Pre-Easter raid delivers fresh chocolates to Koko Black

“We can’t keep up with demand, and this acquisition unlocks capacity,” Koko Black boss Rory Gration said. The expansion will see it opening in Queensland and Canberra as well as new sites in Melbourne, Sydney, Adelaide and Western Australia.

“We’re focused on high-traffic areas in shopping centres and CBDs,” Gration said.

The deal involves taking over the lease of Chocolatier’s 5812 sq m purpose-built factory at 111-117 Bamfield Road, Heidelberg West. The facility, one of a kind in the Asia Pacific region, includes a 4000 sq m climate-controlled warehouse. Koko Black will continue production at its existing 3100 sq m factory in Coburg North.

This year marks 10 years since Koko Black was bought out of administration by Grill’d owner Simon Crowe. Revenues – before the Chocolatier acquisition – will hit $55 million.

HIA’s home

Just before Christmas, the Housing Industry Association splashed out $18 million on a new home in Cremorne, in Melbourne’s fringe office precinct.

The HIA will move into the five-level office at 8 Gwynne Street in the second half of the year.

Ratio Consultants has a lease over the 1452 sq m property which expires next month. They’ve been paying $940,000 a year in rent, giving the deal a yield of 5.22 per cent. Ratio has moved a couple of blocks away to 65 Dover Street.

“We weren’t looking to sell, but a satisfactory offer was presented to us which we were inclined to take. We are developers and can recycle the funds into other projects both locally and interstate,” said vendor, developer Nick Roche.

The HIA has its national headquarters in Canberra but had been monitoring Melbourne’s city fringe office market for some time, looking for the right building in the inner-east.

The off-market deal was negotiated by Gorman Commercial’s Peter Bremner.

“The owner-occupier market in the city fringe region is strong and there are not many high-quality vacant buildings for sale to meet demand,” Bremner said.

Research from Cushman & Wakefield shows owner-occupiers have made up about 84 per cent of the most recent buyers in Cremorne.

Cushman & Wakefield agents Anthony Kirwan, Raphael Favas and George Davies sold an office at 131-135 Dover Street to an owner-occupier before the expressions of interest campaign had closed.

The property last traded for $4.35 million just six months ago to Sydney investors. The new buyer scored it for an extra $100,000 at $4.45 million.

Around the corner, Teska Carson agents Michael Taylor and Matthew Feld are selling another office pitched at the owner-occupier market at 44 Stephenson Street. It is expected to fetch between $2.5 million and $2.75 million.

The HIA has been renting at the Botanicca business park in Burnley after it sold its long-time Jolimont headquarters to the Police Association in 2022 for more than $30.77 million.

The association was freshly cashed-up after selling their historic HQ opposite the Fitzroy Gardens in East Melbourne in 2023 for $28.14 million. They recently applied for a licence to serve booze to more than 350 people in the top two levels of the building.

River digs

At the east end of Richmond, NHP Electrical Engineering Products is selling its old digs on the Yarra River between Victoria Street and Bridge Road.

The 10,040 sq m site at 43-67 River Street is expected to attract a range of residential developers, including build-to-rent, build-to-sell and retirement players.

LAWD agents Lukas Byrns, Paul Callanan and Peter Sagar have the listing and are expecting $50-$60 million for the site depending on the buyer’s intentions.

JACX’s Michael Jackson and Charter Keck Cramer’s Tom Byrnes are acting as transaction advisors.

Preliminary concept plans for the Commercial 1-zoned site indicate it could handle up to 169 apartments and 10 townhouses – all with views of the city and the river.

NHP, established by the late Nigel Peck in 1968, has a new headquarters in East Hawthorn.

Records show the engineering firm paid Terraplex about $26.5 million for 16-18 Cato Street which was a bargain considering Terraplex had paid $24.7 million for the former Bunnings office and spent another $5 million on a refurbishment.

Development sites

River Street is not the only development site fresh to the market this week. A three-storey office leased by the University of Melbourne at 550 Swanston Street, Carlton, is also for sale and pitched as a redevelopment play.

Records show W.H. Lober, a company owned by Sydney’s Cornick family, is selling the investment it bought in 2001 for $3,625,000.

Savills agents Tim Grant, Linc Reynolds, Tom O’Halloran and Benson Zhou have the listing and are expecting more than $20 million for the site.

The 1840 sq m office is on a 1315 sq m site, zoned mixed-use, near the university and RMIT.

The low-rise building is surrounded by 13-storey hotel and student accommodation towers, and the most likely buyers would probably come from developers focused on students and build-to-rent developers.

The university pays $880,931 a year in rent for the building which is occupied by the Audiology Department and the Hearing Care Clinic. Its lease expires in February 2028.

Villa Maria

In Box Hill, Villa Maria Catholic Homes is off-loading a site it bought in 2020 for $8.2 million. The 5074 sq m site at 110 Albion Road overlooks the Gardiners Creek parkland near the intersection of Middleborough and Canterbury roads.

While VMCH has obtained a permit for an aged-care facility on the site, it has also applied for a residential rezoning which is currently with the planning minister.

Cushman & Wakefield agents Hamish Burgess, Joe Kairouz and Leon Ma are running the expressions of interest campaign with JACX Property’s Steve Bennett and Matt Brown-Greaves acting as transaction managers.

Aged care or retirement players are the most likely buyers, but residential developers could also be keen. It’s expected to fetch more than $9.5 million.

Rag trade

Meanwhile, in the Geelong suburb of Newtown, rag trader Frances Fabrics is selling a historic mill building in the artsy precinct on the Barwon River.

The 29,280 sq m site at 403 Pakington Street, has planning approval for a mixed-use precinct designed by Jam Architects, with 314 apartments and 29 townhouses.

Cushman & Wakefield’s Oliver Hay, Burgess, Kairouz and Ma have the listing and expect more than $30 million.