About 57 inquiries generated seven strong offers before an owner-occupier snapped up a quality office/warehouse facility at 42-46 Fairchild Street for $6.58 million. Located in Pellicano’s Parkview Estate, the property had dual level offices and a large concrete tilt panel rear warehouse with two loading docks, three on grade roller doors and an extensive side hardstand area. Total building area was 3616 sq m. Knight Frank’s Stuart Gill and Gab Pascuzzi said it sold for more than $1800 a sq m on NLA.
Both commercial and residential developers were eyeing a prime mixed-use development site at 186 Sladen Street before its private sale for $950,000. CVA Property Consultants’ Daniel Philip said the site sold with plans and permits for a five-level, mixed-use development of 16 apartments.
Strata office suites in the eastern suburbs are in strong demand. Gorman Commercial’s David Minton has sold Suite G03 at 12-14 Cato Street for $820,000, at a rate of $5190 per sq m. The sale follows Suites 210 and 301 in the same building selling for $1.16 million and $1.45 million at rates of $5742 per sq m and $5513 per sq m respectively.
More than 80 inquiries resulted in 1117 Riversdale Road selling for $860,000 through Gorman Commercial’s Dean Alexander and Stephen Gorman. The building was leased to two long-term tenants, a bakery and a body corporate office, for a combined income of $42,145 per annum. It sold on a 4.9 per cent yield.
New Touch Industries has leased a 2850 sq m office/warehouse at 52A Winterton Road. New Touch agreed to a net annual rental of $200,000 plus GST on a 5+5 year basis. The property has open plan/partitioned offices, boardroom and high-clearance warehouse. Knight Frank’s Steven Salopek and Stuart Gill handled the negotiations.
An office warehouse at 5 Fowler Road has leased for $300,000 per annum. The 2810 sq m building was leased to a national infrastructure company on a 3-year lease. Cameron’s David Johnson and Michael Brennan said the large office component and hardstand area were a highlight for the new tenant.
Gorman Commercial has leased 94 Union Road within seven days of it coming on the market for rent of $85,000 per annum, at a rate of 303 per sq m. Agents Tom Maule and David Minton said Union Road was well patronised by local residents, resulting in the property being leased so quickly.
Fashion label Saba is the latest addition to Church Street. Fitzroys’ Mark Talbot negotiated a lease at 38 Church Street for the retailer at $130,000 per annum plus outgoings and GST on behalf of a private owner. “Church Street has retained its reputation as Melbourne’s best-performing retail strip for some time,” he said. The street has one of the tightest vacancies of Melbourne’s shopping strips with the latest Walk the Strip report showing vacancies crunched from 2.7 per cent in 2017 to 1.3 per cent in 2018.
David Minton and Tom Maule from Gorman Commercial have leased a 300 sq m office at 602 Whitehorse Road to an accounting firm in an off market transaction. The property was leased on a 5-year term with a commencing rent of $75,000 per annum reflecting a rate of $250 per sq m.
Colliers International has appointed Tim Edwards to the role of national director of project management. Mr Edwards was previously at Frasers Property Group for 17 years.
McDonald’s Australia has announced that Maddy Pace and Monique Younis will be the first ever participants to take part in its new property graduate program. The pair will work alongside industry professionals to engage in on-the-job training and practical workshops in fields including real estate, construction, design and asset management.
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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.