South Melbourne shop canters out the door

South Yarra

A 300-square-metre strata office on level 1 at 10 Yarra Street sold for $2.83 million. The office sold to an owner occupier with vacant possession through Colliers International’s Raphael Favas.

Bulleen

An older suburban office sold at a building rate of $5838 per square metre at the “upper end” of the price range for similar space. The property, G2 at 79 Manningham Road, sold for $870,000 on a yield, if it was tenanted, of 5.5 per cent. “The vendor saw a $140,000 uplift from his purchase price three years ago,” Gorman Commercial’s Tom Maule said.

Prahran

A single storey brick house and carport with plans for 15 apartments at 13 High Street has sold privately for $3.3 million. The development site fetched a per square metre rate of $4635 through Melbourne Acquisitions’ Dominic Gibson and James Latos.

Ravenhall

An 80-square-metre industrial unit at 12/55 Barretta Road sold to a private syndicate for $200,000 or $2500 per square metre. The property previously changed hands three years ago for $150,000 and achieved 10 per cent annual growth when it resold, JLL’s Blake Grewar said.

LEASES

South Yarra

Cleaning company Cirka has taken a 300-square-metre office at level 2, 141 Osborne Street. The firm will move in on a six-year lease valued at more than $150,000 per annum, said JLL’s Matt Szakiel and Matt Brown-Greaves. The building has recently been fully refurbished.

Sunshine North

A large warehouse, building 4 at 82-86 Berkshire Road, has leased through CVA Property’s Leo Mancino for $363,510 net per annum on a 5+5+5 year term. The building boasts three street frontages to Berkshire Road, Steers and Ayton streets, he said.

Bulleen

An IT firm has leased suite G9, a ground-floor 109 sq m office at the Bulleen Corporate Centre at 79 Manningham Road. The deal was struck on starting rent of $26,500 a year, with no incentive given. Another suite at G2 is on the market through Gorman Commercial’s Tom Maule and is expected to sell on a 5.5 per cent yield.

Camberwell

Shop 1, a 126 square-metre space at 1414 Toorak Road, has leased to a carpet business as a showroom on a gross rental of $44,000 per annum with 3 per cent annual rental increases. The shop is beside the Commonwealth Bank and opposite the local IGA Supermarket, Gorman Kelly’s Manny Galanos said.

MOVERS