Frankston warehouse sells for $13.8m

Moonee Ponds

Leased to a hairdressing salon, 10 Margaret Street has sold at auction for $1,093,000. CRS Property’s Ross Mercorillo said enquiry was strong for the 2-level building.

Yarraville

Sector Property Group has sold a warehouse for $5.5 million – reflecting a 5.5 per cent net yield. The 7552 sq m site at 34 Cawley Road, next to the West Gate Freeway, was marketed as an investment or permit-ready building block by CBRE’s Bryce Pane, Ricardo Cappelletti, Fergus Pragnell and Tom Murphy. It’s tenanted by Melbourne Screen Hub and has approvals for 32 small warehouses.

LEASES

Hawthorn

New brewery Ramblers Ale Works has leased the 349 sq m building on a 450 sq m site at 96 Riversdale Road, next to busy Glenferrie Road. Fitzroys’ Tom Fisher negotiated the 5-year deal at $100,000 per annum. The brewhouse will open early this year and serve independent craft beer brewed on-site and plumbed straight from tank to tap.

Mildura

Anaconda will move into a 1434 sq m showroom in the Mildura Homemaker Centre at 636 Fifteenth Street. Leedwell Property’s Tom Perkins, Chris Parry and Nick Segran, acting on behalf of MPG Funds Management, negotiated the 9-year lease for the 1434 sq m site. Other retailers in the centre include Rebel Sport, The Good Guys and Chemist Warehouse. Recent transactions for similar sized showrooms range between $100 to 150 per sq m.

South Melbourne

OzLook will relocate to a 100 sq m office at 24 Albert Road in a deal negotiated by Colliers’ James McMahon and Lachlan Fitzpatrick. The 104 sq m premises leased at gross face rent of $400 per sq m. “We are seeing a large influx of demand for office space in the sub 200 sq m market,” Mr McMahon said.

Hoppers Crossing

An office/warehouse, Unit 3 at 16-18 Industrial Avenue, has leased to a plastics processing firm at a building rate of $80 per sq m. CVA’s Leo Mancino rent rates were steady even though there was more appetite in a buyer’s market.

Dandenong South

23 Jamieson Way is the latest A-grade facility to find a tenant before an on-market campaign, Colliers’ James Stott and Gordon Code said. Mr Stott said the 4870 sq m property leased to One Stop Warehouse at asking rent of 103 per sq m on a five-year term.

Werribee

Three combined suites at the new Hunter Werribee Development at 22 Synnot Street have leased through CVA’s Leo Mancino for $95,000 per annum to a real estate agency, representing a building rate of $337 per sq m.

Clayton

Ateco Automotive will establish a new office at 195 Wellington Road after recently acquiring the distribution rights to Renault in Australia. In a deal facilitated by Colliers’ Ash Dean and Tom Rothel, Ateco will occupy 350 sq m on a 2-year lease on a net face rent of $300 per sq m.

Bentleigh

An early learning centre has been leased off the plan by CBRE’s Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto. The 124-place facility at 58 Patterson Road was leased at starting rent of $540,000 a year. The 869 sq m building is being developed by George Babatsias‘ family owned petroleum business Jet Oil.

MOVERS

Savills Australia has appointed Colin Tarlamis as a director at its Notting Hill office and Daniel De Sanctis as a manager based in the CBD. Both will work on industrial markets.