Weekly Wrap

Fitzroys Weekly Wrap - 31st May 2024

Posted on 31st May 2024

116 Puckle Street, Moonee Ponds
An investor paid $2.63 million on a 3.13% passing yield for the 2-level building, which has a 5-year lease to ASX-listed ResMed.

371 Centre Road, Bentleigh

The 165sqm building on a 215sqm site sold for $2.115 million, on a 3.5% yield. It is occupied by Aussie Home Loans.

10-12 Coburns Road, Melton South

The 5,108sqm service centre site, occupied by 7-Eleven, Ultra Tune and Soak City Car Wash, sold for $11.111 million, on a 6.39% yield.

79 Chadstone Road, Malvern East

The 146sqm building on 186sqm of land, occupied by The Foot & Ankle Clinic, sold to a local investor for $1.15 million on a 6.32% yield. It returns $75,244pa.

231 Moray Street, South Melbourne
A local architect bought the 2-level 390sqm building for $2.65 million

G15/444-446 Moreland Road, Brunswick West

The 85sqm suite, on the ground floor of a mixed-use development with around 50 apartments, was leased at $30,000pa, or $353/sqm.

899 Heidelberg Road, Ivanhoe

The 850sqm former Darebin Bridge Hotel building has been leased to Alacrity Health Services, on a 5-year deal at $83,000pa.

9 Lambeck Drive, Tullamarine
Private investors bought the 1,100sqm office and warehouse, on a 1,378sqm site, for $3.08 million.

1289 North Road, Huntingdale

The 450sqm building, on a 353sqm site, sold for $1.401 million with a short-term lease until January 2025.

64-68 Geddes Street, Mulgrave

Marketing agency Neo leased the 1,688sqm office and warehouse, which is on a 2,921sqm site with 28 car parks, at $285,000pa plus outgoings and GST.

82 Levanswell Road, Moorabbin

The 300sqm warehouse unit with a brand-new mezzanine office and 2 on-site car spaces was leased at $55,000pa.

90-92 Main Street & 45 James Street, Pakenham
The 2,028sqm site over 2 titles on an Activity Centre zoned site, sold with short-term income for $1.8 million.

1-25 Tethowan Avenue, Ocean Grove
Ryman Healthcare will expand its Deborah Cheetham Retirement Village with the addition of 58 independent living villas, after buying a neighbouring 2.02ha site for $7.8 million.

30-32 Invermay Grove, Rosanna

The 5,287sqm church site sold in the mid-$5 millions range to a residential developer.

Rare Perfectly Located 1ha-Plus Infill Development Opportunity
Developers have the chance to make their mark on Melbourne’s north-west growth corridor, with a rare perfectly-located infill development opportunity spanning than 1ha in Taylors Lakes hitting the market.

Fitzroys’ Andrew Lepa and Tino Parisi of Compton Green are marketing 1A Robertsons Road on behalf of local investors who have owned the property for more than 25 years.

The Expressions of Interest campaign closes Tuesday, 18 June at 3pm.

The site encompasses 10,468sqm and is zoned General Residential 1 under the Brimbank Planning Scheme.

“We’re expecting residential developers looking to deliver apartments and townhouses to the site to show interest, as well as National Disability Insurance Scheme (NDIS) operators, and potentially commercial operators that may look to deliver childcare facilities,” Lepa said.

Lepa said the property is perfectly located, 20km from the Melbourne CBD and near expansive shopping and lifestyle amenity, schools and public transport. It borders Taylors Lakes Reserve and is within just 500m of Watergardens Shopping Centre, anchored by Woolworths, Big W, Kmart, Aldi, Bunnings and featuring Dan Murphy’s, Subway and Anytime Fitness; and is close to cafés and takeaway restaurants, Watergardens train station, Overnewton Anglican Community College School, Emmaus Primary School and Catholic Regional College Sydenham, and the Melton Highway and Calder Freeway.

At a time of flexible working arrangements, Melburnians are looking to live in locations that are close to hospitality and lifestyle offerings, and easily accessible by major roads and public transport,” Lepa said.
“This area has already been generating strong demand from young professionals, families and ‘empty nesters’ seeking the ultimate lifestyle.”

He said Australia has been receiving record intake levels of migrants and the need for housing supply and associated amenity and infrastructure is at critical levels.

“Victoria is the fastest-growing state in the country and government forecasts have the state’s population reaching 10.3 million by 2051. Melbourne will receive the clear majority of the new residents,” he said.

“The site’s potential is in keeping with National Cabinet’s National Housing Accord, which aims to deliver 1.2 million ‘well-located’ homes close to shops, schools and transport over the five years from July.

“As well as needing more homes, Melbourne will need the associated infrastructure to support its new residents, such as medical and allied health clinics, NDIS facilities and services, and childcare services.”