Weekly Wrap

Fitzroys Weekly Wrap - 15th February 2019

Posted on 15th February 2019

000 Retail 05

444-446 Moreland Road, Brunswick West
Leased to Four Eatery and Espresso Bar, the 80sqm space at the base of a four-level apartment development sold for $490,000 at a 6.1% yield.

Shops 1 & 2 694 Glenferrie Road, Hawthorn
National bubble tea operator Sharetea will continue its expansion through Melbourne after signing a 10-year lease over the 54sqm space at $40,000pa net.

642 Glenferrie Road, Hawthorn
A new Chinese salad and dessert bar signed a five-year deal with a five-year option over the 50sqm building at $50,000pa net.

393 Swanston Street, Melbourne
EzyMart will open its tenth convenience store in the CBD, leasing the 70sqm space at the bottom of a new Scape student accommodation building for which it will pay $4,800/sqm.

396 Lygon Street, Brunswick East
A new hospitality venue will open up from the 333sqm corner building, formerly the long-term home of fabric retailer Clegs. It was leased at $95,000pa.

213 Maroondah Highway, Healesville
Family-owned Creswick Natural Fibres will open a new shop in the refurbished 278sqm space. It signed a five-year lease at around $100,000pa.

189 Middleborough Road, Box Hill South
Anne’s Pantry Café and Bakery is expanding to a fifth site, having leased the 172sqm space at $45,000pa net on a five-year deal.

356-358 Wattletree Road, Malvern East
Skincare company The Base Collective leased the 30sqm space at $50,000pa plus GST.

Shop 21, 10 Craigieburn Road, Craigieburn
A Middle Eastern crockery story leased the 100sqm shop within Craigieburn Plaza for five years at $35,000pa net.

000 Offices 05

1-5 Station Street, Oakleigh
The renovated 140sqm office is on a 178sqm site and sold for $1.055 million with a lease bringing $33,000pa.

224 Swan Street, Richmond
Research firm The Interpreters has taken a 130sqm office space on level one at the rear of the commercial complex, and will pay $45,000pa net plus outgoings and GST.

47 Levanswell Road, Moorabbin
Coffee company Degani leased the 500sqm office and showroom building at $50,000pa for use as a staff training facility, and potentially a café in future.

540 Elizabeth Street, Melbourne
The 658sqm refurbished floor on level one of ANMF House was leased at $213,800pa plus outgoings and GST.

379 Collins Street, Melbourne
Fashion company Furla Australia inked a five-year lease over 202sqm on level 10 at $520/sqm net.

000 Development 05

12-14 Johnson Street, Oakleigh
The 892sqm Commercial 1-zoned corner site metres from Oakleigh train station sold for $3.5 million to a developer. It has four shops with a combined building area of 534sqm, and development potential for a building of five levels.

1 Exley Drive, Moorabbin
The 565sqm warehouse and showroom building is leased to Beds for Backs, and is on an Activity Centre Zone (Schedule 3) site that sold to an apartment developer for $1.5 million.

000Industrial 05

46 Winterton Road, Clayton
Jardan Furniture acquired the 1,608sqm office and warehouse building for $2.55 million. It is on a 2,145 sqm site with 12 on-site parking spaces and drop-off area.

000 Talking Points 05

Zagame family takes Abbotsford office block: Sales activity in Melbourne’s popular city fringe commercial market has kicked off for 2019, with the Zagame family’s acquisition of a recently rezoned Abbotsford land parcel of 4,735 sqm for $21 million.

Fitzroys agents Paul Burns and James Lockwood negotiated the sale of 112 Trenerry Crescent on behalf of the Australian Education Union (Victorian Branch) following an expressions of interest campaign that attracted interest from local and international parties looking to jump into the booming suburb.

The site has an existing four-level brick building with a net lettable area of 4,252sqm, with Yarra River frontage overlooking both Dights falls and Victoria Park, in addition to having views of the CBD skyline.

Burns said 15 offers were received from a mix of local and offshore bidders, predominantly made up of developers, with some partial owner occupiers.

“Bidders had schemes for a mix of office and residential uses for the property, looking to take advantage of the property's recent rezoning to Mixed Use" he said

The AEU had previously used the building as their Victorian headquarters for many years, and held onto the property following their relocation until the rezoning was formalised.

The existing building will be refurbished, upgraded and marketed for lease.

“Office vacancies across Melbourne’s city fringe have been tightening to historic lows and businesses are increasingly looking to Abbotsford as the next hotspot for commercial activity,” Burns said.

Lockwood said developers are now looking to Abbotsford in addition to the busy Cremorne and Richmond markets for their next projects.

Cadence Property Group has lodged plans for a major office development on Victoria Crescent, near the Carlton and United Brewery, and Salta Property Group is undertaking a mixed-use project with office, apartment and build-to-rent components next to its Victoria Gardens shopping centre.

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 2019 Fitzroys.