Weekly Wrap

Fitzroys Weekly Wrap - 30th November 2018

Posted on 30th November 2018

Retail Sale, 48 Church Street, Richmond
The vacant 110sqm building, on a Commercial 2-zoned site of 142sqm with rear access and on-site parking, sold for $1.7 million.

Retail Sale, 159 Union Road, Surrey Hills
An owner occupier paid $1.052 million for the double-storey building of 133sqm, which they will extend and renovate for a new restaurant. It is on a 160sqm site zoned Commercial 1.

Retail Sale, 163 Gertrude Street, Fitzroy
The recently converted 170sqm building, tenanted by fashion retailer Handsom, sold for $1.65 million. It is leased until November 2019 with a further term of three years and currently returns $64,165pa plus outgoings and GST.

Retail Sale, 5 East Concourse, Beaumaris
The 91sqm shop sold for $950,000 at a 4.73% yield, with a lease to travel agency Destination HQ until 2020 plus a three-year option.

Retail Sale, 150 Springfield Road, Blackburn
A local owner occupier picked up the 130sqm single-level building for $620,000. It is on a 183sqm site and sold with a monthly tenancy.

Retail Lease, Shop 2, 199 Toorak Road, South Yarra
Lanzhou Beef Noodle Bar leased the 145sqm space at $95,000pa net.

Office Sale, 242 Hampshire Road, Sunshine
The two-storey, double-fronted building sold at auction for $3.56 million. It is on a 433sqm site within an Activity Centre zoning, and is leased on the ground floor for $115,000pa, while the first floor is vacant.

Office Sale, 1 Chum Street, Bendigo
The first floor strata space of 887sqm, within a medical centre that includes Bendigo Day Surgery and Monash IVF as tenants, sold for $4.15 million.

Office Lease, 695 Burke Road, Camberwell
Dealcorp secured Enervest and Kyocera as new tenants within the building across 170sqm and 435sqm respectively. Both signed five-year deals at $290/sqm.

Industrial Sale, 4 Brasser Avenue, Dromana
The 1,235sqm Industrial 3-zoned site within the Dromana Industrial Estate changed hands for $595,000.

Industrial Sale, 126 Melrose Drive, Tullamarine
A logistics group signed a five-year deal over the 2,474sqm facility at $195,000pa net. It includes 321sqm of office space and 22 on-site parking spaces.

Industrial Lease, 198-206 Roden Street, West Melbourne
Balmain and Co will take up the 565sqm office and warehouse building at $80,000/sqm.

Global charity organisations trade Caulfield South corner site: The Royal Antediluvian Order of Buffaloes has acquired the 290sqm former bank building on the corner of Glen Huntly and Hawthorn Roads for its new headquarters.

Fitzroys agents Chris Kombi and Mark Talbot negotiated the $1.6 million sale of 790 Glen Huntly Road, which encompasses a high profile Commercial 1-zoned site of 347sqm, on behalf of The Daughters of Charity of St Vincent de Paul.

The two organisations have a combined 580 years of history.

The Royal Buffaloes Club had been headquartered at the century-old 22 Sutherland Street building in Melbourne’s CBD since 1954, and sold off the premises earlier this year.

Liberal Party offloads Victorian headquarters: The Victorian arm of the Liberal Party has sold its Melbourne headquarters at 104 Exhibition Street in the CBD for $37.1 million.
The new owner of the six-level, 2,550sqm art deco building known as Centenary Hall is a luxury brand that will use it as its own Melbourne head office.

Centenary Hall was built in 1935 and picked up by a Liberal Party vehicle in 1976 for $576,000. The Liberal Party currently occupies a whole floor and will vacate at the end of 2019, while Tolarno Galleries is on level four.

Former Melbourne CBD hardware shop sells for $6.9 million: The Victorian-era city building of four levels at 219 Russell Street traded with a lease to Nu5 Hair Studio over the basement and ground floor levels, while the top floors are vacant and extra income is derived from billboard space.

Charter Hall drives into Coburg icon: Major real estate player Charter Hall has acquired the 8.1-hectare Coburg Drive-In site from a Village Roadshow subsidiary in a $12.5 million sale and leaseback deal, with a view to capitalising on its long-term development potential.

Village will continue operating the venue for at least another 10 years. Films have been shown at the site since 1965, and it is considered the biggest drive-in cinema in the southern hemisphere based on its three 33-metre wide screens and viewing area of 36,000sqm.

Major players trade Waverley Gardens: Elanor Investors Group has teamed up with global property investment firm Heitman to purchase the 39,553sqm Waverley Gardens shopping centre in Mulgrave for $178 million, from US giant Blackstone.

The sub-regional centre is on a 106,000sqm site and is anchored by Woolworths, Coles and ALDI supermarkets and two discount department stores, and is close to the intersection of the Monash Freeway and Eastlink.

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.