Investors and owner-occupiers are willing to pay strong prices for city-fringe offices. A vacant two-level office building at 320 Kings Way sold under the hammer for $1.22 million, at a building rate of $5550 per sq m. Fitzroys’ Jordan Ceppi and David Bourke said the new owner will re-lease the property, looking to take advantage of strong demand and rising rents in the city fringe market.
A family that passed down a shop at 28 Puckle Street through generations has sold it for $1.7 million, on a tight yield of 3.5 per cent. Fitzroys’ Chris Kombi, Terence Yeh and Ervin Niyaz said it was the first time in 105 years it had been offered for sale with multiple bidders pushing the price of the two-level building, leased to Designer Mens Clothing, $200,000 beyond the reserve.
Floating is not normally associated with developers but one has snapped up a float centre at 2/96 Camberwell Road for $1.64 million. Fitzroys’ Chris James said the 320 sq m space sold on a 6 per cent yield. The four-level boutique Elmington development, on the corner of Camberwell Road and Roseberry streets, is leased to flotation tank business Beyond Rest, returning around $100,000 per annum.
A single-level strata shop at 328 Belmore Road has sold under the hammer for $570,000. A mixture of investors, including the owner of a neighbouring property, pushed the yield to 3.89 per cent, Ray White Oakleigh’s George Kelepouris said. The shop’s tenant, jewellery and craft shop iOpal, has a three-year lease returning $22,200 per annum, plus GST and outgoings.
A warehouse workshop on two titles at 16-20 Irene Avenue was sold for $1,809,000 by Anthony Carbone and Craig McKellar from CVA. The 1615 sq m building was fought over by two bidders at auction.
An investor from Port Fairy has paid $425,000 for 40 Poath Road at an auction. The 60 sq m shop is leased to Sue Wright body clinic with about one year remaining on the lease with a further two options of three years. The current rental is $21,900 per annum (plus GST and outgoings), Ray White Oakleigh’s Ryan Amler said.
A two-storey office warehouse at Unit 1, 132-140 Keys Road, was sold off the plan for $938,500 by John Nockles and Seamus Bolst from CVA. The office on the Modus Business Estate was purchased by an owner-occupier, representing a building rate of $3686.17 sq m.
The YMCA at 55 Grant Road has been sold by Tom Crowder of Nichols Crowder for $2.65 million. The modern 1841 sq m building on land of 5037 sq m contains a 25-metre heated swimming pool, a hydro pool, cardio room, gymnasium, change rooms and cafe. It sold on a yield of 6.9 per cent.
Melbourne Pasta Bar is set to open its first Italian restaurant in a lane just off Little Collins Street, next to the new retail precinct that is part of 360 Collins Street. The Pasta Bar will pay $126,000 per annum gross rent for a 130 sq m space on a five-year lease with two options. The deal was negotiated by CBRE’s Tan Thach, Zelman Ainsworth and Samantha Hunt.
Co-working group Zany Wacko and PR Asia have leased 3/119-123 Adderley Street for $136,000 per annum gross, CBRE’s Jake George and Guy Naselli said. The property has a two-level office/showroom along with a large clear-span, high-clearance warehouse.
Ray White Frankston has leased a 520 sq m office building at 36 Playne Street on net annual rental of $180,000. The agency signed a 5+5 year lease term, said Knight Frank’s Nick Sharkey and James Treloar. The building sold in September for $2.15 million with the new lease reflecting a yield of over 8 per cent.
Two national fashion tenants have signed up for new spaces in the Puckle Street retail strip. Fitzroys’ Terence Yeh negotiated the leases of casualwear label Sportscraft at 63 Puckle Street and 66 Puckle Street to fashion accessories and handbags retailer Colette by Colette Hayman. Sportscraft signed a 3+3-year deal at $95,000 per annum net with 4 per cent increases, while Colette will move into a 150 sq m shop on a 5+5-year deal and pay $80,000 per annum with 4 per cent increases.
A whole floor in the historic and character-filled Austral Building at 115 Collins Street has been leased by a financial services group on a five-year deal at $155,000 per annum plus GST, Fitzroys’ Douglas Murray and Stephen Land said.
Developer Albert Dadon has taken a lease on a showroom, warehouse and office at 1 Grosvenor Street. Gray Johnson’s Rory White said the 515 sq m building was previously tenanted by a picture framing business that needed to move. Dadon signed a three-year lease with a three-year option to renew at the asking annual rental of $72,000 plus GST and building outgoings.
Fund manager Impact Investment Group has appointed Daniel Madhavan chief executive. Mr Madhavan joins Impact from JB Were and Goldman Sachs JB Were where he served in a variety of roles, including as acting CEO, chief operating officer and head of NSW.
Former Port Adelaide AFL player Steven Salopek has joined Knight Frank as a senior sales and leasing executive in Glen Waverley. Mr Salopek retired from the AFL in 2012 and began his property career at Crabtrees Real Estate.
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