Carlton cafe culture helps change investor's mind
A Melbourne-based buyer who started out looking for residential investment opportunities has bought a cafe site in Carlton for $1.35 million.
CBRE’s Rorey James, Nic Hage and J.J. Heng sold the property occupied by The Olive Jar at 168-170 Rathdowne Street for a private vendor.
The building area is 179 square metres, reflecting a rate per square metre of $7541, and the land area is 149 square metres, a rate of $9060.
Mr Hage said in what was a recent trend, the buyer was initially looking for residential investments. “Their interest in pursuing commercial property was driven predominantly by the more favourable returns and landlord favoured leases,” he said.
Bid marathon
Eight bidders racked up more than 100 bids in total to reach a sale price of $5.02 million for a retail property in Melbourne’s Brunswick.
Savills’ Jesse Radisich, Nick Peden and Mark Stafford ran the auction campaign for 462-464 Sydney Road. The sale was on a 2.6 per cent yield.
The property is leased to a two-dollar shop on a new five-year term.
The sale of the 717-square-metre corner building on a 757-square-metre landholding translates to a building rate per square metre of $7001 and a land rate of $6631.
“The family, who has owned the property since 1986, is absolutely ecstatic with the result,” Mr Radisich said.
Coming up Rosebud
A residential developer has bought a 5058-square-metre landholding in Rosebud for $3,617,500.
CBRE’s Mark Wizel, Julian White, Rorey James and Chao Zhang sold the vacant site at 23-27 Rosebud Parade under instruction from the mortgagee in possession.
The site, about an hour from Melbourne, is close to Rosebud Beach and Rosebud Shopping Centre on the Nepean Highway.
Mr White said the property drew interest from residential and aged-care developers.
“The sale was a clear sign of the confidence in the residential development sector, with investors for multiple end-use profiles pursuing the offering,” he said.
Learn and earn
The newly opened Kenmore Hills Early Learning Centre in Brisbane’s south-west has sold for $4,742,671 to a local investor.
JLL’s Sam Byrne and Tim Jones managed the expressions of interest campaign for the 82 Brookfield Street centre, which is licensed for 91 children in long day-care. The yield was 6.14 per cent.
The centre was offered with a long 10-year lease with a net annual rent of $291,200 per annum, with the tenant responsible for all outgoings.
End of the Ryde
A property that once housed one of the oldest businesses in the north-western Sydney suburb of West Ryde has sold at auction for $5.2 million.
The former home of Taffa’s Mitre 10 hardware store, which had been in the hands of the same family since 1955, is on 403 square metres of land with three street frontages.
Ray White Commercial’s Peter Vines, Victor Sheu and Joseph Assaf sold the 1 Chatham Road site with vacant possession on behalf of the Taffa family. The shop ceased trading at the end of last year.
Mr Assaf said the listing generated more than 140 inquiries during the sale campaign.
Richmond pickings
A private investor has bought an industrial property in Richmond, east of the Melbourne CBD, for $1.8 million.
Cushman & Wakefield’s Jordie Cassidy and Robert Colaneri sold 55-57 Butler Street, a 311-square-metre site with a 295-square-metre warehouse, first-floor offices and wide roller door access, for vendor Crosscourt Holdings Pty Ltd.
The sale represents a land rate of $5788 per square metre.
High society
A circa-1887 building in Port Melbourne has sold under the hammer for $3.705 million.
Fitzroys’ James Lockwood and David Bourke sold 226 Bay Street, the former home of the Port Melbourne Building Society, on behalf of a long-term private owner.
The sale price of the city fringe asset reflected a land rate of $14,500 per square metre.
Constructed in the Victorian free classical style, the vacant 508-square-metre two-storey building is on a 254-square-metre triple-fronted corner site with a 10-metre frontage to Bay Street.
