Weekly Wrap

Fitzroys Weeky Wrap - 4th October 2019

Posted on 04th October 2019

000 Retail 05

103 Cotham Road, Kew
The 200sqm double-storey shop and dwelling on a 260sqm site sold to a Vietnam-based investor for $1.225 million, at a 3.9% net yield. Hair by Chesika occupies the ground floor retail space.

242 Carlisle Street, Balaclava
A local owner bought the 2-level 334sqm building for $3 million. A party and giftware retailer has a lease until August 2020 that brings $167,977pa.

514-516 Hampton Street, Hampton
A restaurant/bar operator leased 199sqm on the ground floor of a new 4-level, 19-apartment development for 7 years at $80,000pa plus outgoings and GST.

517 Chapel Street, South Yarra
A fashion retailer leased the single-fronted 107sqm space at $570/sqm net.

189 Johnston Street, Collingwood
Pure Vision Tattoo studio is moving from Abbotsford after leasing a 170sqm ground floor space at $35,000pa. Tacit Galleries leased 180sqm on the 1st floor for 5 years at $33,000pa.

000 Offices 05

G63 & G64 63-85 Turner Street, Port Melbourne
Clothing retailer East Side Company bought the 2-level office on 2 titles for $1.27 million.

118-120 High Street, Preston
A dental clinic paid $900,000 for the 188sqm space, which is over 2 titles and has 4 parking spaces.

Level 3, 271 William Street, Melbourne
Multiplex Construction leased the partially-fitted whole floor of 374sqm for 4 years at $420/sqm.

276 Flinders Street, Melbourne
Central Australian College leased 443sqm on part of level 1 for 6 years at $750/sqm net.

187 Johnston Street, Collingwood
Digital marketing company Tailor Group leased the 240sqm space for 5 years a $60,000pa.

000Industrial 05

32 Hargreaves Street, Huntingdale
Cynosure Five bought the 308sqm warehouse for $950,000. It will move into the building when the current lease expires in 2 years, to complement its office next door.

2/15 Hammer Court, Hoppers Crossing
The 475sqm office and warehouse sold for $875,000. It has a rear yard of 87sqm and 9 on-site parking spaces.

44 Healey Road, Dandenong South
The vacant 1,034sqm office and warehouse is on a 3,473sqm site and sold for $2.04 million.

46-48 Glenvale Crescent, Mulgrave
GM Property Group bought the vacant 3,250sqm office and warehouse, on a 6,915sqm site, for $4.1 million as an investment.

5-7 Alick Road, Tottenham
Chemical and automotive group Marchem bought the 2,210sqm warehouse on a 3,214sqm site for $2.4 million.

000 Development 05

177 Station Street, Burwood
A developer paid $5.95 million for the 4,041sqm site, which is leased to the Box Hill Motel until May 2020 with a 1-year option.

1-3 Minna Street, Blackburn
Zoned Residential Growth 2, the 1,436sqm site sold to a developer for around $4 million with a permit for 10 townhouses.

50 Osborne Avenue, Glen Iris
The 707sqm site with a 4-bedroom home sold for $2.15 million. Zoned General Residential, it has a permit for 5 townhouses.

726-732 Nicholson Street, Fitzroy
Across 3 titles, the 668sqm Commercial 1-zoned site sold for $3.585 million. It has a building area of 463sqm and is currently leased to a hardware store, print and copying centre and a yoga studio, and has an ATM.

000 Specialised 05

14D Oleander Drive, Mill Park
The 2-level brand-new building of 1,188sqm sold for $9.045 million at a 4.6% yield. Melbourne Health, a subsidiary of Royal Melbourne Hospital, signed a 15-year lease with 5-year options in 2018.

000 Talking Points 05

Suite of Strata City Offices Changes Hands
Several strata office assets in the eastern end of Melbourne’s CBD have been sold in quick succession.

On the corner of Spring Street, within Alcaston House at 2 Collins Street, an owners corporation managed by Fitzroys, the Cannon family sold the 91sqm level 1 office for $1.46 million, while the 122sqm basement sold for $1.325 million to doctors Elias Sleaby and David Roufael, who own the adjoining Collins GP practice. At 100 Flinders Street, the 317sqm vacant strata office floor on level 2 sold for $3.8 million.

Meanwhile, Hodgson Partners paid $4.75 million for the 245sqm 3rd floor office within ACCI House at 55 Exhibition Street, at $19,388/sqm. The building is close to the 57-level 101 Collins Street tower, owned by the Commonwealth Superannuation Corporation.

Hodgson Partners recently bought the nearby 6-level 45 Exhibition Street office building, on a 344sqm site, for $27.52 million, which updated property title documents show is now held by the CSC.

Zagames Pick Up Swinburne HQ
Melbourne’s popular suburban office market has witnessed another major deal. The Zagame family bought 2 Luton Lane in Hawthorn, recently entirely leased to Swinburne University, for $55 million at a 5.3% yield from Sydney-based firms Trumen Corp and Bricktop Group.

The 4-level building of 5,660sqm has campus-style floor plates and is near the corner of Burwood and Glenferrie Roads, and is used by Swinburne as its head offices.

Salta Properties recently sold the distinctive 6,000sqm Dulux headquarters building in Clayton to a high-net-worth Hong Kong investor for $30 million at a circa-6% yield.

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.