Fitzroys Weekly Wrap - 25th August 2017
Retail/hospitality sale, Shop 1, 110 Keilor Road, Essendon North
The 490sqm corner retail premises of award-winning eatery 400 Gradi sold for $2.45 million under the hammer, at $5,000/sqm, and at a circa-4.75% yield with a secure 7x7x7-year lease and annual rental increases. It features a combined street frontage of 36 metres and five car spaces on title.
Retail/hospitality sale, 85 Acland Street, St Kilda
An investor has purchased the 217sqm Rococo restaurant premises for $3.188 million, at a 4.1% yield. The sale reflected a land rate of a $14,691/sqm and floor rate of $16,691/sqm.
Retail/showroom sale, 831 Nepean Highway, Bentleigh
A private investor picked up the 922sqm site, which has a seven-year lease to Beaurepaires, under the hammer for $5.27 million after bidding from local and offshore parties. The sale price reflected a land rate of $5,716/sqm and building rate of $12,729.47/sqm.
Retail lease, Shop 3, 537 Malvern Road, Toorak
Women’s fashion retailer Who Fish signed a five-year deal with a five-year option over the at $73,000pa net.
Land/development sale, 448 St Kilda Street, Brighton
A Chinese party acquired the 1,958sqm cleared corner property for $11 million in an off-market deal, at a unit rate of $355,000/unit and land rate of $5,618/sqm. The property is on the corner of Head Street, opposite Head Street reserve and the base of Ormond Esplanade, and metre from Elwood beach.
Land/development sale, 23-27 Rosebud Parade, Rosebud
The 5,264sqm site with a General Residential zoning sold with a permit for a 64-apartment high-end aged care development for $4.9 million, at a land rate of $930/sqm. The plans allow for a three-level village and the zoning offers alternative aged care or apartment/townhouse development outcomes.
Industrial sale, 411-415 Ferntree Gully Road, Mount Waverley
The 2,956sqm office and warehouse will soon be vacated by Toshiba and was picked up by an owner occupier for $7.25 million, at a building rate of $2,452.69/sqm.
Industrial lease, 513-521 Victoria Street, West Melbourne
Quinn Civil has signed a short-term lease over the 447sqm warehouse at $50,000pa. The site sold earlier this year for $3.672 million with a permit for 26 apartments and a retail space.
Office sale, 33 Dover Street, Cremorne
An owner occupier purchased the vacant 352sqm three-level modern office building for $1.81 million, at a floor rate of $5,142/sqm.
Disney looks for magic in Cremorne: Disney’s Australian arm is moving from South Yarra’s Como Centre to BlackRock’s Building 10 at the 658 Church Street business park, in the inner-city pocket of Cremorne that is attracting a spate of new office tenants.
The company will pay between $400 and $450/sqm for the 2,657sqm space on a five-year, and follows job search Seek announcing its move to a new 20,000sqm building at 60 Cremorne Street.
Other groups that have entrenched themselves in the hotspot are MYOB over 2,000sqm and TBL over 1,600sqm nearing $500/sqmat 79 Swan Street; as well as REA Group, Tesla, Uber and Carsales.com.au.
H&M label to High Street: Swedish fashion label H&M’s second largest label, Cos, is opening its third Melbourne store within High Street, Armadale building with original Edwardian features, following its CBD and Chadstone sites. The 248sqm High Street space features an internal courtyard and skylight space. H&M recently reaffirmed its ongoing strategy to “develop, launch and build new global brands”.
Fashion tenants Rebecca Vallance and Zimmermann have recently entered the popular retail strip.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys.