AbbotsfordA building leased to boutique brewer Moondog Brewery has sold in an off-market deal for $2.26 million on a 90-day settlement. The property at 6 Duke Street sold to a private investor building up a strong land banking holding in the local area, Gray Johnson’s Rory White said. Moondog’s lease is for five years at a net annual rental of $82,000 giving an indicative sub 3 per cent yield.
ParkdaleA local developer outbid several others to land an 889 square metre site, with a permit for a multi-unit residential development, at a lively auction. Teska Carson’s George Takis and Luke Bisset said 123-125 Como Parade East sold for $2.125 million at a land rate of $2390 a square metre and $212,500 per apartment site.
RowvilleSchool Supplies company The Note Group has purchased a 3800sq m office/warehouse at 23 Kelletts Road. The building on a 2 hectare site was snapped up for $3.75 million, said JLL’s Simon Wellock.
Kew EastAn owner occupier has paid $2.9 million for a modern standalone 513sq m office at 1403-1405 Burke Road. Knight Frank’s Tom Ryan and Andrew Hansen brokered the deal. Mr Ryan said: “Owner occupiers continue to remain active with many purchasers looking to take advantage of low interest rates.”
ThornburyA boutique shop and dwelling property at 740 High Street has sold under the hammer on a sharp 3 per cent yield. Fitzroys’ Terence Yeh, Ervin Niyaz and Chris Kombi sold the property for $1.385 million, well above the vendor’s reserve after a competition between six bidders. The shop is leased to Arestia Designs Hair Studio. Above is a separately-leased two-storey, two-bedroom apartment.
MelbourneTwo separately strata titled vacant offices have sold in one line at 598 St Kilda Road to a local owner occupier for $1.5 million, CBRE’s Tim Last and JJ Heng said the sale reflects a new building rate record for strata office on St Kilda Road. Unit 1 & 2 transacted for a building rate of $6,726 per sq m, evidence of increased demand for vacant city fringe office space, they said.
Mount ElizaFour bidders pushed the price of a shop at 42 Mount Eliza Way nearly 30 per cent above the vendor’s reserve at a lively Teska Carson auction. George Takis and Luke Bisset said the 120sq m open plan, self-contained, retail space sold for $970,000, about $220,000 over the reserve on a tight 2.9 per cent yield. It was leased to Master Hair & Beauty for $31,930 per annum.
Capel SoundA showroom/warehouse leased to Tradelink at 11 Henry Wilson Drive has sold for $1.15 million on a strong passing yield of 5.63 per cent. MP Burke Commercial Real Estate’s Pat Burke said: “We received good enquiry from investors, developers and owner occupiers seeking a secure cash flow, strong lease covenant and scope to value-add.” The property is leased to Crane Distribution Limited trading as Tradelink for $64,764.28 per annum plus GST and outgoings.
Laverton NorthA clear span warehouse, roller-door access, office and amenities at 117-119 Pipe Road was purchased by L & W Trading Pty Ltd for $1.6 million. The 1340sq m facility was sold by CBRE’s Tom Murphy, Ricardo Cappelletti and Fergus Pragnell.
MulgraveFinancial planners Hero 360 have leased a 1075sq m office in a building that was formerly Canon’s head office. The firm will take level 3 of Building 1 at 195 Wellington Road on a five-year lease for $332,940 net per annum. The tenancy includes 52 carparks at $115 per bay per month and outgoings, said JLL’s Tim Sugar who negotiated the deal on behalf of the landlord Pioneer House.
MalvernArchitecture and construction firm S&K Group is on the move, signing a five-year deal for a first-level office space at 195 Glenferrie Road. S&K will pay $53,000 per annum net plus GST for the light-filled 160s qm space, Fitzroys’ Stephen Land said.
MulgraveWall coating systems manufacturer Nutex Coatings will relocate to a PGA Group-owned industrial facility at 287 Wellington Road. Savills Australia’s Kosta Filinis and PGA’s Frank Martinez negotiated the five-year lease at a rate market sources suggest was around $100 per sq m.
Dandenong SouthAngus Clark and Al Armstrong have leased 20-24 Bessemer Drive after selling it vacant possession in December 2017. The 3097sq m building was let for $290,000 per annum for seven years.
Laverton NorthAustralian-owned online store and eBay powerhouse Princess Trade has leased a 2412sq m warehouse at 92-96 Pipe Road for an annual rental of $157,000 net on a three-year lease, CBRE agents Tom Murphy, Ricardo Cappelletti and Fergus Pragnell said.
MOVERSThomson Geer has started 2018 with a new Melbourne-based property partner Sarah Rizk. Sarah will bolster the firm's property and leasing capabilities working closely with partners Eu Ming Lim and Vicki Sharp.
Fitzroys has bolstered its team with three appointments. Stuart Kennett has joined from Harcourts, James Spencer has moved from JLL in South Australia, and Lewis Waddell has come on board in Melbourne.
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