A development block with two shops at 293-295 Maroondah Highway has sold for $5.6 million. The large 1360 sq m site has approved plans and permits for a 10-level mixed-use development of more than 8000 sq m. The two shops provide holding income, Knight Frank’s Ed Wright, Tim Grant and Danny Clark said. Mr Wright said the campaign attracted 123 inquiries, with the property selling to a local group after beating off strong interest from offshore and local buyers.
A large industrial facility at 90 Willandra Drive has sold before construction was completed to an owner occupier for $2,381,210. The 1409 sq m building achieved a rate of $1690 per sq m. Colliers International’s Mitch Purcell, who negotiated the deal with Corey Vraca and Damian Marinelli, said it exemplified the continued growth seen in Epping this year.
Previously the home of a Commonwealth Bank, a 330 sq m building over two levels at 1160 Glen Huntly Road sold in front of large auction crowd for $1.52 million. Crabtrees’ Rodney King and Chris McKenzie said the property directly opposite Glen Huntly train station piqued interest from more than 30 qualified buyers.
A 243 sq m warehouse at 8A James Street sold for $570,000 within one week of being listed. The property, part of nine single-titled warehouses up for grabs, sold through Colliers International’s Harry Larwill and Andrew Chrapot. Another 327 sq m warehouse, 14A James Street, sold within the same time frame for $672,000, they said.
Tom Maule and Stephen Gorman, from Gorman Commercial, in conjunction with Paul Evans and Tim Mitchell, from Miles Real Estate, sold 544 Burwood Road, Hawthorn, to a local investor for $1,320,000. The price showed a building rate of $6600 per square metre. Despite current commentary on retail, investors had confidence in the location due to its proximity to Swinburne University and public transport.
Limited buying opportunities in lower price ranges resulted in 75 Station Street selling on a sharp 2.7 per cent yield for $800,000. The 85 sq m single-level retail building was securely leased on a 5+5-year lease, Gorman Commercial’s David Minton said. “The highly sought after Burwood location resulted in the property being sold to a local investor,” he said.
Three warehouses – units 1, 2 and 3 at 109 Lewis Road – have sold for $1.9 million to a local investor on a tight 4.25 per cent yield. Crabtrees’ Gavin Dumas and Megan Miles said it was the first time in 34 years the properties were offered for sale. Each had a tenant in place and projected upside in future rentals.
Gorman Commercial’s David Minton and Jonathon McCormack negotiated the sale of a fully self-contained modern ground-floor office suite at Suite 4, 1175 Toorak Road. Leased to a long-standing tenant, it sold for $580,000 on a 6 per cent yield at a building rate of $6667 per sq m.
Offered for the first time in more than 100 years, a suite of shop leased to four tenants on the corner of Mount Alexander and Lincoln roads has sold for $6,405,000. The building at 1097-1105 Mount Alexander Road brings in income of $233,000, with the deal struck at a yield of 3.64 per cent, CBRE’s Nic Hage, Rorey James and JJ Heng said. “To have received nine offers, seven of them above the vendors reserve, was a great sign of confidence for the market,” Mr Hage said.
ASX-listed Read Cloud group has leased the ground floor at 284 Bay Street on commencing rent struck at $110,000 per annum net, at a rate around $400 per sq m. Gorman Commercial’s David Minton negotiated the lease for the former 278 sq m restaurant, which is part of an 1800s heritage-listed former bank building that has been converted to a creative style office space. Nearby, Mr Minton also leased the ground floor at 103 Church Street to a local developer for a sales suite and office. The 70 sq m retail tenancy was leased for $60,000 per annum net.
Device Technologies Australia will consolidate to a 1581 sq m office at 6-8 Compark Circuit after merging with Advanced Skin Technology. DTA is moving from Kensington while AST will move from Keysborough. Colliers International’s Ash Dean and John Howell said Mulgrave was central for both businesses. They struck lease terms of $280 per sq m.
Risk management solutions company SureFact Australia has leased an industrial unit at 2/297 Ingles Street. The privately owned investigations company will move into a 560 sq m open-plan partitioned office/warehouse with eight car spaces and a full kitchen. CBRE’s Ben Quennell, Jake George and Guy Naselli leased the property on a four-year, plus two-year option, term in conjunction with Bronson Shelton and Warwick Bramich from Alexander Robertson. Rent was not disclosed, but they range between $160 and $176 per sq m net in the area.
After over six offers, 30 inquiries and an abundance of inspections, Colliers International’s Andrew Chrapot, Richard Wilkinson and Harry Larwill negotiated a lease for 15 Terra Cotta Drive to South Australian renewable energy company Golden Renewable Energy for three years. The deal for 858 sq m was signed at net face rent of $104 per sq m.
Fitzroys has added to its asset management division employing Teresa McDonald as a retail asset manager. Ms McDonald was previously at Colliers International.
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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.