Ambulance building sells for $700,000 above reserve

Brunswick East

An older industrial building at 165 Donald Street sold at auction through Gorman Commercial’s Tom Maule and Jonathon McCormack for $3.6 million. The vacant building is situated in the Moreland Industrial Land Strategy area earmarked for future residential rezoning.

Northcote

Boutique development sites continue to attract a significant buyer pool. Gross Waddell ICR’s Danny Clark and Andrew Greenway negotiated the sale of 242-249 St Georges Road for around $4 million. The property, permit approved for 25 apartments and two ground floor shops, attracted 60 enquiries in the first week and more than 110 enquiries altogether, they said.

Blackburn

Held by the same owner for 38 years, a vacant building at 143A Whitehorse Road sold under the hammer for $1.54 million, at a building rate of $4150 per sq m. Gorman Commercial’s Tom Maule and Jonathon McCormack said quality buildings, even if vacant, are being sought-after by investors willing to take on the leasing risk.

LEASES

Ashwood

An American burger operator has taken a five-year lease at 537 Warrigal Road in a deal negotiated by Gorman Commercial’s Dean Alexander. They will pay $35,000 per annum plus GST and outgoing for the property with a small commercial kitchen, retail area of 50 sq m, and a two-bedroom residence. A neighbouring property at 539 Warrigal Road has leased to a beauty/massage business for $28,000 per annum.

Melbourne

A former Nandos near Melbourne Central has leased to the operators of the Little Temperance Cafe. The 145 sq m shop at 1/339 Swanston Street, which includes a 50 sq m basement, leased for between $2300 to $2500 per sq m on a straight 10-year lease. Gorman Commercial’s Dean Alexander declined to comment on the rent achieved. The tenant was represented by Terrence Yeh of The Leasing Agency.