Prime Albert Park real estate doesn’t come much rarer than this. An island site at 1 Victoria Ave sold for $5.575 million, about $500,000 over the reserve, Allard Shelton’s Joseph Walton, Michael Ryan and James Gregson said. Mr Ryan said that despite the heritage overlay, the purchaser – who beat off four other bidders at auction – was likely to redevelop the property into a 3-4 level mixed-use building and occupy part of it.
Eighty bids from eight buyers pushed the yield on a Whitehorse Road property to a tight 3.24 per cent at auction. Teska Carson’s Tom Maule and Adrian Boutsakis said number 68-72 offered multiple income streams and development potential. It was finally knocked down to a local investor for $3.532 million. The property was sold subject to three leases with a total rental of $114,510 per annum.
A 12.61 hectare parcel of farmland that has been in the same family for 40-plus years at 40 Palmers Road sold for $4.77 million. The block, near the Princes Freeway, changed hands on a 30-day settlement, Colliers International’s Stephen Newsham and Nick Saunders said.
Children will be taking care of an investor in their old age after a self-managed super fund snapped up a 90-place childcare centre for $3.1 million. The centre at 1 Regent Street had a 10-year lease returning annual rent of $204,000. The property transacted on a yield of 6.6 per cent after being on the market for 22 days, Andrew Kelly from Australian Childcare Brokers said.
A large crowd watched eight bidders vie for 81-83 Main Road until the hammer came down at $2.6 million. Crabtrees Real Estate’s Matthew Marenko and Chris McKenzie said the free-standing office warehouse sold well over the reserve, partly because of future development potential. “Property demand is extremely high and stock levels are at an all-time low which is leading to outstanding results,” Mr Marenko said.
High demand and continued growth in the western market has seen a private investor pay $2.5 million on a 6.9 per cent yield for a new industrial facility at 29 Efficient Drive. The 2227 sq m office warehouse was recently leased to UCS (Underground Cable Systems) for five years, Knight Frank’s Joel Davy said. In another deal, two sites at 199 and 207 Proximity Drive sold for $1.6 million each. Nearby at 111 Technology Drive a 463 sq m site sold for $635,000 representing a rate of $1371 per sq m. Also selling was 191 Proximity Drive which went for $1.565m and 33 Enterprise Way which fetched $880,000. Davy and Tony Tripodi brokered the deals.
A self-managed super fund investor paid $1.15 million for 38 Shafton Street and $905,000 for 32 Hargreaves Street. Both brand new office/warehouses were leased to tenants for a rental return of $118,000 per annum net plus GST and Outgoings, to Savills Daniel Kelly said.
Middle ring retail assets are still proving popular with investors. A small two-level shop at 9 Yertchuk Avenue sold for $840,000. The property changed hands with a single tenant leasing the lower level for $27,368.40 per annum, Rounds Real Estate’s Colin Rounds said. Another property at 2 Yertchuk Avenue sold soon after the auction in an offmarket deal for $590,000. “The vendor contacted us a few days after the auction asking if we were able to help sell his premises,” Mr Rounds said.
A shop with a residence upstairs at 676 Warrigal Road sold under the hammer for $641,000, Ray White Commercial Oakleigh’s Paul Rizzo said. “There were three main bidders and the successful purchaser happens to be local developer,” he said. Meanwhile, a 248 sq m building at 13/94-102 Keys Road in Moorabbin sold off market to a local investor for $495,000, Ryan Amler said.
A block at 675 Dandenong Road sold privately for $680,000. The property was leased for $30,000 giving a return of 4.4 per cent. The new owner plans to develop eventually, Philip Prowse from Prowse Burns Commercial said.
After 40 years based in Melbourne’s inner suburbs, design firm SJB has relocated to the city, leasing 860 sq m across two fully self-contained floors at 18 Oliver Lane. Colliers International’s Milly Stockdale negotiated the six-year deal on behalf of Marks Henderson. The gross asking rent was believed to be around $600 per sq m.
Television and multi-media production company The WTFN Group will relocate to a 390 sq m first floor office at 270 Auburn Road on a three-year lease with two three-year options to renew. The firm will pay annual rental of $117,500 net with 3 per cent annual increases in a deal negotiated by Kevin Sheehan and Rory White from Gray Johnson’s newly created eastern office. No incentives were given.
Sideshow Coffee, an offshoot from the owners of The Boy Who Cried Wolf, will open in Peregrine Projects’ Luxton development at 30 Chatham Street. Designed by Zwei Architects and stocking Code Black Coffee, the new espresso outlet will pay $72,000 a year in rent.
ASX-listed cleaning and security firm, Millennium Services Group, has agreed terms on a new office lease on Level 1 of 205- 211 Forster Road. The modern, fully fitted and furnished 700 sq m office leased for $186,000 per annum net on a five-year term, Savills Australia’s Daniel Kelly said.
Colliers International’s real estate management division has appointed two new recruits. Dev Dulai will join the firm as engineering and operations manager and Tarone Smith as a new senior property manager.
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