Melbourne’s suburban office sales strong

Melbourne’s suburban office sales strong

MARKET WRAP
Nanjing Night Net

SALES

Malvern

A fully tenanted office property, returning $212,500 per annum, at 275 Wattletree Road has sold off-market to a Melbourne-based private investor for $4.07 million giving a yield of 5.2 percent. Colliers International’s David Minton and Andrew Ryan conducted the sale achieving a land rate of $8734 per sq m.

Mount Waverley

An owner-occupier has paid $7.25 million for a modern office warehouse at 411-415 Ferntree Gully Road. The 2956 sq m building is occupied by Toshiba who will be vacating the premises. Knight Frank’s Stuart Gill brokered the off-market deal.

Box Hill

Located near Box Hill train station and shopping centre, a 1020 sq m industrial site at 480-482A Station Street has sold for $3.5 million. Cushman and Wakefield’s Robert Colaneri and Andrew O’Connell said the deal achieved a land rate of approximately $3500 per sq m, representing a sub 3 per cent yield.

Camberwell

Savills Melbourne director Nick Peden with colleagues Jesse Radisich, Julian Heatherich and Benson Zhou sold, prior to auction, two adjoining residential properties at 1059-1061 Toorak Road to a Chinese developer for $5.5 million.

Dandenong South

A mortgagee auction for the single-level brick office-warehouse at Unit 3, 10-16 Stephen Road, achieved a sale price of $720,000. This was almost 20 per cent over the reserve said Facey Industrial Commercial’s partner and auctioneer Matt O’Dea.

Elwood

The park frontage triangular site at 27 Gordon Avenue, with a permit for five townhouses, sold for $4.35 million, representing a land rate of $5701 per sq m. The deal was brokered by Leon Ma and Jimmy Tat from CBRE’s Victoria Development Site Sales team.

Dandenong South

An asbestos removal company looking to expand its business has purchased 3/10-16 Stephen Road for $110,000 over the reserve. Facey Industrial Commercial’s Matt O’Dea (auctioneer) and Tim Dark sold the property for $720,000.

Collingwood

A small inner-city cafe has fetched a big price. Fitzroys has sold a cafe at 18 Peel Street, at the base of developer Small Giants’ Oxford & Peel apartment project. It sold under the hammer at a record strata retail building rate for the suburb of $14,200 per sq m, Fitzroys’ Adam Lester and Terence Yeh said. Seven bidders vied for the property that was eventually knocked down for $640,000, representing a tight 4.6 per cent yield.

Cremorne

An owner-occupier has paid $1.81 million for a modern office building at 33 Dover Street. The three-level office features a bathroom, courtyard, city views and five undercover car spaces, said Teska Carson’s Tom Maule and Matthew Feld.

LEASES

Melbourne

Kosch Fertilizer took advantage of a 12.45 per cent net incentive fit-out contribution when signing a five-year lease on part of level 4, 492 St Kilda Rd. Lemon Baxter’s Will McMullin brokered the deal at $260 per sq m.

Melbourne

Global Investment Partners have signed a three-year lease on a small office space located on level 5, 606 St Kilda Road. Lemon Baxter’s Will McMullin achieved $400 per sq m on the deal

Notting Hill

Greenwood Early Education Centres has signed a 12-year lease on the 1659 sq m property at 16 Ferntree Place located in the Ferntree Business Park. Colliers International’s Ash Dean and Travis Myerscough negotiated the deal for mid-$200 per sq m.

Port Melbourne

Lemon Baxter’s Ned Kuci and Nick Bade negotiated a four-year lease sublease at $282,600 per annum to the ABC on the office/warehouse at 391 Plummer Street.

Prahran

Windsor eatery Mr Miyagi has signed a five-year lease for its second outlet in the suburb paying $85,000 per annum on the 24 Chatham Street property. Joe Shahin’s Peregrine Projects negotiated the lease.

South Melbourne

A four-year lease at $100,000 per annum on the office/showroom at 154 Moray Street was negotiated by Lemon Baxter’s Ned Kuci and Nick Bade within four weeks of going to market. This represents $400 net per sq m.

South Melbourne

Lemon Baxter’s Will McMullin negotiated a three-year lease for the unique ground floor space at 23 Union Street at a rate of $400 per net sq m.

West Melbourne

Andrew Thorburn and James Shaw of Gross Waddell have leased 513-521 Victoria Street to short-term tenant Quinn Civil for $50,000 per annum.

Williamstown

The Laundry Box, the dry-cleaning and alterations group, has signed a three-year lease for a rental of $40,000 per annum on Shop 7, 18 Ferguson Street, part of the Punthill Apartment Hotel. Allard Shelton’s Simon Southey negotiated the deal at a rate of $615 per sq m.

Williamstown

Allard Shelton’s agent Simon Southey brokered a five-year lease for a $65,000 per annum rental on a shop at 44 Ferguson Street realising a rental rate of $650 per sq m.

Camberwell

A retail property at 708 Burke Road has been leased for two-and-a-half years for $59,000 per annum by Ned Kuci from Lemon Baxter.

Braeside

JR Storage & Logistics has taken over buildings 1-19 Industrial Drive on a two-year lease. Colliers International’s James Stott negotiated the terms at $55 per sq m, saying it was “a strong result” for the landlord, David Barr.

South Yarra

Sofa, so good! Sydney-based furniture retailer Lounge Lovers will recline into a new tenancy at 507 Chapel Street, South Yarra, after signing a three-year lease for the 600 sq m site. Colliers International’s Chris Meehan, Cam Taranto and Jarrod Herscu negotiated terms at about $500 per sq m on behalf of Sunway Group.

Southbank

Melbourne-based construction and maintenance provider Sterling Group has committed to levels one and two at 70 City Road for three years. Colliers International’s Chris Meehan and Vincent Tran negotiated terms for the 600 sqm tenancy at $400 per sq m.

Toorak

Women’s clothing and accessories retailer, Who Fish, has taken a new lease at Hawksburn Village in a deal brokered by Teska Carson’s Luke Bisset and Fergus Evans. Mr Bisset said Who Fish took a five-year lease over Shop 3 at 537 Malvern Road plus a five-year option at a rental of $73,000 per annum net.

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