A popular Chinese restaurant in the tightly-held Chinatown precinct, under the same ownership for almost two decades, has sold for $3.106 million. Teahouse At Chinatown at the ground level of the Punt Hill Apartment Hotel at 11-17 Cohen Place achieved a per square metre rate of $11,500, CBRE’s Lewis Tong said.
A local developer has snatched up four permit-approved properties for $6.5 million before they hit the market. The 2867 sq m corner allotment at 1-2 Moola Street and 4-6 Barker Street can take up to 49 units. Savills Australia’s Julian Heatherich brokered the deal.
Another developer purchased a vacant three-level office at 25 Duke Street for $2.750 million. Although the property is brand new, the buyer is seeking to add an additional level to the 490 sq m building to maximise return on their investment, Vinci Carbone’s Stephen Speck said.
A main street shop occupied by ASX-listed Specialty Fashion Group has sold for $1.57 million. Fitzroys’ Chris Kombi and Terence Yeh handled the sale of 19-21 Mitchell Street which hosts the Rivers, Millers and Crossroads brands. Mr Yeh negotiated the lease to Specialty Fashion Group last May at $110,000 per annum net.
A vacant shop at 733 Burwood Road sold before auction for $1.29 million. The property, which had a permit for six apartments and a shop, attracted more than 60 enquiries, according to Gorman Commercial’s Dean Alexander. “The shortage of stand-alone buildings in Burwood Road created unusually high interest,” he said.
A block of land in the Logis Eco Industrial Estate has sold for $1.06 million to an investor/developer. The 2000 sq m parcel at 26 Babbage Drive sold at a record rate, Al Armstrong from Cameron said. Another property at 20-24 Bessemer Drive with a 3097 sq m vacant warehouse sold for $4.62 million, Mr Armstrong and Angus Clark said.
An industrial plot at 4 Network Drive has sold within two weeks of being listed. The property was purchased by a developer for $1 million, Leo Mancino and Matthew Alderman of CVA said. Mr Mancino and Robert Cubelic have also sold a modern office/warehouse at Unit 8, 3-4 Desire Place in Hoppers Crossing for $660,000.
An A-grade office building at 124 Bayswater Road has sold for $1.2 million following strong interest from local investors, Colliers International’s David Minton and Andrew Ryan said. The corner office/showroom, leased to a property developer/builder until 2024, was returning $72,800 per annum.
The new year kicked off strongly with an off-market sale in Hawksburn Village of a strata property leased to Capelli Lunghi Hair. Beller Commercial’s Liam Rafferty sold the 64 sq m holding for $850,000 on a 4.2 per cent yield. Strong demand from super fund buyers has pushed recent sales for strata well below the average 5 per cent yield in tightly-held precincts such as South Yarra, Toorak and Prahran, he said.
An investor has paid $2.1 million on a 4.9 per cent yield for a shop with new five-year leases to two tenants including the Windsor Bar & Bistro at 124 Chapel Street. The property provides total income of $106,284 per annum, Teska Carson’s George Takis and Michael Ludski said.
Timber exporter Aushang International has leased a 540 sq m office and warehouse at 1 Hall Street. Fitzroys’ Chris James negotiated the 5x5 year lease at $125,000 per annum for the ground and first floor office, showroom, and high clearance warehouse with rear container-height roller door access.
Pawnbroker Cash Converters has signed a new six-year lease at 344-346 High Street. Teska Carson’s Barry Novy said the rental was not disclosed, however rents in the street range from $25 to $55 a square metre net.
CVA’s Leo Mancino has leased a brand new 986 sq m warehouse at 15 Katherine Drive for $78,000 per annum to a foreign distribution company specialising in building materials. Matthew Alderman and Mr Mancino also leased 2000 sq m of hardstand space at 6 Norwest Avenue in Laverton North to a transport company for $30,000 per annum to a transport company as a depot/storage yard. Another property, a corner industrial showroom at 75 Arden Street in North Melbourne, was leased by Mr Mancino and Bradley Ellul for $52,000 per annum to a motorcycle trader relocating after nearly 30 years on Elizabeth Street.
Aesthetic is relocating from the CBD to a converted 560 sq m office/warehouse at 26 St Edmonds Road after the company’s previous property on Swanston Street was compulsory acquired for the Victorian government’s Metro Rail Project. Colliers International’s Ash Dean and Beller Commercial’s Brendan Burmistrow negotiated a five-year lease at $350 per square metre. Mr Dean also leased the last remaining space in Goodman’s Mentone business park to Circumtec. The 232 sq m site at 3 Joseph Avenue in understood to have leased at a rate between $260 and $300 per square metre.
Swimwear Galore will open its seventh Melbourne store in a 560 sq m location that was formerly a Commonwealth Bank outlet at 55-59 Main Street. The company signed a five-year lease at $250,000 net per annum, said Knight Frank’s Paul Pellegrino.
Simply Fresh Fruit has taken a five-year lease at 6 Columbia Court. The tenant who is moving from Carrum Downs will pay $134,500 per annum for the brand new 1583 sq m building, Cameron’s Al Armstrong said.
Ben Hackworthy and Chris Chartres have joined Lemon Baxter as new directors in the city fringe team. Ben and Chris previously worked for Knight Frank selling and leasing industrial and commercial property.
Ben McKendry has taken a position with Cushman & Wakefield as head of Metropolitan Leasing. Vincent Tran has joined the firm as associate director (both were previous with Colliers) and Anna Perry will take up the position of manager, office leasing.
Nic Bennison is now with Savills Australia as a new sales executive after four years at Morley Commercial in Richmond.
Daniel De Sanctis has joined CBRE’s industrial and logistics team in its northern division. Mr De Sanctis previously worked for Knight Frank and CVA Property Consultants.
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