A Supa IGA supermarket owned and run by the Corcoris family sold under the hammer for $7.34 million on a yield of 5.4 per cent with multiple bidders at auction. The IGA was offered with a leaseback on a 10 year lease. CBRE’s Kevin Tong, Joseph Du Rieu and Leon Ma brokered the deal, saying there was a clear demand in the market for good quality income-producing assets.
A prime development site surrounded by major corporate occupiers at 15 Anzed Court has sold for $2,725,000 on a land rate of $670 per sq m. Jonathon McCormack and Andrew Prowse of Gorman Commercial in conjunction with Colliers International’s Jonathan Mercuri and Andrew Chrapot negotiated the deal to an owner-occupier looking to build their own custom office building on the vacant 4070 sq m block. It sold within two weeks of becoming available.
A shop leased to the Fresh Flower Man has sold through Gross Waddell for $1.71 million on a yield of 3.92 per cent, and a land rate of $11,800 per sq m. Benjamin Klein, Michael Gross and Tamara Gross handled the sale. The shop at 379 Malvern Road brings in rental of $67,060 per annum net. The auction attracted a crowd of 50 people.
An owner-occupier has purchased the vacant former Westpac bank building in Lalor’s shopping precinct for $2,455,000, Fitzroys’ Terence Yeh and David Bourke said. The vendor bought the property in 1996 for $830,000. The 2-level 850 sq m building at 322-324 Station Street has rear lane access.
Vietnamese food truck operator Nuoc Mama hopes to translate its loyal mobile following into a bricks and mortar restaurant on Sydney Road. Fitzroys’ Ervin Niyaz has negotiated a 4+4+4-year lease at Shop 2, 623-625 Sydney Road to Tian Con and Co Pty Ltd, trading as Nuoc Mama. Nuoc will pay $47,000 per annum net for the 160 sq m ground floor space in the base of the 29-apartment Cannatella mixed-use development. “Brunswick is renowned for its eclectic lifestyle and hospitality offering, and Nuoc Mama will be able to capitalise on the strong following,” Mr Niyaz said.
Retailer Miniso has leased part of Level 6 in Riverlee’s 10 Queen Street office building for its Melbourne office. Colliers International’s Brigitte Doupe negotiated the 5-year lease at net face rent of $420 per sq m over 133 sq m. In another deal, Ms Doupe, Shane Burns and Tony Landrigan negotiated a 148 sq m lease over part of level 14, 140 William Street for Promax Development & Construction Management. Promax will pay $640 per sq m net over a 3-year term. Last year, landlord REST Superannuation invested in a small suite strategy at 140 William Street which split multiple floors and installed contemporary spec fitouts.
Homewares retailer the Phoenix and the Turtle will open its third Melbourne store on Puckle Street. Fitzroys’ Ervin Niyaz and Terence Yeh negotiated the lease of 132 Puckle Street to the Phoenix on a 3-year deal with a three-year option at $57,000 per annum net. The business also trades in High Street, Northcote, and Point Nepean Road in Blairgowrie.
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Property Editor at The Age and BusinessDay journalist for Fairfax’s theage.com.au, smh.com.au, watoday.com.au and brisbanetimes.com.au.