Shop in Sydney Road, Brunswick, serves up $1.14m sale
SALES
Brunswick
A strata-titled ground floor shop leased to Crust Pizza served up a strong result for its vendors. Fitzroys’ Ervin Niyaz and Chris Kombi sold the shop at 455-457 Sydney Road for $1,135,000 under the hammer after strong competition from four parties at auction. The sale price reflects a building rate of $11,350 per square metre. The shop, next to the Mariana Hardwick building, traded on a 4.7 per cent net yield. It returned $54,000 per annum plus outgoings and GST.
Preston
A warehouse leased to theatre and dance construction specialist Show Works has sold for $2,087,000 on an indicative 4.3 per cent yield. The property at 23-25 Raglan Street included a two-level office and adjoining clear span warehouse, Gray Johnson’s Matt Hoath and Brett Simpson said. It sold with a new five-year lease (plus five-year option) in place to the tenant, returning annual rental of $90,000 plus GST.
Camberwell
Investors and owner occupiers have snapped up four office suites at 685 Burke Road. Prowse Burns Commercial’s Fred Bartlett and Philip Prowse said the offices were in high demand. Unit 204 and 509 sold for $410,000, at a per-square-metre rate of $4823 and $5125 respectively. Unit 206 sold for $300,000 ($4615 per sqm) and Unit 506 went for $325,000 ($5000 per sqm).
Hallam
An investor has paid $945,000 for an industrial facility at 74-80 Melverton Drive. The 630-square-metre office warehouse includes 189 square metres of storage space and is currently leased on a short-term basis, Knight Frank’s George Linn and Luke Crozier said.
LEASES
Armadale
Kay & Burton real estate agency is expanding, leasing the ground and first floors at 946 High Street. The 300-square-metre space was leased for $112,000 per annum, a per-square-metre rate of $373, Josh McMullin from Morley Commercial said. Mr McMullin also leased 80 Jolimont Street in East Melbourne to advisory firm JACX Property. The 166-square-metre office space was leased for $65,000 per annum.
Brunswick
Fast-growing retail brand Retro Star has leased a 1100-square-metre facility at 17-19 Hope Street. Retro Star supplies its products to fashion houses and major retail outlets. CBRE’s Guy Naselli and Jake George negotiated the five-year lease with a five-year option at a rate of $85 per square metre.
Footscray
A new medical clinic is to open opposite the Footscray Hospital and Western Private Hospital at 20 Eleanor Street. Fitzroys’ Stephen Land negotiated a three-year lease for the purpose-built 194-square-metre clinic with a new tenant at $85,000 per annum net. The building has six consulting rooms, a waiting area and filing room.
Windsor
Hair salon Sechoir will move to a new shopfront at 242 High Street, relocating from Armadale on a 5 + 5 + 5-year lease at $50,000 per annum. Burgess Rawson’s Sam Fogarty said the deal was negotiated off-market through a pre-existing relationship with the tenant.
Tullamarine
Freight company Royal Express Group has more than doubled its footprint in the Melbourne market after relocating to Propertylink’s 55-65 Sky Road property. Royal Express signed a 10-year lease for a 10,049-square-metre office warehouse. CBRE’s Daniel Eramo and Daniel De Sanctis negotiated the deal at rent around $85 per square metre net.
Narre Warren
Health services organisation La Trobe Community Health has leased 700 square metres of office space in the new Casey Business Park at 68 Victor Crescent. CBRE’s Gianni Macdonald and Elise Betts inked the three-year lease on behalf of landlord Lettieri Developments for $395 per square metre gross. La Trobe Community Health has also let the fifth floor of 76 Thomas Street in Dandenong on a three-year lease at $400 per square metre gross. In another deal the National Disability Insurance Agency (NDIA) and Brotherhood of St Lawrence have secured space in a five-level office building at 454 Nepean Highway, in Frankston. Both deals were struck at about $350 per square metres gross.
MOVERS
CBRE has expanded its Melbourne-based industrial and logistics team with the appointment of Ben Quennell. Mr Quennell has previously worked for CBRE but more recently was at Broadsheet Media and RT Edgar.
