Weekly Wrap

Fitzroys Weekly Wrap - 12th November 2021

Posted on 12th November 2021

73 Barrabool Road, Highton
An owner-occupier bought the vacant 206sqm building for $3.35 million, at a building rate of $16,262/sqm. It is on a 211sqm corner site zoned Commercial 1 within Highton Village and has 37m of frontage to Belle Vue Avenue.

699 Glenferrie Road, Hawthorn

The Coles supermarket sold for $24 million at a 1.9% yield. The Kiel family was the vendor.

751 Centre Road, Bentleigh East

Zoned Commercial 1, the vacant 2-storey 307sqm building on a 236sqm corner site sold for $2.025 million.

91 Burwood Road, Hawthorn

The 2-storey, 257sqm building leased to Melbourne Pool & Spa sold to a local investor for $1.575 million, at a 4% yield. It returns $64,164pa plus GST.

5 Thomas Holmes Street, Maribyrnong

The 123sqm shop and office property leased to Eye Trend Optometry sold for $900,000, on a 5.65% yield.

47a Wangara Road, Cheltenham
The 2-level, 1,648sqm building home to a New Balance outlet and registered NDIS provider Ability Plus Disability Services sold for $6.4 million. It currently returns $365,680pa plus outgoings and GST and has a 435sqm vacant space on the 1st floor.

24-30 York Street, South Melbourne

An owner-occupier paid $4.1 million for 532sqm vacant office building, on a 363sqm site zoned Commercial 2, which was offered with approval for a 6-level building plus basement parking.

Suite 3, 574 Plummer Street, Port Melbourne

The 68sqm suite with 2 parking spaces sold for $450,000. It has a 3-year lease to Stecardan Pty Ltd returning $23,000pa plus GST.

668 Burwood, Hawthorn

A software company leased the 267sqm whole 1st-floor office, including 9 parking spaces, for 5 years at $280/sqm net.


30 Fulton Drive, Derrimut
Centuria Industrial REIT about the 10,733sqm distribution centre facility for $20.6 million, on a 4.9% initial yield It is occupied by Signoide Australia Pty Ltd with 2 years remaining on the lease.

870 Lorimer Street, Port Melbourne

Centuria Industrial REIT also bought the fully-leased 2,392sqm office and warehouse facility for $18 million, at a 2.1% initial yield.

16-18 Fulton Street, Oakleigh South

A local investor bought the vacant 1,468sqm corner office and warehouse for $2.55 million.

82 Northgate Drive, Thomastown

A local owner-occupier bought the 1,150sqm office and warehouse property for $2.426 million.


500-506 Glen Huntly Road, Elsternwick
The 1,650sqm Art Deco block of 10 2-bedroom apartments sold for $6.2 million to an investor who plans on refurbishing the property.

81 Erin Street, Richmond
The 73sqm building on a 192sqm site with approval for 3 medical practitioners sold for $1.56 million.

Premier Opportunity to Invest in Epping Growth Story
A showroom and logistics island site in Epping has come to the market, offering investors and land bankers a premier opportunity to be a part of the suburb’s incredible growth story.

Fitzroys’ Paul Burns and Chris James are marketing 88 Cooper Street and 100 Cooper Street separately or in one line via Expressions of Interest closing 3 December.

On offer is 1.35ha of land with a 470m street frontage, located directly opposite the Pacific Epping regional shopping center and in the heart of Epping Central, the priority investment area within the City of Whittlesea.

The 9,254sqm site at 100 Cooper Street has a 10-year lease that commenced in July 2021 to Jowett Motor Group, operating as Northern Honda. The improvements are a part-new and part fully-refurbished purpose-built automotive dealership and logistics warehouse totalling 3,860sqm. Annual net return is approximately $730,000pa.

Northern Honda is the consolidation of a number of Honda dealerships, with the logistics component distributing Honda parts to the majority of metropolitan Melbourne.

88 Cooper Street comprises a modern 1,721sqm three-unit showroom on a 4,228sqm site with associated parking. It is fully leased to long-term tenants Burson (part of ASX-listed Bapcor Limited), GPC Asia Pacific’s NAPA and popular supermarket chain MKS Spices’n’Things, returning $360,000pa net. The 2005-constructed building was recently upgraded and has a 4.5-year WALE.

Combined, the entire property returns approximately $1.1 million pa net, with an 8.1-year WALE. The buildings have been upgraded at a total cost of circa $4.5 million.

“Epping is undergoing a generational boom, and Cooper Street has recently emerged as the major commercial hub of the northern suburbs. The area has seen enormous development and growth, and it promises further long-term intensification projects. It’s quite remarkable what’s taking place,” Burns said.

“This property presents as the ultimate land bank. Here and now, it is an outstanding, secure investment opportunity. The longer-term potential is huge, with Council encouraging high-density commercial and residential development by way of the site’s Activity Centre zoning.”

In addition to Pacific Epping regional shopping centre, major tenants fronting Cooper St include Melbourne Wholesale Fruit Vegetable & Flower Market, the Northern Hospital, Epping Private, Melbourne Polytechnic, the Mantra Hotel, Costco Supermarket and others large-format retail, medical and automotive showroom users including Mercedes, VW and Ford.

James said a number of major infrastructure, logistics, advanced manufacturing, and large format retail projects have recently been completed in Epping, with many more planned.

On Cooper Street alone, Riverlee has started work on the $2 billion mixed-use development at the former Epping Quarry, marking one of Australia’s largest urban renewal projects and including the Northern Private Hospital development, while Genesis Property recently bought a 1.63-hectare infill development site.

Throughout Epping, Sandhurst Retail and Logistics is planning a $500 million, 140-hectare industrial estate, and Mazda recently completed its 3.7ha national parts and distribution centre. The suburb has also attracted investment from ASX-listed players Charter Hall, Centuria Industrial REIT and large-format retail specialist Aventus.

James said the site offers excellent accessibility, an attribute that has become sought-after amid the boom in demand for logistics and warehousing.

“The property is connected to the Hume Freeway, Metropolitan Ring Road, Western Ring Road and Tullamarine Freeway, opening up access to the rest of Melbourne as well as Melbourne Airport,” he said.

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. Terms/Privacy © Copyright 2021 Fitzroys.