Weekly Wrap

Fitzroys Weekly Wrap - 22nd May 2020

Posted on 22nd May 2020

000 Retail 05

41-45 A’Beckett Street, Melbourne
A local investor bought the 3-storey modernist building, known as Wilder House, for $7.7 million. Zoned Capital City, the 668sqm property is leased to 3 tenants with retail space on the ground floor and offices above. The Wilder family had owned the property since 1962.

324 Glen Huntly Road, Elsternwick
A local purchaser paid more than $2.5 million at a 2.2% yield for the 210sqm property, occupied by long-term tenant Thai Soul Massage & Spa.

27 Shelley Street, Richmond
Zoned General Residential 2, the 104sqm site with a 100sqm corner shop and 3-bedroom residence sold for $850,000.

234 Bridge Road, Richmond
A hairdresser leased the 181sqm shop, formerly occupied by shoe retailer Wittner, for 5 years at $40,000pa.

1351 Toorak Road, Camberwell
An interior designer leased the 135sqm ground floor shop for 2 years at $45,000pa net.

000 Offices 05

18 Robbs Parade, Northcote
An investor with future plans to occupy bought the 232sqm ground-floor strata property for $1.008 million.

Suite 15/150 Chestnut Street, Cremorne
An owner occupier paid $925,000 for the 155sqm fitted office, which includes 3 parking spaces.

278 Flinders Lane, Melbourne
Mental health advocacy organisation Beyond Blue leased 2,500sqm on Level 5 of the CBD building in its move from Hawthorn. Asking rents range from $600 to $650/sqm gross.

15 Dover Street, Cremorne
Event management company Untitled Group leased the 350sqm office in a recently completed building for 5 years at $600/sqm gross.

404 Albert Street, East Melbourne
Fairfields Lawyers signed a 5-year lease at $350/sqm gross for 131sqm within the refurbished heritage building owned by the Catholic Archdiocese of Melbourne.

000Industrial 05

Lot 738, 75 Gateway Boulevard, Epping
MAB Corporation sold the 6,268sqm development site within its Alliance Business Park for $3,760,800.

22 Hood Street, Airport West
The vacant 535sqm office and warehouse sold for $1.1 million. It Is on a 693sqm site with 6 on-site parking spaces.

Lot 90, Indian Drive, Keysborough
An investor bought the 1,299sqm parcel for $993,735.

A1/2A Westall Road, Springvale
Concrete surface equipment supplies Floorex leased the 181sqm warehouse and 239sqm office and showroom for 3 years at $142/sqm net.

9-11 Kilpa Road, Moorabbin
Waste and cleaning services business Citywide signed a 7-year lease for the 1,500sqm office and warehouse, on a 3,400sqm site, at $160,000pa plus outgoings.

2/37-39 Rushdale Street, Knoxfield
JCC Joinery leased the 554sqm warehouse at 3 years at $97/sqm gross.

000 Development 05

110 Albion Road, Box Hill
Villa Maria Catholic Homes bought the 5,074sqm site for $8.2 million from the Association of the Franciscan Order of Friars Minor, and will develop an aged care facility.

000 Specialised 05

215 Canterbury Road, Canterbury
An investor bought the premises of Canterbury Medical Clinic for $4 million at a passing yield of around 3%.

000 Talking Points 05

Hugh Wirth Estate Properties Sell for $7.025m
Side-by-side properties part of the estate of acclaimed veterinarian, animal welfare advocate and long-term RSPCA President Hugh Wirth have sold for a combined $7.025 million.

Fitzroys agents Chris Kombi and Ervin Niyaz sold the 3 inner-east sites to 2 buyers. All are within a Neighbourhood Residential Zone.

185 Whitehorse Road and 1 May Street are on a combined 1,856sqm corner site and sold together for $4.6 million. Both are leased to Balwyn Veterinary Surgery. Wirth bought the clinic in 1967 and ran his vet practice from here until selling the business in 2006.

Next door, 3 May Street sold to a local developer for $2.425 million. The price represents a strong land rate of around $3,000 per sqm on a site area of 820sqm.

Beginning his career at a country vet in Gippsland, Wirth became President of RSPCA Victoria in 1972 and held the position for 43 years. He was President of RSPCA Australia for 22 years and a member of its board for 35, and is considered to have been pivotal in aligning policies across the organisation’s state and territory bodies. He was also the first person outside of Europe to lead international organisation World Animal Protection.

Wirth became a familiar voice to many across Melbourne and Victoria through regular appearances on ABC radio over 30 years every Saturday morning as the

station’s resident vet, taking talkback calls and offering advice to pet owners and animal lovers.

In 1985 Wirth was made a Member of the Order of Australia, and was made Victorian of the Year in 1997.

More Historic Terrace Sales Along Emerald Hill
Clarendon Street in South Melbourne has seen a string of retail properties change hands, including more shops along the historic Emerald Hill Place block.

Fund manager Terraplex has just sold 344 Clarendon Street & 57 Emerald Place for $1.7 million at a 4.32% yield, and 346 Clarendon Street & 59 Emerald Place for $2.535 million at 4.64%. South Melbourne Optical and Lana Berg lease the retail spaces of the respective 2-level shop and dwellings.

They follow 336 Clarendon Street selling for $2.94 million at 3.78% yield. Red Cross leases the ground floor.

Terraplex was part of a syndicate that paid $27.5 million in 2015 for the row of 15 terraces that were built in 1887.

Across the road, the 122sqm building at 317 Clarendon Street & 1 Wynyard Street, occupied by Cloud Wine, has also sold for $1.787 million at 3.22% net yield.


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.