Weekly Wrap

Fitzroys Weekly Wrap - 1st March 2019

Posted on 01st March 2019

000 Retail 05

1342-1350 Western Highway, Caroline Springs

The 3,669sqm site has a Hungry Jack’s restaurant and sold for $2.955 million, with a lease until 2023 plus options that returns $120,101pa net.

473 Whitehorse Road & 19A Edward Street, Mitcham
The corner building, long-term home to Wendy’s Bakery, sold for $1.655 million. The 276sqm site has a gym at the rear and returns a combined $82,682pa plus GST.

57-59 Thompson Avenue, Cowes
Another corner bakery site traded for $1.6 million. The 262sqm site returns $81,043pa plus GST from a new 5-year lease with options to 2033.

Shop 1/5-13 Adelphi Boulevard, Point Cook
Home to fish and chippery Reel Deal Fish, the 76sqm shop within Soho Village shopping centre sold for $690,000 with a lease until 2027 and options to 2037 bringing $40,500pa.

Shop 3/5-13 Adelphi Boulevard, Point Cook
Also within Soho Village, the 69sqm premises of 食堂 Kitchen Restaurant sold for $672,000. It returns $38,475pa on a lease running until 2025 with options to 2035.

162 Collins Street, Melbourne
Iconic Parisian shoe designer Christian Louboutin will open a second Collins Street shop in the CBD, signing a short-term lease of 90sqm within the Georges Building. It also has a 55sqm store within the 88 Collins Street terrace building. Rents through Collins Street’s east end typically attract more than $5,000/sqm.

161 Collins Street, Melbourne
US real estate group Pembroke has taken the refurbished T&G Building to full occupancy, after signing up The Mulberry Group for a 450sqm café, wine shop and produce store in the building’s lobby.

132 Puckle Street, Moonee Ponds
Homewares retailer The Phoenix and the Turtle will open its third store after signing a 3+3-year lease at $57,000pa net, adding to existing sites in Northcote and Blairgowrie.

Shop 2, 623-625 Sydney Road, Brunswick
Vietnamese food truck Nuoc Mama will start trading from its first bricks-and-mortar location after leasing 160sqm at $47,000pa net on a 4+4+4-year deal.

000 Offices 05

Level 1, 256 Victoria Street, North Melbourne
Icon Builders leased the 112sqm space on a 12 to 18-month deal at $30,000pa net.

40 Stephenson Street, Cremorne
Red Fox Group will move into the two-level converted warehouse of 350sqm after signing a 5-year deal at $150,000pa net.

Ground Floor, 233 Punt Road, Richmond
Venture capital firm Propel Ventures has taken the 343sqm space in a 1-year sublet deal at around $291/sqm.

Suite 9/84 Church Street, Richmond
Software firm Teba signed a long-term deal over the 158sqm space at $60,000pa net.

000Industrial 05

48 Jesica Road, Campbellfield
The Primo Smallgoods cold storage facility of 2,180sqm, on a 4,317sqm site, sold for $4 million. It has triple net lease until 2028 with a 10-year option and returns $267,915pa plus GST.

33 McIntosh Street, Airport West
An owner occupier paid $900,000 for the 465sqm brick standalone office and warehouse, which is on a 770sqm site with 12 on-site parking spaces.

75-77 Cochranes Road, Moorabbin
Online retailer KG Electronics is consolidating its operations and inked a 3+3+3-year deal over the 3,345sqm office and warehouse facility at $250,000pa net.

39-41 Winterton Road, Clayton
As part of its expansion into Melbourne, Go Mart signed a 5+5-year lease over the 1,479 office and warehouse property at $141,000pa net.

000 Talking Points 05

Abbotsford commercial market continues hot streak: As Melbourne’s summer comes to a sweltering end, another major sale in Abbotsford’s heated commercial market has taken transaction volumes to $75 million across three recent deals.

Former Poly Australia director Yuan Tao has just acquired the IKEA warehouse at 30-36 Grosvenor Street for $17.28 million via investment vehicle Southlink Grosvenor, after its $37.28 million purchase of the Australia Post and Honeywell facility across the road at 45-50 Grosvenor Street late last year.

The sites were acquired as long-term landbank plays, with a view to developing apartments in the future.

IKEA has a long-term lease over its 4,616sqm Industrial 1-zoned site, while Australia Post has a lease running until

2028 and Honeywell until 2021 over the former Weston’s biscuit factory site that encompasses 9,466sqm.

Earlier this month, the Fitzroys agents Paul Burns and James Lockwood completed the $21 million sale of the 4,735sqm site at 112 Trenerry Crescent in Abbotsford to the Zagame family, on behalf of the Australian Education Union (Victorian Branch).

Local and international parties submitted 15 offers for the recently-rezoned asset, which has a 4,242sqm four-level office building and attracted developers, investors and owner occupiers. The new owners will refurbish and re-lease the asset.

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.