The 1666 sq m building is on a 677 sq m site which will have direct laneway access to the market after PDG’s $450 million Munro project is completed.
Next door at 100 Franklin Street, the Burbank Group have scaled back their plans and a 22 level tower set back from the historic facade is proposed.
At the other end of Franklin Street, the Aldi supermarket at the foot of the Verve 501 building is going to auction in December
The 1650 sq m supermarket, at 8 Franklin Street, was bought by the Vraca family for $5 million in 2009. PDG built the 46-level Verve tower on the site of offices that had belonged to the collapsed Ansett Airlines.
The supermarket returns $540,683 a year. Colliers International agents Daniel Wolman, Oliver Hay, Chris Ling and David Sia are handling the auction, one of seven coming up before the end of the year.
It’s proving a busy end to the year with 274 Russell Street also selling off market for $3.6 million. Title documents indicate Jonathan Gliksten, director of student accommodation group, Iglu, has placed a caveat on the property.
The two-storey shop, leased to Q Hair, is on a handkerchief-sized 84 sq m site. The transaction reflected a sharp 2.68 per cent yield, a land value of $43,000 a sq m and a building value of $31,000 a sq m.
That yield mirrored the average yield achieved across all 12 deals sold by Colliers this year in the mid-market sector. Colliers sold 12 properties worth $475 million, reflecting a 2.67 per cent yield.
“We witnessed a slow start on the commercial sales front, but the market has gained serious momentum as we approach the end of 2019,” Mr Wolman said.
During the week, Anthony Kirwan and Mr Ling also sold a vacant strata office on level 4 of 100 Flinders Street for $3.85 million.
The off-market sale – at $12, 145 a sq m – to an owner-occupier followed the sale in September of level 2 for $3.8 million.
Chemist Warehouse pharmacy chain billionaires, the Gance and Verrocchio families are selling two Greensborough properties nearby their Main Street outlet.
An investment syndicate that includes Jack, Damien and Sam Gance; Marcello, Mario, and Adrian Verrocchio and Chemist Warehouse chief operating officer Mario Tascone, is selling a vacant shop at 54-56 Main St and the 10-shop Greensborough Arcade next door at 60-62 Main St.
The Chemist Warehouse is at No.48-50 in a shop owned by local fruit and vegetable-mongers, the Sculli family, who sold their wares on the strip before relocating to Greensborough Plaza.
When the sites last sold in 2016, they came with a permit for a seven-storey Peddle Thorp development and fetched $4.975 million.
Vinci Carbone agent Joseph Carbone is handling the November 29 auctions. No: 54-56 is a 316 sq m shop on a 393 sq m parcel of land. It’s expected to sell in the low-to-mid $2 million range.
The arcade is on 489 sq m of land and its 10 short term leases return around $157,750 a year. It should sell in the mid-to-high $2 millions. The permit is no longer active.
The Greensborough strip has changed substantially in the past five years since the indoor Watermarc swimming complex behind it replaced the much loved old tree-lined outdoor pool.
Developer Omnico developed two new offices at No.68 and No.78, which sold respectively for $8.5 million and $9.75 million in early 2018.
In January, global private equity group Blackstone, which owns Greensborough Plaza, sold the Savers retail complex to Angelo Property Group for around $11 million. Savers occupies 2375 sq m of the 3306 sq m site.
The Cannon family continues its portfolio sell down with a rare and unusual Armadale industrial property.
A small split-level warehouse at 2A Myamyn Street, parallel to High Street, goes to auction on November 30.
The nineteenth century relic was bought by Andrew Cannon’s Toto Investments for $1.715 million in 2016. Last month Mr Cannon sold his Alcaston House strata office for $1.46 million – 46 per cent above reserve.
The Armadale property is leased to Custom Lighting until April 2020 and returns $60,000 a year in rent.
Jellis Craig agent Nathan Waterson is handling the property which has attracted plenty of interest from players keen on residential development to commercial investment.
“There isn’t anything else quite like it in the local area. Property in Armadale is tightly held and the vast majority is either residential or retail. We’ve seen fewer than 10 commercial property sales this year and every one has been an existing retail space,” Mr Waterson said.
It’s expected to fetch for more than $2 million.
The recording studio where Justin Bieber laid down tracks in 2017 during his Purpose World Tour is up for sale.
The building at 7-11 Jessie Street Cremorne which houses Ginger Recording Studios is being sold with a six month lease back.
Other artists to use the studio include Wutang Clan, Skrillex, Missy HIggins, Paul Kelly and Flume.
The property is owned by Andrew Wyatt, whose son Jimi Wyatt operates the studio. Mr Wyatt bought the property in 2010 for $1.112 million.
Teska Carson agent Luke Bisset and Matt Feld are handling the auction. It should sell for around $3 million or more than $11,200 a sq m.
The 220 sq m single level brick warehouse is on a 267 sq m site near Swan Street.
On the other side of the railway tracks behind East Richmond station, Matthew Taylor’s Gantal Investments has acquired two properties to add to its 11-13 Pearson Street mixed-use development site.
Meadows Partners agent Simon Polinelli brokered the off-market deals which make a 770 sq m site that will now be pitched as a straight office development.
A 229 sq m property on Adolph Street fetched $3.74 million or $16,331 a sq m and 15 Pearson Street sold for $15,300 a sq m.
Nicole Lindsay is a property reporter at The Age.