Weekly Wrap

Fitzroys Weekly Wrap - 27th July 2018

Posted on 27th July 2018

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0 Retail

Retail Sale, 455-457 Sydney Road, Brunswick
A local investor purchased the strata-titled ground floor shop, tenanted by Crust Pizza, for $1.135 million. The property of 100sqm approx. is positioned next to the iconic Mariana Hardwick Building. It traded at a 4.7% net yield and building rate of $11,350/sqm.

Retail Sale, 150 Martin Street, Brighton
The two-level freehold of 145sqm sold at a sub-3.25% yield, having been held by a private family for 48 years. It has a 3+3-year lease to Bayside Eyecare from October 2017.

Retail Sale, 909 Nepean Highway, Bentleigh
A local investor acquired t†he $2.1 million Carpet Call showroom under the hammer, at a 5.7% yield. The property has a 435sqm brick building and eight parking spaces, and traded with a three-year lease to Carpet Call from April 2017, returning $122,620pa net.

Retail Sale, 27 Rakaia Way, Docklands
The vacant, fully-fitted restaurant space of 140sqm, formerly tenanted by Cambodian restaurant Bopha Devi, sold for $728,000.

Retail Sale, Shop 8, 120 Bay Street, Port Melbourne
The 35sqm arcade shop beneath the Bianca mixed-use development sold for $650,000 at a 5.3% yield, with a five-year lease to Maple Chinese Massage returning $35,465pa.

Retail Lease, 280 Collins Street, Melbourne
France-based body and fragrance retailer L’Occitane has taken up an 84sqm space within The Block Arcade, next to the Hopetoun Tea Rooms. Rents in The Block have reportedly fetched as much as $5,000/sqm. Creswick Wool and Fibre has also signed up for the entire basement space, taking The Block Arcade to full occupancy.

Retail Lease, 10 Prospect Hill Road, Camberwell
Cult Sydney chicken and burger institution Chargrill Charlie’s will make its Melbourne debut in Camberwell after leasing the 365sqm ground floor space at $228,000pa net on a 10-year deal.
 

0 Offices

Office Sale, Level 5, 313 Flinders Lane, Melbourne
The vacant 280sqm B-grade office floor sold for $2.5 million by vendor Property X’s, Kallay Lawandi, via an expressions of interest campaign. It is column-free and has potential to create partitioned offices.

Office Sale, 611-617 King Street, West Melbourne
An owner occupier paid $5.9 million in an off-market deal for the two-level building of 820sqm, which sits on a 429sqm site on the corner of Hawke Street. The vendors had previously looked at redeveloping the site with a six-storey mixed-use project with 17 dwellings above two retail spaces, but the plans were knocked back by Melbourne City Council.

Office Lease, 289 Flinders Lane, Melbourne
The art deco Carlow House building, on the corner of Elizabeth Street, is now at full occupancy. Humanscale is moving into suite two on level eight and Cargo Adviser into suite three of level four. Both signed two-year deals and will pay in the range of $660 to $730/sqm gross to Fivex.
 

0 Development

Land/Development Sale, 20-23 Airdrie Court, Lower Templestowe
Zoned General Residential, the 3,885sqm site sold via expressions of interest for $6.1 million, with approval for a development of 15 townhouses. The sale price reflected a unit rate of more than $406,000/townhouse.

Land/Development Sale, 30-38 Thistlethwaite Street, South Melbourne
A local buyer purchased the 884sqm corner site for $6.5 million at a 2.4% yield from an investor. It has a 1,055sqm two-level office building and is leased to Arid Zone on a 5+5+5-year deal from May 2016, returning $156,060pa plus outgoings and GST. The lease has a demolition clause and property’s Capital City Zoning and development overly allows potential for a building of up to 18 levels.

0 Industrial

Industrial Sale, 78 Willandra Drive, Epping
Hope Capital sold off the vacant 4,721 sqm site for $2.1 million, which has approval for 16 office and warehouse units.

Industrial Sale, 30 Webber Parade, Keilor East
An owner occupier paid $2.616 million at auction to secure the 1,631 sqm office and warehouse property.

Industrial Sale, 258 & 258A McIntyre Road, Sunshine West
Over two titles, the property has an office and warehouse facility of 406sqm leased to Clinton H Motors, and a 157sqm retail space occupied by John’s Café. It sold for $1.13 million, at a 5.07% yield.

Industrial Sale, Unit 43, 64-86 Beresford Road, Lilydale
The 894sqm, Industrial-1 zoned modern office and warehouse building sold under the hammer for $1.305 million. It has on-site parking and is located within the Cave Hill Industrial Gardens.

Industrial Lease, 400 Johnston Street, Abbotsford
Unique Car Rentals leased the 780sqm warehouse at $90,000pa and will rent out prestige cars, including Ferrari, Porsche and Lamborghini models.

0 Talking Points V2

Open House to showcase Melbourne treasures: More than 220 buildings across Melbourne will be accessible over this weekend as part of the popular Open House annual event, offering an in-depth and intimate look through some of Melbourne’s most notable structures and spaces, encompassing commercial, cultural, education, government, place of worship, residential and sport sites.

They range from the Abbotsford Convent to the circa-1850 Box Cottage Museum in Ormond, offering a glimpse into 19th century Victorian living; the Spotswood Pumping Station, built in the 1890s and which a central role in Melbourne’s public health and sanitation management for nearly 70 years, to the Essendon Incinerator; the recently-built Triangle House residence in Toorak and the 5x4 Hayes Lane Project in East Melbourne; SIGNAL, the last surviving signal box in Flinders Street Station, now used as a creative studio as well as the Melbourne Observatory, the Melbourne Synagogue in South Yarra and the Hawthorn Tram Depot.

Jack’s Magazine forms part of this year’s program, having been rarely accessible over its 140 year-plus history. The 12-hectare Maribyrnong site comprises 13 bluestone and brick buildings, mostly constructed between 1875 and 1878, They also include a loading dock shed, cordite store, and examining room and cooperage buildings, all positioned amongst tramways, tunnels and earth blast mounds throughout parklands. Fitzroys is currently working through submissions with Working Heritage for the site to be repurposed, with potential uses including hospitality, art and cultural, or educational uses.

Some buildings and sites require a pre-booking and small fee. Details about this year’s event can be found at: https://www.openhousemelbourne...
Fitzroys’ Walk the Strip now available: Volume 2 of Walk the Strip by Fitzroys, the most comprehensive guide and profile of Melbourne’s iconic retail strip, is now available to download and read, at https://www.fitzroys.com.au/wa...


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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.