Prime Burke Road, Camberwell Commonwealth Bank Freehold Going to Auction
A landmark Burke Road, Camberwell building, long-time home to the Commonwealth Bank, is going to auction, offering buyers one of the best commercial investment opportunities of 2020.
Chris James and David Bourke of Fitzroys are marketing 735-737 Burke Road (corner Commerce Lane), which will go to auction at 1pm on April 3rd. Expectations for the trophy investment are circa $8 million.
Located in the prime of the famous shopping strip and just metres from bustling Camberwell Junction, the dominant 844sqm 2-level building is on a corner site of 490sqm and has a large 15.7m frontage to Burke Road.
Commonwealth Bank has a new, long 7-year lease with 2 x 5-year options, returning $425,000pa net.
James said interest is expected from national and international investors, along with astute land-bankers looking to acquire prime sites within this exceptional Activity Centre.
“Opportunities to acquire a corner freehold investment in one of Melbourne’s premier lifestyle and shopping strips are incredibly rare.”
He said the property presented a blue-chip set-and-forget investment.
“Melbourne commercial properties continue to present a compelling investment proposition. With interest rates at an historic low, this is an ideal opportunity for investors to acquire a strong income-producing asset, with a secure lease to a premium tenant, and located in a prized catchment.”
Stockland Boosts Urban Infill Stocks
Stockland has bought a 4,010sqm site in Brunswick for $15 million that it will use to build 10 townhouses and 140 apartments in response to increasing demand for urban infill development.
The 429-435 Albert Street timber yard site was recently rezoned from industrial to allow residential use. It adjoins Clifton Park and is opposite Gilpin Park, and is a
few metres from the 1ha site at 395-403 Albert Street for which Mirvac paid $40 million late last year for a build-to-rent project. Both sites have a height limit of up to 8 storeys.
Mirvac’s site could support a project with more than 400 dwellings and an end value of $200 million-plus, and will be partly developed in partnership with Milieu Property which had recently bought 395 Albert Street.
Pansino Property Investments was the vendor of 429-435 Albert Street.
Uniqlo Signs 10-Year Logistics Facility Deal
Japanese retailer Uniqlo has signed a 10-year pre-commitment deal for a 46,000sqm logistics facility at Charter Hall Prime Industrial Fund’s $500 million Midwest Logistics Hub in Truganina.
Uniqlo will join Toll Group in the 60-hectare estate, on the corner of Palmers and Dohertys Roads, and which is now more than 50% leased. Toll’s 44,000sqm distribution centre will be used as a fulfilment centre for Mars Wrigley Australia.
Black Rhino Group Charges Into Craig’s Royal Hotel
Black Rhino Group has paid more than $12 million for the 167-year-old Craig’s Royal Hotel in Ballarat.
Built in the Italianate style during the Victorian gold rush, the heritage-listed hotel at 10-16 Lydiard Street has hosted prime ministers, royalty and celebrities, among them novelist Mark Twain and Dame Nellie Melba.
The Victorian Amateur Turf Club, predecessor to the Melbourne Racing Club, was formed at the hotel in 1875, and the royal commission into the Eureka Stockade was held at the site when it was home to Bath's Hotel.
Vendors John and Mary Finning renovated the hotel from 2003 to 2010, rebuilding the accommodation to create 37 rooms and developing popular restaurant The Gallery.
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 2020 Fitzroys.