Weekly Wrap

Fitzroys Weekly Wrap - 7th August 2020

Posted on 07th August 2020

000 Retail 05

76-78 Doncaster Road, Balwyn North
An investor bought the 152sqm ground floor strata-titled BWS liquor store premises for $1.755 million at a 4.7% yield.

Shop 1, 457-459 Lygon Street, Brunswick East
A vegan Mexican restaurant signed a 2+2-year lease over the fitted-out 127sqm former restaurant space, at $30,000pa net plus GST.

113 Chapel Street, Windsor
The group behind Purple Emerald in Flinders Lane and Northcote’s Purple Emerald Lounge Bar leased the fully-fitted 150sqm space for 10 years, at a reported range of between $700 and $900/sqm.

2/127 Greville Street, Prahran
Florists Honeybee and Blossom leased the wide-fronted 30sqm space at $967/sqm gross plus GST.

65 Southbank Boulevard, Southbank
India-based Elite Elevators leased the 231sqm showroom and office space for 3 3 years at $85,000pa gross plus GST.

000 Offices 05

426 Burnley Street, Richmond
A local owner occupier paid $3.4 million for the vacant 595sqm single-level brick office and warehouse, formerly home to the McCann Auctions showroom. The newly renovated building has basement storage and is on a 555sqm site. The purchaser will use the property for office and storage.

Level 1, 2 Mill Place, Melbourne
IT company Elevio Pty Ltd leased the 220sqm office for 3 years at $495/sqm net.

000Industrial 05

1 Kingston Park Court, Knoxfield
A food importer and wholesaler bought the vacant 4,100sqm office and warehouse, on a 7,652sqm corner site, for more than $8 million.

10-12 Hocking Street, Coburg North
An investor bought the 1,893sqm food manufacturing plant of Ernest Hillier Chocolates for $2.09 million at a circa 7.35% yield. CCC Operations Pty Ltd, trading as Ernest Hillier, has been at the property since 2014 and recently renewed its lease for 4 3 3 years. It also occupies a building directly behind this site.

120 Fairbank Road, Clayton South
A local investor bought the 630sqm building on a 778sqm site with 10 parking spaces for $850,000. Wilson & Yan Industrial Engineering Pty Ltd has a 4 4 4-year lease returning $46,000pa plus outgoings and GST.

24a Braeside Drive Braeside
A local investor bought the food production facility for $800,000. Long-term tenant Prestige Food Manufacturing Pty Ltd recently renewed their lease for 6 years, which returns $62,496pa net.

Factory 1, 27 Carrick Drive, Tullamarine
An investor bought the 307sqm unit for $540,000 at a 5.2% yield. It is leased to longstanding tenant Allied Collision Specialist Pty Ltd for 3 3 years from November 2018.

2 Atlantic Drive, Keysborough
Healthcare equipment supplier HospEquip signed a 5.5-year lease over the 1,544sqm warehouse at $168,840pa, or $110/sqm.

117 Pipe Road, Laverton North
Scafeast leased the 1,340sqm office and warehouse on a 2,880sqm site for 3 years at $120,000pa.

000 Development 05

106-120 Gipps Street, Collingwood
An investor paid $13 million for the 1,538sqm site as a future development play. The property is fully leased to 2 tenants, Absafe and Metz Specialty Materials, for at least the next 2 years.

29 & 31 Jersey Parade, Carnegie
Zoned General Residential 1, the 1,105sqm parcel over 2 titles sold for $2.95 million.

000 Talking Points 05

Telstra Data Centre’s Record-Breaking Sale
ASX-listed Centuria Industrial REIT has bought the Telstra data centre complex in Clayton for $416.7 million in one of Australia’s largest-ever single-asset industrial property transactions.

The sale includes a triple-net leaseback deal that will see Telstra enter a 30-year lease with 10-year options over the 3.2ha site, and retain ownership of its IT and telecommunications equipment. The complex comprises 2 centres and 10 buildings.

Telstra has raised $1.5 billion from the sale of property assets since 2018, aiming to release about $2 billion of capital.

Able Australia Sells Off Camberwell HQ
Disability services group, Able Australia has sold its administrative headquarters in Camberwell for $4 million to a developer who is planning a townhouse project.

The 1,364sqm site at 616 Riversdale Road, on the corner of Aird Street, currently has a 970sqm 2-storey office building. Able Australia had bought the property in 2006 for $1.215 million from the Multiple Sclerosis Society, and is now relocating to larger premises in Surrey Hills.

Yarraville Industrial Land Leased
Around 6.6ha of industrial land across 2 neighbouring sites in Yarraville owned by the same investor has been leased to separate transport and logistics tenants.

Growing company Tasman Logistics Services leased the 4.62ha site at 361-367 Francis Street, which has an 11,300sqm warehouse, for 3 3 years

Another transport and logistics business, Worldwide Logistics, leased the 6,521sqm facility on the 19,710sqm site at 371-383 Francis Street for 6 months at $255,000pa gross.

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.