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Fitzroys Weekly Wrap - 1st September 2017

Fitzroys Weekly Wrap - 1st September 2017

Retail sale, 261 Camberwell Road, Camberwell
The premises of iconic restaurant Tandoori Den served up a sensational auction that saw 290 bids and a sale price of $2.509 million, reflecting a record 2.34% yield for

Retail sale, 19 Chute Street, Diamond Creek
Seven bidders competed for the 70sqm boutique retail premises, which sold under the hammer for $580,000 to a local investor at 20% above reserve and at a 3.29% yield, with a lease to Overflow Carpets.

Retail sale, 321-329 North Road, Caulfield South
The Thirsty Camel drive-through liquor outlet sold for $3.6 million on a crisp 2.8% yield at auction, $600,000 above reserve after receiving 79 bids. The 979sqm warehouse building has a showroom and two-level office space and sold at a floor rate of $3,677/sqm.

Retail lease, 222 Bourke Street, Melbourne
Royaltea signed a five-year deal for the 20sqm space within the Target centre at $3,700/sqm.

Land/development sale, 151 Mt Dandenong Road, Ringwood East
The 1,380sqm site sold to a local buyer for $1.7 million, with a permit for five large townhouses, at a land rate of $1,232/sqm and a unit rate of $340,000/unit.

Industrial sale, 24 Sixth Avenue, Burwood
A private investor acquired the 741sqm two-storey office and warehouse property with vacant possession for $1.44 million under the hammer, at a building rate of $1,943.32/sqm.

Industrial sale, 70 Lambeck Drive, Tullamarine
Abergeldie acquired the vacant 1,455sqm office and warehouse facility for $1.82 million. The Commercial 2-zoned site of 2,718 sqm has 13 on-site parking spaces.

Industrial lease, 41-45 Paraweena Drive, Truganina
Freedom Tyres has leased the office and warehouse property on a five-year deal at $301,000pa net.

Office lease, 48 Easey Street, Collingwood
Simplegreen Australia is moving to the creative workspace unit after agreeing to pay $350/sqm.


Talking points

New guidelines for developers in Victoria: The State Government this week announced a voluntary process for developers, to be known as the Design Advisory Service, which will offer them access to advice from professionals including architects, building designers, urban designers and planners. The process is designed to give developers resources to understand and comply with the minimum apartment standards introduced in March.

The State Government will also introduce an Apartment Buyers and Renters Guide as a resource for prospective buyers, and new Urban Design Guidelines for the integration of buildings and the public spaces around them.

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.

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