Weekly Wrap

Fitzroys Weekly Wrap - 15th June 2018

Posted on 15th June 2018

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Retail Sale, 189 King Street, Melbourne
The two-level CBD building was formerly run by the vendors as an Italian restaurant and sold under the hammer for $5.318 million. Sold with vacant possession, the 371sqm building is on a 186sqm site has a frontage of 7.5m.

Retail Lease, 207 Chapel Street, Prahran
Three by One Denim has inked a four-year lease over the 106sqm shop at $74,000pa net.

Retail Lease, 141 Gardenvale Road, Gardenvale
The Dog Wellness Centre signed a three-year deal with a three-year option for the ground-floor retail and office space of 83sqm at $29,000pa.

Land/Development Sale, 758-760 Burwood Road, Hawthorn
A local purchaser paid $6.22 million at auction for the block of 12 two-bedroom apartments. The 1,082sqm property has on-site car parking and returns around $240,300pa.

Land/Development Sale, 106-110 Peel Street, North Melbourne
A mainland Chinese purchaser paid $4.98 million for the combined site of 340sqm, comprising three adjoining retail freeholds next door to the La Porchetta restaurant at the intersection of Victoria Street, across from the Queen Victoria Market. The site sold with a permit for a seven-level building with 36 serviced apartments and one retail space.

Land/Development Sale, 1036 Glen Huntly Road & 1A Laura Street, Caulfield South
Steller Development Group paid $4.275 million for the 1,329sqm property, made up of adjoining residential sites, in an off-market deal. It sold with an existing permit for a 128-place childcare centre.

Land/Development Sale, 52-54 Manningham Road, Bulleen
Zoned Residential Growth, the 2,113sqm site comprising two house blocks changed hands for $4.95 million, with permit approval for 16 townhouses.

Land/Development Sale, 18 Joyce Street, Elwood
A local developer picked up the vacant 562 sqm property for $2.9 million. It has a permit for six townhouses.

Land/Development Sale, 109 Langridge Street, Collingwood
Zoned Commercial 2, the 108sqm property sold under the hammer for $1.805 million. Currently with existing residential use, it has multi-level redevelopment potential.

Specialised Asset Sale, 339 Bell Street, Pascoe Vale South
The Sinclair Dermatology clinic sold at auction for $3.58 million, with a leaseback of 10 years. Professor Rodney Sinclair was the vendor.

Office Sale, 160 Johnston Street, Fitzroy
The 1,100sqm office and showroom building on a 579sqm corner site sold for $5.050 million under the hammer. Zoned Commercial 1, it has a combined frontage of more than 48m to Johnston and Hertford Streets and on-site parking.

Office Sale, 2 Seventh Avenue, Rosebud
An owner occupier picked up the fully refurbished vacant office building of 450sqm for $1.15 million from a private investor. Zoned Commercial 1, it is on a 521sqm site and has a frontage of 28m.

Office Sale, Level 1, 285 Whitehorse Road, Balwyn
The vacant strata office of 156sqm sold under the hammer for $1.055 million. It comes with five car spaces and has an estimated potential rental of $60,000pa.

Office Lease, 3-7 Walker Street, Prahran
Clothing label Mister Zimi signed a five-year deal with a five-year option over the two-level, 880sqm building at $160,000pa net. The property comprises office and warehouse space.

Industrial Sale, 50-54 Duke Street, Abbotsford
The 675sqm industrial site has a 358sqm building and sold at auction for $3.126 million. It has a 23m frontage and ample on-site parking.

Industrial Sale, 375-377 Johnston Street, Abbotsford
Zoned Commercial 2, the 743sqm site across three titles has a 1,150sqm building area and 23 metre frontage. It sold at auction, with a short-term income of $78,000pa plus GST. 

Industrial Sale, 8 Parsons Street, Springvale
Owner occupiers the Australian Vietnamese Woman’s Association purchased the vacant office and warehouse property for $3.91 million. It has a 1,964sqm building on a 3,430sqm site. 

Talking points

Booming Box Hill development run continues: A residential developer has picked up an office building site at 25-29 Ellingworth Parade, on the corner of Pippard Street, for $10.85 million, with new towers set to continue reshaping the skyline.

The latest deal saw the 1,220sqm change hands at $9,000/sqm, with potential for a 12-level development. According to The Age, the new owner is considering a mixed-use project.
 
Outer suburbs taking shape: The Deague family has acquired a 70-hectare site, which includes 1720 Mickleham Road and sites along Olivers Road, outside Craigiburn on Melbourne’s northern fringe for $86 million.

It is expected the property will be part of a new precinct structure plan in the coming years and the new owners are looking to develop a $750 million residential project on the site.

In neighbouring Wollert, Chinese developer Dahua Group has launched its Riverhills residential community of around 800 lots. The project will cover around one-third of the its 300-plus hectares it recently acquired across two transactions, the first of which it paid $70 million in November for a 113ha site with capacity for 1,400 land lots and more than 4,000 residents, for a project end value of as much as $500 million. In May, it acquired the 191-hectare Riverhills Estate landholding.

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.