Weekly Wrap

Fitzroys Weekly Wrap - 3rd May 2024

Posted on 03rd May 2024

87-89 Dundas Place, Albert Park
The 348sqm strata property sold for $4.9 million. Independent grocer Gum Tree Good Food has a 7+7+7-year lease.

523 Cooper Street, Epping

Fawkner Property Group divested the 16,955sqm petrol station site for around $17 million to a high-net-worth Melbourne investor. Chevron has a 15-year lease, returning $742,835pa

126 Swan Street, Richmond

A local investor with existing property holdings in the area paid $1.76 million for the 155sqm shop. Healthy eatery Greenstreat has a 7 5-year lease until 2034 returning $90,446pa plus outgoings and GST.

9-11 Budd Street, Collingwood
An inner north accountant bought the 373sqm office and warehouse building on 405sqm of land for $2.9 million. The property sold with short-term holding income from Snap Print Solutions.

102/70-80 Wellington Street, Collingwood

The 136sqm office with 2 car spaces sold for $700,000.

30 Somerton Road, Somerton
A private investor paid $2.25 million for the fully-leased showroom complex, which returns $140,000pa.

Unit 10/30 Dairy Drive, Coburg

The 153sqm unit within Little Projects’ brand-new Coburg Industries estate sold for $662,000.

Warehouse 4/3 Lennon Street, West Melbourne

The 3,032sqm warehouse, on of 4 adjoining facilities, was leased at $458,520pa, or $151/sqm.

20 Leo Street, Fawkner

Zoned Industrial 3, the 580sqm warehouse on an 874sqm site with 8 on-site parking spaces was leased at $70,000pa.

2/26 Catherine Street, Coburg

The 320sqm warehouse unit with a 75sqm first-floor office and 5 on-site car parks was leased at $40,000pa.

Lot 120, Unit 20F/36 Hume Road, Laverton North

The 50sqm unit was leased at $15,000pa.

Lot 1, 1531 Bass High Highway, Grantville
A Melbourne-based developer paid $7.182 million for the 17,101sqm Mixed Use-zoned site, which includes plans and permits for a 4,617 sqm retail development.

92-100 Wheatley Road, McKinnon

A not-for-profit divested the 3,060sqm Neighbourhood Residential-zoned site it had occupied since the 1980s, for $6.075 million to a builder and developer with plans for a residential project.

140-1492 Heatherton Road, Dandenong
An investor bought the fully-leased medical asset for $11.68 million. On an 8,896sqm, the property comprises a 2-level medical facility, which includes a brand-new 20-year lease to Monash Health with options to 2119, as well as support buildings, 2 residential buildings and 93 on-site car spaces.

101 Stanley Street, Wallan

A developer paid $3.55 million for the 4,046sqm site, which has a permit for a 135-place childcare centre.

Immaculate Bay Street, Port Melbourne City Fringe Office Building Up For Sale
An immaculate Bay Street, Port Melbourne office building has come to the market, offering owner-occupiers and investors the chance to acquire sought-after city fringe premises within a thriving retail and lifestyle precinct.

Fitzroys’ Tom Fisher, Ben Liu and David Bourke are marketing 460 Bay Street, Port Melbourne via Expressions of Interest closing Thursday, 16 May at 3pm, on behalf of a private investor.

Located less than 3 kilometres from the Melbourne CBD, the property comprises a first-class modern 806sqm office building with on-site parking for 10 vehicles, on an 822sqm Commercial 1-zoned landholding with dual frontages to Bay Street and Crockford Street.

It is being offered with short-term holding income of $491,124pa plus outgoings and GST.

Interest is expected from a range of owner-occupiers looking to secure their place in the coveted location, as well as investors and land banking developers.

“This is a one-of-a-kind offering in this part of the sought-after city fringe - an immaculately presented, ready-to-move-into opportunity within one of the city’s thriving retail and lifestyle strips,” Fisher said, adding that the property is just a short distance away from the Route 109 light rail, as well as City Road, the Westgate Freeway and Citylink.

“Businesses recognize the importance of location and accessibility for their staff as well as being close to high-quality retail, hospitality and lifestyle amenity for their workers to live, work and play at a time of increasing office attendance.

“Bay Street is one of Melbourne’s few true inner-city lifestyle centres and is a consistently high-performer, with a strong local workforce and medium- and high-density immediate residential population creating vibrancy through the day and into the night,” Liu said.

Bourke said, “The property is ideally positioned to benefit from the Fishermans Bend rejuvenation and renewal project which is set to deliver a huge boost to the residential population, transport and social infrastructure, retail amenity and commercial uses, and will generate further huge demand for office space in the area well into the future.”

Further along Bay Street, Fitzroys’ Fisher and Mark Talbot are also offering for sale a retail investment at 92 Bay Street, on the ground floor of the Bayview Apartment Complex.

The 75sqm premises has a recently renewed 3 3-year lease from December 2023 to proven local business Oscar Charlie Hair, returning $57,500 per annum plus outgoings and GST.

“Strata-titled commercial property assets with secure leases present ideal set-and-forget investments. They can offer an easier management proposition as an owners corporation often oversees maintenance and upkeep, and they also offer lower land tax liabilities, which doesn’t cut into the return,” Fisher said.

Expectations for 92 Bay Street are of $900,000-plus.

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 2023 Fitzroys.