Two period terraces have sold in one line for $2.1 million to an owner-occupier who will turn the buildings into a medical clinic. The properties at 384-386 Canterbury Road have a combined building area of 305 square metres, Gill Property’s Graham Hemingway said.
Originally home to a State Bank, 11 Church Street attracted interest from both owner occupiers and developers, according to Gorman Commercial’s Stephen Gorman and Tom Maule. In the end a local medical specialist paid $3 million after only viewing it on the internet before purchasing.
Developers are looking to build their pipelines. One developer, looking to kick start in 2021, snapped up 48 Edgar Street with plans for 11 luxury apartments for $2.9 million. Six days later, 94 Doncaster Road in Balwyn North, with plans for eight high-end apartments, sold for around $3 million. Both deals were negotiated by Savills Australia’s Julian Heatherich, Mark Stafford and Benson Zhou.
A staircase business has purchased 13 Macquarie Place, a 1472-square-metre site, to build a new warehouse on. The business owner’s self-managed super fund paid $792,500 in a deal negotiated by CVA’s Ian Angelico and Stan Dawidowski.
A strata-titled gym in Cedar Woods’ Jackson Green master planned community in Orchid Street has sold off market for $265,000 on a yield of 5 per cent, said Knight Frank’s Nick Bisset and Matthew Romanin.
Buyers are still actively looking to purchase even in these challenging times, says CVA’s Leo Mancino. He negotiated the sale of Unit 6 at 100-104 Pipe Road. The office/warehouse in a prominent industrial location sold for $1.11 million.
An owner occupier bought two strata offices in Citinova’s Brooklyn Interchange development at 1-11 Little Boundary Road for a total of $562,500, said Knight Frank’s Nick Bisset and Matthew Romanin.
Next door to the former Pentridge Prison development, a site at 592 Sydney Road sold for $3.5 million, according to CVA’s Leo Mancino and Craig McKellar. The 493 sq m showroom/warehouse was on 1260 sq m of land.
Allied Seafreight and General Distribution will consolidate into Logos Property’s facility at 27-43 Toll Drive. The family-owned transport company signed a 10-year lease over a 4.88 hectare site which features a 16,229-square-metre warehouse. About 5000 square metres of container-rated hardstand will be constructed on site by Texco Construction. CBRE’s Harry Kalaitzis, Tom Hayes and Todd Grima represented Logos, while Tony Tripodi worked with Allied. Rents in the area are typically around $85 per square metre net.
D-Labs Solutions will move into the Chicagoesque tower, Bennelong House, at 9 Queen Street after signing a lease through Fitzroys’ Samuel Friend and Stephen Land over a 215-square-metre space on the lower ground floor. The 2-year lease starts at $65,000 per annum.
An Asian grocery retailer that traded successfully during Melbourne’s COVID-19 lockdown will expand into a warehouse at 1 Reserve Street. China Mart signed a 3-year lease through Gray Johnson’s Stephen Buchan and Rory White at annual rental of $43,500 plus all relevant outgoings. A relatively standard three-month, rent-free incentive was provided, they said.
Auto parts and car accessories retailer Repco has leased a 1015-square-metre standalone showroom warehouse at 26 Treforest Drive for $95,000 per annum net, according to Crabtrees Real Estate’s Chris McKenzie. “Repco approached us and fortunately had the opportunity to view several options between lockdowns before deciding on this facility,” he said.
Gym franchise Crunch Fitness has signed a new lease for a showroom/warehouse at 101-103 Palmer Street in a deal negotiated by Teska Carson’s Luke Bisset and Gross Waddell’s Richard Lowe. The modern, 2-level, 1831-square-metre building was leased on a 10-year term at $360,000 per annum gross plus GST.
A prominent corner retail shop at 132 Cotham Road has leased to Bar Alba, a wine bar/bottle shop. Gorman Commercial’s D’Andra Rao said the tenant would pay annual rental of $45,500 net, representing a per square metre rate of $455. “The property received more than 10 inquiries with two offers,” he said.
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