Retail Sale, 581 Malvern Road, Toorak
The 758sqm three-level building sold at auction for $6.28 million. On a 460sqm site, it has been leased to Minimax since 1989 and has a basement warehouse and garage. It returns $256,581 per annum plus GST and outgoings.
Retail Sale, 17 Church Street, Brighton
The Sportscraft shop sold at auction for $4.35 million, at a 2.79% yield. The 225sqm site has a 102sqm shop and is leased to the fashion retailer with a new five-year deal with a five-year option that brings $121,665pa.
Retail Sale, 297 Auburn Road, Hawthorn
The two-level shop and dwelling/office sold prior to auction for $1.25 million at a 3.6% yield, with a new three-year lease to Poppies For Grace Party Shop returning $45,000pa plus outgoings and GST.
Retail Sale, 301 Auburn Road, Hawthorn
Another two-level shop and dwelling/office, this at auction for $1.485 million, at a 2.7% yield. It is leased to long-term tenant Skin Alive and returns $41,200pa plus outgoings and GST.
Retail Sale, 453 Swan Street, Richmond
The 180sqm property has a two-level freehold with commercial kitchen and office space and sold for $1.165 million at a 4.3% yield. It is tenanted by Libby Reid catering.
Retail Sale, 766 Glen Huntly Road, Caulfield South
Home of the Caulfield Music Centre since 1975, the two-level 180sqm property on a 229sqm site sold for $1.19 million at a 3.5% yield and land rate $5,196/sqm.
Retail Sale, 1-3 Station Street, Malvern
A Melbourne-based investor paid $1.236 million for the vacant two-level 183sqm building, which is on a 113sqm site with nearly 12m of frontage.
Retail Sale, 387 Camberwell Road, Camberwell
The 78sqm corner freehold property has 28m of frontage and sold at auction for $790,000 at a 4.1% yield, with a new 3+3+3-year lease to café Cam’s Corner returning $33,000pa.
Retail Lease, 388 Heidelberg Road, Fairfield
Beds for Backs will pay $90,000pa net plus outgoings and GST for the recently refurbished showroom of 550sqm after signing a 3+3+3+3-year lease. Zoned Commercial 2, the property has a 43m frontage.
Office Sale, 401 Clayton Road, Clayton
The 200sqm office of federal MP Clare O’Neil sold for $2.85 million, with a 3+3+3-year lease to the Commonwealth of Australia returning $114,000pa net plus outgoings.
Office Lease, 192 Burwood Road, Hawthorn
Mortgage financing group A R Finance signed a three-year lease over the 165sqm space at $330/sqm, within Building B of the property, from a private landlord. The space was part of a larger office that was vacant for three years before being subdivided.
Industrial Sale, 21-29 Radford Road, Reservoir
The Victorian Department of Treasury and Finance divested the 5.3ha vacant industrial site for $12 million, to a private owner occupier.
Industrial Sale, 48 Williams Road, Dandenong South
A marble and stone processor paid $1.28 million for the 780sqm warehouse property for its business’s new headquarters.
Industrial Sale, 26 Malibu Circuit, Carrum Downs
A private investor paid $1.375 million at a 6.1% yield for 940sqm building, which is leased to CEA Technologies and returns $84,870pa.
Historic Elsternwick site sets Victoria childcare centre record: The circa-1874 Elsternwick mansion “Roseneath” at 31 Nepean Highway, currently being converted to a childcare centre, has changed hands for $11.3 million, setting a new state benchmark price the asset class in 2018.
A China-based investor acquired the 2,186sqm site at a 6.1% yield. It comprises the Italianate mansion that is currently being extended and will become a 1,024sqm centre with a licence for 128 places, with a 20-year lease to Nino Early Adventures that will return $675,000pa.
The vendor purchased the property for $4.85 million just two years ago, from a family that had held the property over six generations. According to the Heritage Council of Victoria, Roseneath's aesthetic value is based on its survival as a “bi-chromatic brick villa, distinguished by the symmetrical north and south facing bays and by its spacious grounds”. It was built for Shire councillor William Millar, and is now within Glen Eira.
The previous Victorian child care centre price record for this year was the $9.5 million paid by a private buyer for a brand-new 139-place centre in Oakleigh South, at 1066 Centre Road. It was offered with a lease until 2042 and returning of $600,000pa.
A Chinese investor paid $5.6 million for the Think Child Care centre at 359-361 Chesterville Road shortly afterwards in nearby Bentleigh East, at a 5.85% yield. The 1,184sqm site traded with a 20-year lease to the ASX-listed operator with options, and brings in $328,000pa plus GST.
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.