Fitzroys Weekly Wrap - 8th November 2019

Posted on 08th November 2019

62 Smith Street, Collingwood
A private investor bought the 3-level building on the corner of Smith and Langridge Streets for $2.56 million, at a 3.28% net passing yield. Zoned Commercial 1, the property has a 205sqm site area and is leased to Bini Gallery and Timmins + Whyte Architects.

617 Malvern Road, Toorak
The triple-fronted 471sqm Hawksburn Village corner site sold for $7.41 million. It currently has a 2-level 400sqm retail and office building that returns $158,224pa, and is likely to be redeveloped for a mixed-use project in the future.

123 Puckle Street, Moonee Ponds
An investor bought the 161sqm shop for $1.54 million for their first commercial property purchase. It is leased to BIBA Hairdressing and returns $75,431pa plus GST.

Lot F, 451 Leakes Road, Truganina
The 340sqm UltraTune showroom on a 280sqm site sold for $1.52 million. UltraTune has a new 5-year lease plus options returning $87,550pa plus GST.

544 Burwood Road, Hawthorn
A local investor bought the vacant 215sqm shop for $1.32 million.

701 Station Street, Box Hill
Poly Holdings, now trading as APH Australia, bought the vacant 860sqm 2-storey office building for around $7.5 million from Hong Kong-based Beijing Tong Ren Tang. The building is on a 662sqm triple-fronted site that previously had a planning permit for a 12-storey building with 73 apartments.

1/617 Spencer Street, West Melbourne
The vacant 375sqm office building, on a 425sqm site, sold for $2.8 million.

118 Moray Street, South Melbourne
The 3-level 246sqm building sold vacant for $1.953 million.

Suite 2, 1127 High Street, Armadale
An investor bought the 159sqm office suite leased to Burke & Associates Lawyers for $1.7 million, and returns $90,895pa plus GST.

Level 2, 6 Bond Street, South Yarra
Bottled kombucha brand Remedy Drinks leased the whole 500sqm floor, plus two terraces at each end, for its new head office in a 3+3+3-year deal at $270,000pa.

15 Thompson Street, Abbotsford
A private buyer paid $1.51 million for the vacant 230sqm warehouse.

42 King Street, Prahran
A private owner paid $1.41 million for the 246sqm warehouse on a 194sqm site, which is zoned Activity Centre 1.

192 Burwood Road, Hawthorn
Expense management provider Inlogik leased the 979sqm office and warehouse at $420/sqm gross.

T7/451 Leakes Road, Truganina
The new dental clinic premises of 89sqm on a 379sqm site sold for $760,000, with a 5+5+5-year lease returning $42,720pa net plus GST.

Former CUB Headquarters Listed in Hot Abbotsford Market
Hengyi has put the distinctive former head office building of Carlton & United Breweries and neighbouring warehouse properties up for sale, amid surging interest in Melbourne’s city fringe market.

The properties are being marketed individually or in one line by Paul Burns and James Lockwood of Fitzroys in conjunction with CBRE.

Originally built for photography company Kodak in 1928, the 5-level curved building at 2-6 Southampton Crescent has a floor area of 6,048sqm with large light-filled average floor plates of 1,210sqm, and currently is partially leased to ASX-listed Starpharma.

Also part of the offering are warehouse properties at 36 Bond Street and 27-29 Duke Street, which have a total building area of 895sqm.

The assets occupy a combined site of 3,099sqm located opposite CUB’s iconic brewery.

The Expressions of Interest campaign closes on Thursday, December 5th at 1pm.

St Kilda Road Office Buildings Back in Vogue

Developer Brendan Sullivan has acquired near-vacant 7-level office building fronting St Kilda Rd for almost $18 million.

The building is opposite the Royal Botanic Gardens and the future site of the Anzac metro train station, and last sold two years ago for $13.6 million.

Vacancy rates in the CBD are currently at 3.3% according to the Property Council, the tightest city market in the country, and demand has spilled over to the city fringe markets and pushed up values throughout St Kilda Road after a period of stock withdrawal for residential conversion.

Melbourne Set to Expand Further North
Cedar Woods has paid $56.63 million to acquire 43 hectares of farmland in Wollert that could add more than 500 housing lots to the northern fringe of Melbourne’s metropolitan region.

The Craigieburn Road East and Boundary Road property is within the approved Wollert Precinct Structure Plan, and within walking distance of a future Wollert train station, schools and community facilities.

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.

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