Weekly Wrap

Fitzroys Weekly Wrap - 30th August 2019

Posted on 30th August 2019

000 Retail 05

199 Stud Road, Wantirna South
The 340sqm dual-level shop and office freehold sold for $1.65 million at a 4.6% yield.

514 Centre Road, Bentleigh
A local investor paid $1 million for the shop leased to Pard Gift Store, which has signed a new 4+4-year lease.

123-127 High Street, Kangaroo Flat
The 889sqm site has a 178sqm vacant building and sold for $511,000.

611 Canterbury Road, Surrey Hills
An Asian fruit and vegetable business signed a 5-year lease over the 420sqm corner building at $100,000pa.

154 Waverley Road, Malvern East
Homewares business White & Co. leased the 2-level shop and office building on a 3+3-year term at $63,000pa net.

111-115 Bridge Road, Richmond
Slade Pharmacy is moving into a 246sqm space within the Manetta 115 development after signing an 8-year lease. A bagel bakery also leased space on the ground floor of 62sqm at $1,155/sqm.

11 Heffernan Lane, Melbourne
Crystal Jade restaurant group, ultimately owned by luxury brand Louis Vuitton Moet Hennessy, leased the whole 4-floor laneway building on a 10-year deal at around $300,000pa.

271-273 Albert Street, Brunswick
ESD Enterprises leased the double-fronted terrace shop for 5 years at $55,000pa plus GST. It will use the ground floor as a restaurant and the first floor as a recording studio.

134 Nicholson Street, Coburg
A counselling service leased the shop and residence for 2 years at $30,000pa.

42-44 Douglas Parade, Williamstown
National Pharmacies signed a 10-year lease over the 400sqm space at $190,000pa gross.

26 Douglas Parade, Williamstown
Sportsgirl leased the 120sqm space at $72,000pa.

Shop 6, 11 Commercial Road, Caroline Springs
The Apollo Theatre leased the 120sqm space for 3 years at $525/sqm.

000 Offices 05

70-80 Wellington Street, Collingwood
An architectural practice bought the 332sqm modern top-floor, strata-titled office for $2.235 million.

414 Lonsdale Street, Melbourne
Marmalade Melbourne paid $1.45 million for the 154sqm office.

5 Ruby Street, Burwood East
Equipment finance broker Stiles and Sheffield sold its six-room office for $610,000.

71 Gipps Street, Collingwood
Flexible workspace provider International Workplace Group has pre-committed to an anchor tenancy of 3,495sqm for its Spaces co-working space brand. The deal kick-starts construction on Aus Finance Group’s 9,000sqm, 11-storey building, which has an end value of $70.9 million.

34/3 Westside Avenue, Port Melbourne
On the Go Customer Apparel leased the 178sqm suite at $230/sqm net.

000Industrial 05

43 Jesica Road, Campbellfield
A neighbouring business looking to expand paid $2.71 million for the site, which has a 6.2-tonne overhead crane and large rear hardstand.

56 Lara Way, Campbellfield
Kebab meat supplier TEK Foods sold the 1,500sqm food processing facility to Middle Eastern food producer SAZ Food Group for $2.6 million.

91 Brunel Road, Seaford
A local owner occupier paid $2.3 million for the 1,250sqm property.

31 Rosalie Street, Springvale
An investor bought the 1,669sqm warehouse for $1.98 million and will look to find a tenant before occupying the building in future.

18-20 Elliot Road, Dandenong South
Stainless steel business A&G Engineering signed a 5-year lease at $95-$100/sqm for the 8,600sqm site, which has a 3,250sqm warehouse, 3,000sqm yard and an office.

000 Development 05

760A-770 Sydney Road, Brunswick
The De Fazio family acquired the 1,170sqm Harley-Davidson showroom site for $5 million. The property’s lease to the dealership ends early in 2020, and it sold with a permit for a 61-unit, seven-storey development. David Readie was the vendor, and had sold the dealership to the Fraser Group in 2017.

000 Talking Points 05

The Whole Nine Yards For Piccolo House
South Melbourne’s new mixed-use development, Piccolo House, will be home to the latest hospitality venture from Steve Rowley, Matt Vero and their team, who are behind popular cafés Left Field in Carnegie, Plain Sailing in Elwood and Port of Call in Sandringham.

Nine Yards will occupy a 178sqm space within a heritage-fronted building that in a past life was used as horse stables, and is now part of the $30 million multi-level project by Piccolo.

On an island site at 228-230 Dorcas Street and 10 Charles Street, Piccolo House will be a rare boutique development that features luxury residential apartments, premium office and high quality hospitality components.

Fitzroys agents James Lockwood andStephen Land leased the ground floor retail component to Nine Yards at $115,000 per annum net plus outgoings and GST, on a secure 5+5+5+5-year deal, following an extensive Expressions of Interest campaign.

Nine Yards will be Rowley and Vero’s ninth café and will be opening soon. The venue will have room for about 130 diners and aim to create a local breakfast and lunch experience.

Head chef of Plain Sailing, Lydia Hean, has bought in as an equity partner and will run the kitchen, serving some classics with diverse influences and some native Australian ingredients. Plain Sailing is also located within a Piccolo development, Elwood House.

On the first floor, Land and Lockwood have leased the 152sqm space to Bruni Dunn Advertising on a 3+3+3-year lease at $68,000 per annum net plus outgoings and GST.

Malvern Home to Melbourne’s Newest Neighbourhood Wine Bar
Melbourne’s famed nightlife and hospitality culture continues stretching through to the inner south-eastern suburbs.

Fitzroys Associate Director, Chris James negotiated the lease of the 2-level Victorian heritage building opposite Malvern station, at 35 Station Street, to Essie Wine Bar.

The 4-year deal was struck at around $61,000 per annum net.

Essie is the creation of Tasmanian-born Angus Brettingham-Moore, who has been involved with the team behind renowned local staples Toorak Cellars in Armadale and Milton Wine Shop on Malvern Road, as well as The Alps in Prahran and The Hills in Surrey Hills.

Consistent with sister venues, Essie will offer a wide selection of old and new world wines, with an emphasis on those that capture the seasonal and environmental elements of their origins, as well as a warm aesthetic featuring low lighting and pine floors.

“Neighbourhood wine bars are a growing feature of Melbourne’s inner suburbs,” James said.

“A growing foodie and wine culture appreciation is spreading out from the city and is creating demand for new nightlife offerings.

“There has been a growing appetite across Melbourne for the option of a for more considered and refined ambience and experiential wine offering closer to home, that people can easily go out to any night of the week.”

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.