Weekly Wrap

Fitzroys Weekly Wrap - 31st August 2018

Posted on 31st August 2018

Retail Sale, Lot 2, Ground Floor, 170 William Street, Melbourne
A local investor picked up this strata-titled 142 sqm restaurant premises at the base of the Quest Serviced Apartments tower for a figure believed to be around $2 million. It has a lease until 2022 with a five-year option and returns $143,318pa net plus outgoings and GST.

Retail Sale,  432 Bridge Road, Richmond
An owner occupier acquired the vacant 116sqm two-level building for $965,000, which is on a 140sqm site and has a restaurant on the ground floor and three-bedroom apartment on the first.

Retail Lease, 325 Clarendon Street, South Melbourne
High-end Italian kitchen appliances retailer Bertazzoni has lease the 76sqm space on a three-year deal with a two-year option at $40,000pa net.

Retail Lease, 493 Chapel Street, South Yarra
Notable Technology, which sells smart phone and tablet accessories, leased the 100sqm ground floor shop at $68,000pa.

Retail Lease, 845 High Street, Armadale
Beds For Backs has leased 450sqm of ground floor space of a building soon to be developed by Moda Corp, and will pay $500/sqm gross.

Retail Lease, 234 Coventry Street, South Melbourne
Bridalwear designer Mariana Hardwick is relocating her showroom and studio to the Victorian building, having signed a six-year deal over 387sqm at $260/sqm net.

Office Sale, 1 Nelson Street, Abbotsford
The Rock Art building sold at auction for $3.41 million to an investor, at a 5.72% net yield before acquisition costs. The new two-level, 562sqm structure is leased to Slayer Expresso and Gruppo Cimbali SpA on a three-year deal, bringing $195,000pa net.

Office Sale, 140 Stawell Street, Richmond
A private investor picked up the refurbished two-level building of 350sqm at auction for $2.98 million, at a 4.5% yield. It is on a 263sqm site and leased to two tenants on the respective floors. 

Office Sale, 291-293 Wattletree Road, Malvern
A medical practitioner purchased the two-level commercial building of 388sqm on a 460sqm site for $2.915 million. The ground floor is vacant while the first floor is leased to Collins Partners until February 2021. Estimated fully leased income is around $120,000pa net plus outgoings and GST.

Office Lease, Level 1, 450 Waverley Road, Malvern East
Better Living Home Care inked a three-year deal at $450/sqm gross for the 500sqm space formerly occupied by aged care developer Mecaware. 

Office Lease, 1155 Toorak Road, Camberwell
ASX-listed Estia Health is moving to a larger space in the suburb and leased 600sqm on a six-year deal at between $330 and $340/sqm net.

Industrial Sale, 17-21 Gaine Road, Dandenong
A private investor paid $5.715 million for the primary-grade office and warehouse property, at $1,421/sqm.

Industrial Sale, 37-39 Elliott Road, Dandenong
The 4,329 sqm former concrete manufacturing facility traded with vacant possession for $5.22 million at $1,205/sqm. The building includes 1,044sqm of office space and the property has a site year of 3,160sqm.

Industrial Sale, 8-12 Aylward Avenue, Thomastown
The 8,957sqm site with a 4,456sqm warehouse sold with vacant possession for $3.8 million ahead of auction.

Industrial Sale, 12-16 Milgate Drive, Mornington
An investor paid $2.27 million for the 1,143sqm office, showroom and warehouse for their SMSF. It is used by global dance wear company The Ballet Makers Pty Ltd, trading as Capezio, for its Australian head office, with a new five-year lease returning $120,000pa plus outgoings and GST.

Industrial Lease, 293 Arthur Street, Fairfield
Australia GT Pty Ltd has leased the 1,018sqm solid brick office and warehouse building for five years with a five-year option at $75,000pa net. It will use the property for clothing warehouse and wholesale distribution.

Renowned restaurateur takes historic Stamford Park Homestead: Jason M Jones will open his next venture at the historic heritage-listed building in Rowville, signing a lease over the 400sqm, circa-1882 structure with Knox City Council, in a deal struck by Fitzroys Director, Rick Berry. 

Berry said the Council was seeking experienced restaurateurs to work in conjunction with and co-invest in the Stamford Park Homestead, bringing it into the 21st century and creating a destination hospitality venue, positioned within 38ha of parklands and wetlands.

The heritage building features original period architectural quirks, including gothic gables, fretted barge boards, intricate wrought iron and five-metre high ceilings. 

Jones is known for bringing to life French restaurant Entrecôte in South Yarra, the award-winning Second Home in Eltham and more recently BOUZY – bar à vins in Armadale’s historic Kings Arcade. 

Jones’s repertoire covers a broad range of offerings in different settings across Melbourne, and includes the ambitious café project Go West in Rockbank that was created and opened before the surrounding residential community had been established. 

The property will house a seven-days-a-week café operation within the verandahs overlooking the grounds, as well as a restaurant and private dining rooms that will operate Friday and Saturday evenings within the original homestead.

The lease was struck at more than $50,000pa.

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.