Vacant warehouse sells for $15m
SALES
Noble Park
Rathdrum Property has offloaded a vacant warehouse at 504-520 Princes Highway for $15 million. JLL’s Matt Ellis said the 16,191-square-metre industrial building sold with vacant possession. It has a 7330-square-metre factory and office space, a 5250-square-metre high-bay warehouse and undercover loading with six metre clearance. The warehouse sold to a private syndicator. A lack of stock available for lease was putting pressure on prime and secondary rents in the south-east precinct, Ellis said.
Rowville
A private deadline sale of a 526-square-metre warehouse at 1/31 Laser Drive resulted in its sale for $1,015,000, Colliers International’s Harry Larwill and Andrew Chrapot said. The agents had four offers for the building.
Abbotsford
An office unit in the historic Alma complex on the banks of the Yarra River sold privately for $1.85 million through Kelly & Kelly Property’s Anthony Kelly. The 420-square-metre office unit 6/663 Victoria Street is ripe for renovation. “The new owner-occupier intends on undertaking a full renovation taking advantage of the 3.8 metre ceiling height,” Kelly said.
LEASES
South Melbourne
In the 1920s, these three shops were part of the Metropolitan Gas Company and Croft Stores. They have recently been leased. Two 135-square-metre showroom offices were taken by Grace Loves Lace and The Bridal Atelier and the third, a 512-square-metre office studio, was taken by interactive software design house Ignition Immersive. The deals were struck by Dixon Kestles’ Simon Regan at $500 and $410 per square metre net with incentives at less than 10 per cent.
Malvern
After operating for 15 years as Assaggi restaurant, 99 Glenferrie Road has a new foodie tenant. The two-level premises have been leased for five years at a rental of $75,000 per annum. Given current virus-related regulations, rent was deferred, Gorman Kelly’s Gerry Gleeson said.
Campbellfield
A local transport company has leased 18a Metrolink Circuit for $112,000 per annum. The 1356-square-metre property leased on a 2+2+2 year term through Colliers International’s Mitch Purcell and Corey Vraca.
Fitzroy
Twisted Dessert Bar will lease a single-level shop at 329 Brunswick Street in a deal brokered by Teska & Carson’s Reece Israel. The property was leased on a three-year term with two thee-year options at $35,000 per annum net. “It was a great fit for the tenant’s requirements,” Israel said.
Hampton
Community carer Bayley House is taking more space at 922-924 Nepean Highway in a lease negotiated by Gray Johnson’s Rory White. Bayley House signed for the vacant 325-square-metre ground floor shop and studio space, which provides a double-fronted street exposure. The new lease is for three years with a three-year option at an annual rental of $62,750 net plus GST and outgoings. The property was previously occupied by a vegan restaurant, which appears to have closed as a result of COVID-19.
Parkville
The Australian Medical Association’s building at 293 Royal Parade is now fully leased, demonstrating the demand for smaller-sized offices across the inner city. Fitzroys’ Lewis Waddell negotiated the leases of two office suites, each 130 sq m, to Mayfair Property Management and M&T Chartered Accountants. Asking rents in the building can range from $450 to $500 per square metre gross.
Port Melbourne
LG is leasing 550 square metres of office space at 36 Fennell Street in a deal negotiated by JLL’s Shane Keogh. The five-year lease is valued at $160,000 net per annum. “This pocket of Port Melbourne is slowly transitioning away from pure office warehouse to accommodate more commercial tenants,” Keogh said.
Fitzroy
Fitness company Core-Plus is adding another studio to its 12 locations, leasing 648 Nicholson Street on a 5+5+5 year term for $60,000 per annum, said CVA’s Craig McKellar. The solid brick, two-level premises on the city fringe has first-floor airconditioning, a new kitchenette and on-site parking for three vehicles.
