SALES
South Melbourne
A private investor paid $5.8 million for a vacant office warehouse in 97-101 Tope Street with a view of refurbishing it as an office in the near future. The purpose-built printing facility had three levels of industrial accommodation including a basement car park in a 1737-square-metre building, Knight Frank's Chris Chartres said.
Malvern East
Mecwacare will move to a larger building in Malvern after selling their two-level office at 444-450 Waverley Road for $4.8 million through GormanKelly. Agent David Minton said Mecwacare's two adjoining office buildings on the 1200-square-metre site were suitable for high-density, mixed-use redevelopment. "The site generated a significant amount of interest," he said.
Ascot Vale
Savills Australia has sold a corner development site at 52-54 St Leonards Road for $2.8 million. The 981-square-metre block in a general residential zone had a newly-approved permit for 29 apartments. A local private developer plans to begin development immediately, said Julian Heatherich and Jesse Radisich.
Richmond
A Melbourne investor outbid Hong Kong interests to pay $1.805 million, on a tight 3.77 per cent yield, for a shop at 398 Bridge Road. Teska Carson's George Takis and Michael Ludski said a 60-plus crowd watched as the auction went well above the reserve. "We were expecting to sell for around $1.5 million," Mr Takis said. The two-level building is leased to popular Japanese restaurant Maedaya for $68,000 a year.
Glen Iris
The smell of hot bread may have pushed four bidders to pay $100,000 over the reserve for a bakery/cafe and an attached two-bedroom dwelling at 1618 High Street. The two-storey brick shop near the Glen Iris train station sold at auction for $1.302 million on a passing yield of 5.2 per cent, Axis Property's Michael Buium and Matt Brown said.
St Kilda
An office/studio at 212 St Kilda Road sold for more than $300,000 above the vendor's reserve. Fitzroys' Mark Talbot and Andrew Hewett said the two-storey shop/office sold for $1.401 million in a hotly contested auction. Passing rental reflected an initial yield of 2.89 per cent.
Williamstown North
One of the last remaining vacant parcels of land at 21 Macaulay Street has sold. A private group paid $435,000 for the 1011-square-metre site, representing a land rate of $430 asquare metre. Industry Property Group's Stuart Macqueen said proximity to Melbourne along with little remaining vacant land were stimulating large sale rates in the area.
LEASES
South Yarra
Men's cosmetics brand Black Leopard has taken a leap into Chapel Street. Fitzroys' Dan Noonan and Steve Brookes negotiated the deal for 75 square metres of ground floor at 409a Chapel Street to the skincare label on an initial term of three years at $85,000 a year. Meanwhile, Mark Talbot has leased two shops in Church Street Brighton to national tenants. Women's accessories label Mimco took a seven-year deal at 87 Church Street for $100,000 a year plus outgoings and GST and at 40b Church Street, boutique Western Australia retailer Flannel leased a store in an off-market deal also for $100,000 plus outgoings and GST.
Notting Hill
Evermore Money Management have leased an office suite at 1 Redwood Drive. The group signed a two-year lease for 410 square metres of fitted office space. Knight Frank's Tom Ryan said the existing fit out and building signage were two significant factors. The net annual rental equates to $230 a square metre with the tenant paying GST plus outgoings.
Laverton North
Industry Property Group's Andrew Macqueen has leased more than7000 square metres in two buildings at 63-69 Pipe Road. Plantic Technologies took 3500 square metres on a four-year term and Coghlan Melbourne took 3600 square metres on a three-year term in the industrial complex. Commencing rentals were $60 a square metres. Quality warehouse space was becoming harder to find in Laverton North due to recent take up, he said.
Dandenong
Cameron Industrial's Al Armstrong and Angus Clark have negotiated a deal with Mulch Master which will see it take 3250 square metres at 18-20 Elliot Road. The property was leased for five years at $240,000 a year with further options, they said.
MOVERS
Respected senior rural property expert and auctioneer Shane McIntyre has been appointed to the role of national director of rural and agribusiness based out of Colliers International's Melbourne office and Savills Australia has made a key new appointment, recruiting Damien Abela to its Victorian valuation and consultancy team.
Submissions to sjohanson@fairfaxmedia.com.au
