Weekly Wrap

Fitzroys Weekly Wrap - 20th March 2020

Posted on 20th March 2020

000 Retail 05

273 Swanston Street, Melbourne
A Melbourne-based investor bought the 2-storey 130sqm building for $9.2 million, at a 2.13% yield. It is leased to New Taipei Juicy Dumpling and Noodle House, and is on a 111sqm site next door to the McDonald's on the corner of Swanston Street and Lonsdale Street. The vendors were a private family that had owned the building for the past 70 years.

99-105 Fitzroy Street, St Kilda
Zoned Commercial 1, the 488sqm site has a vacant 2-level 356sqm building once home to Cushion Lounge and most recently used as a café, and sold for $2.25 million.

1 Claremont Avenue, Malvern
An owner occupier bought the vacant, 2-level 155sqm corner building for $1.9 million. Zoned Commercial 1, the triple-fronted property is on a 189sqm site with 6 parking spaces, and has a permit for a 3-level residential building at the rear.

Shop 24, Centreway, Mount Waverley
A regular customer bought the 152sqm premise of an Italian café in Pinewood Shopping Village for $2.315 million, at a 3.24% yield. Cannoli & Co has a recently renewed 5+5+5-year lease returning $75,000pa.

Shops 1 & 2, 846 Bourke Street, Docklands
The 137sqm ground floor property on 2 sold for $1.1 million at a 4.7% net yield, with a 3+3-year lease to Nelson Alexander.

147 Bay Street, Port Melbourne
The vacant 2-level 155sqm shop and dwelling is on a 137sqm site and sold for $1.215 million with a 5-year lease to restaurant Vela Thai returning $53,650pa net.

436 Lygon Street, Brunswick East
The 130sqm premises of Dunning Kruger Bar, on a 167sqm site, sold for $920,000.

000 Offices 05

18/456 St Kilda Road, Melbourne
An owner occupier paid $485,000 for the 88sqm suite.

12-14 Thompson Road, Geelong
Gateways Support Services leased 11,108sqm in the former Target headquarters, owned by Leaf Corporation. The Melbourne-based disability support service group will pay around $200/sqm net. Leaf Corporation bought the 37,740sqm property last year for $10.6 million, and then bought the 9,275sqm site at 6 Thompsons Road for $3.4 million.

000Industrial 05

55-57 Butler Street, Richmond
Crosscourt Holdings sold the 295sqm office and warehouse on a 311sqm site for $1.8 million.

5/28 Silkwood Rise, Carrum Downs
A private investor bought the 779sqm A-grade property for $1.3 million, at a 5.5% yield. It is leased to Signiversal for 5 years.

131 Calarco Drive, Derrimut
Cargo Warehouse leased the 5,320sqm warehouse for 3 years at $455,000 plus outgoings and GST.

90 Talinga Road, Cheltenham
Zenith Interiors leased the 3,100sqm office and warehouse at $300,000pa gross.

2057 Princes Highway, Clayton
G-Bags signed a 5-year lease for the 2,007sqm recently refurbished office and warehouse at $165,000pa net.

93-121 Lisbon Street, Fairfield East
Tyre and car battery retailer TCK Alliance, which operates Xpress Tyre & Battery, leased the 2,187sqm site for 3 years at $130/sqm net. Lisbon Street Pty Ltd is the owner.

000 Development 05

276 Ingles Street, Port Melbourne
After 31 years, Winfield Automotive Services sold the 2,746sqm site in the Fishermans Bend precinct at around $3,000/sqm to a landbanker. Zoned Capital City, the property returns $450,000pa and has unlimited height restrictions.

23-27 Rosebud Parade, Rosebud
Zoned General Residential, the 5,058sqm site sold for $3,617,500.

000 Talking Points 05

Prime Caulfield Development Opportunity Hits the Market

A rare, ready-to-go site and value-add opportunity in a prime Caulfield South location is going to auction as a rebound in house prices, low interest rates and tight vacancies lift developer sentiment across the Melbourne market.

Fitzroys agents Mark Talbot and Tom Fisher are marketing 644-646 Glen Huntly Road, Caulfield South on behalf of the Seeto family. Expectations are for around $2.5 million and above.

Zoned Commercial 1, the substantial site of 691sqm over two titles - to be offered as a whole - has a large frontage of nearly 19 metres and rear access.

The property is offered with vacant possession, offering immediate flexibility for the purchaser whether they want to develop, value-add, invest or occupy.

“This property presents an unsurpassed opportunity ideal for value-add and/or development within the prestigious suburb of Caulfield South, in the highly popular Glen Huntly Road precinct and positioned between Kooyong and Hawthorn Roads,” Talbot said.

Prominent, Prime Port Melbourne Building Sells for $3.705m

Melbourne’s city fringe commercial property market continues to attract strong interest from owner occupiers and developers, with a Port Melbourne landmark the latest asset to trade at a premium.

James Lockwood and David Bourke of Fitzroys sold 226 Bay Street for $3.705 million under the hammer on behalf of a long-term private owner. The prominent circa-1887 building is the former home of the Port Melbourne Building Society and located in the prime section of the Bay Street retail and lifestyle strip.

Constructed in the Victorian Free Classical style, the vacant 508sqm two-level building is on an invaluable 254sqm triple-fronted corner site with a wide 10-metre frontage to busy Bay Street.

The sale price reflected a high land rate of $14,500 per sqm. Lockwood said strong interest ultimately led to multiple owner occupiers and developers bidding at the fiercely contested auction.

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.