy Store.
It took just two weeks to sell 11-14 Trade Place, Leo Mancino and Bradley Ellul of CVA said. The large warehouse was snapped up by a local tenant turned owner occupier for $3,650,000. It has been occupied as one factory for the last 20 years.
A local developer has paid $4.2 million for an industrial site at 44-80 Sinclair Road. The substantial 15,750 square metre land holding had a 5000 square metre facility on providing a holding income for the next three years with no further terms. Knight Frank’s George Linn, Adrian Garvey and Luke Crozier brokered the deal. Mr Linn said the property was one of the few remaining development sites on offer with the nearby Logis and Key Industrial Estates now sold out.
A shop with a new seven-year lease at 458 Centre Road sold for $130,000 above asking price, Beller Commercial’s Fred Nucara and Glenn Ye said. It transacted for $2.78 million “demonstrating solid interest for well-located assets with long secure leases,” Mr Nucara said.
Fusion Intelligent Project Logistics has cemented its presence in Melbourne’s west with three new facilities on Cherry Lane. Fusion signed a three-year lease on a 1836 square metre warehouse at 170 Cherry Lane for an annual rental of $150,000 (net). It committed to second lease at 181 Cherry Lane for a one-year term at rent of $20,000 per annum (net). And it purchased a neighbouring property at 172-174 Cherry Lane for $2.1 million. The 1740 sq m warehouse includes multiple cranes, five roller doors and a large marshalling area. CBRE’s Ricardo Cappelletti, Fergus Pragnell and Tom Murphy negotiated all three transactions.
Australian-owned APS Industrial has committed to a 3800 square metre office/warehouse at 5-7 Corporate Avenue. The tenancy spans two levels and 800 square metres of office space, said JLL’s Simon Wellock and Daniel Kelly who negotiated the five-year lease at $90 square metre plus outgoings and GST.
Car battery repurpose firm Relectrify has powered up a new lease on an office/warehouse space in hip Cremorne at 6 Hill Street. Teska Carson’s Jack Kelliher and Fergus Evans said the firm took a two-year term with options at a net annual rental of $60,000 plus GST.
WA business Global Autocoat has leased an office-warehouse at 22 Montefiore Street in a deal negotiated by Gray Johnson’s Stephen Buchan and Rory White. Global Autocoat is a privately owned agent, distributor and supplier to the auto refinish sector. It took the space at annual rent of $85,000 net on a three year, plus three-year option, lease.
Memorabilia retailer Magical Melbourne has inked a five-year lease at 6 Smith Street. Fitzroys’ Ervin Niyaz and Terence Yeh negotiated the deal at $60,000 per annum plus outgoings and GST.
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