Weekly Wrap

Fitzroys Weekly Wrap - 19th June 2020

Posted on 19th June 2020

000 Retail 05

316 Glenelg Highway, Delacombe
An interstate investor bought the BP service station on the Ballarat fringe for $6.7 million at a 5.01% yield. BP has a 15-year lease returning $336,000pa net.

301 Harvest Home Road, Epping
A self-managed super fund investor bought the 120sqm strata-titled shop within the Aurora Village town centre for $1.1 million, at a 5.3% yield. Bottlemart has an 8+8+8-year lease.

8-10 The Mall, Heidelberg West
The 390sqm space, formerly a Commonwealth Bank branch and newly leased, sold for $1.05 million to a local investor at a 4.2% yield.

401 St Kilda Road, South Yarra
Restaurant Giro D’Italia is moving to the Domain precinct space previously occupied by Shannon Bennett’s Café Vue. It leased the 315sqm space for 5 years with a 5-year option at $140,000pa net.

27 Hume Street, Huntingdale
Craft brewer Kaihu! Beer leased the 500sqm space for 7 years at $45,000pa. It has been used as a motor mechanics for more than 10 years and will be converted into a brewpub by the end of this year.

329 Brunswick Street, Fitzroy
Twisted Dessert Bar signed a 3+3+3-year lease over the 130sqm space at $35,000pa net.

Shop 2, 190 Bay Street, Port Melbourne
A homewares retailer leased the 186sqm space for 3 years at $90,000pa.

271 Camberwell Road, Camberwell
Dog training, grooming and pet sitting business Wagtime Co leased the 178sqm space for 3 years plus option at $40,000pa.

000 Offices 05

Unit 6/91-95 Tulip Street, Cheltenham
A local investor bought the 200sqm office and warehouse unit for $650,000.

1/34 Laser Drive, Rowville
The 536sqm office and warehouse building on a 574sqm site sold for $1.015 million, at a 5.4% yield. It is home to national engineering plastics company ePOL.

8 Paraweena Drive, Truganina
Expanding online fulfilment and distribution company Black Bear Fulfilment leased the 2,380sqm facility at $190,000pa.

648 Nicholson Street, Fitzroy North
Core-Plus leased 348sqm 2-level building with 3 on-site parking spaces for 5+5+5 years at $60,000pa.

000 Development 05

21-23 Arnold Street, Box Hill
Sixteen doctors and medical professionals sold 5 separate suites within a 420sqm medical centre on a 1,483sqm site opposite Box Hill Hospital, to a local developer for $9.5 million. Zoned Residential Growth 3, the site has 24 parking spaces.

39-41 Mount Street, Prahran
Zoned Activity Centre 1, the 486sqm site sold to a local developer for $4.4 million. It has a vacant 822sqm 2-level office and warehouse building.

000 Specialised 05

32 Ullathornes Road, Inverloch
A domestic private investor bought the 2ha site of Sunny Sand Residential Village for up to $3 million, at a 5.5% yield.. The site has 55 pre-fab relocatable villas and was owned and operated by John Disipio.

000 Talking Points 05

AFL Sells Docklands Development Site
The AFL has offloaded a 4,000sqm development site neighbouring Marvel Stadium for $67 million to developer Grocon.

It has been reported that Grocon plans to build an apartment tower aimed at the rental market on the 685 La Trobe Street property.

AFL-owned Marvel Stadium and the surrounding precinct have been earmarked by the league for an overhaul following an agreement with the Victorian government to spend $225 million on redevelopment. Plans include a hotel, retail, dining and public facilities, as well as the AFL's new headquarters at Newquay, but these have been delayed.

The La Trobe Street site would have formed part of green space within the revamped precinct. The AFL is likely to have a presence on the development’s lower floors.

Aventus Buys Former Kaufland Site
ASX-listed large format retail centre owner Aventus Group has acquired a 3.147ha development site next to its Epping Home centre from Kaufland for $11.5 million.

Formerly a Bunnings warehouse, the 592-694 High Street property was to be among the German hypermarket’s first Australian stores before it exited the market in January. The site is within an Activity Centre Zone that allows mixed use, retail, large format retail, residential, office and medical use. It is positioned between Epping Plaza, anchored by Woolworths, Coles, Costco and more than 230 specialties, and Epping train station.

Aventus now has a landholding in suburb of more than 9ha.

Woolworths Partners With Developer for Glen Iris Project
Woolworths and developer Time & Place have together bought a 4,306sqm site in Glen Iris for around $30 million, for a new retail and residential project expected to be worth more than $100 million and include a full-line Woolworths supermarket.

The 173 Burke Road property is currently home to a fully-leased low-rise office building with 7 tenants that returns $795,000pa, and has development potential of up to 5 storeys. Ed and Henk Verhagen, joint managing directors of fibreglass and polycarbonate roof sheeting manufacturer Ampelite, were the vendors.


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.