751-753 Burke Road, Camberwell
A private investor bought the 2-level 420sqm freehold for $7.55 million at a 4.1% yield. Zoned Commercial 1, it is on a 465sqm site with a 12.2m frontage. Mountfords Shoes, part of national retailer Munro Footwear Group, has a 6+5-year lease returning $329,600pa plus GST with annual 3% increases. The vendor was a family that had held the asset for 45 years, and Mountfords has been the tenant for that entire period.
Showroom 9, 256 Bolton Street, Eltham
An investor paid $4.375 million for the 1,157sqm showroom, which is leased to Autobarn on a 10-year term to 2025 with a 10-year option. It returns $247,659pa plus GST.
147-151 Devonshire Road, Sunshine
An interstate service station operator bought the vacant 2,333sqm former fuel station site for $3 million.
535-537 Glenferrie Road, Hawthorn
Vacant adjoining Tudor-style buildings with ground-floor retail and an office/gallery above sold for $1.575 million. The purchaser, an investor/developer, plans to reconfigure and possibly strata-title the property for leasing or sale. The 235sqm building is on a 320sqm site with a 10.4m street frontage.
Shop 2, 532 Main Street, Mordialloc
A skin care clinic leased the 81sqm open-plan space for 5 years at $35,000pa net. It is on the ground floor of a multi-level mixed-use development that is anchored by a 1,500sqm Aldi supermarket.
370 & 375 Ballarat Road, Batesford
A Melbourne-based developer paid $32 million for the 30ha parcel in Geelong’s west. The land could yield around 500 lots with a value of circa $150 million.
70 Willandra Drive, Epping
Hope Northpoint divested the 5,687sqm site for $2.921 million, 50% higher than what it paid 3 years ago. The site is zoned Comprehensive Development – Schedule 2 and has a 45m frontage to Willandra Drive.
Suite 15, 51-55 City Road, Southbank
An owner occupier bought the 204sqm refurbished office suite for $930,000.
Suite 1, 30-32 East Esplanade, St Albans
A local accountant who has been renting in the immediate area bought the 73sqm office for $380,000 as an owner occupier. It includes 2 on-site parking spaces. The vendor was the original developer, and had owned the investment for more than 10 years.
16-20 Third Avenue, Sunshine
AUK Logistics bought the 5,073sqm site with a 1,400sqm warehouse for $3.1 million.
22-30 Wallace Avenue, Point Cook
Suri and Co Developments paid $3.3 million for a 3,122sqm site within the Wyndham Gate Business Park.
2/342-350 Springvale Road, Glen Waverley
PSW Pty Ltd leased the recently refurbished 1,414sqm property for 7 years at $150/sqm.
2/6 Palomo Drive, Cranbourne West
Online tool and machine retailer Ausee bought the 560sqm office and warehouse for $1,010,500 for its new home. The factory has 9 allocated parking spaces.
15/49 Corporate Boulevard, Bayswater
An importer and retailer of Turkish leather apparel and homewares leased the 164sqm industrial unit for 3 years at $18,000pa. It will use the space as storage and supply for its 4 retail outlets.
30-32 Grey Street, East Ringwood
An investor paid $8.2 million at a 5.4% yield for the 117-place childcare centre that was recently completed by developer Bridport Property Group. It is on a 1,677sqm site and leased to Kids Club Child Care on a 15+10+10-year deal returning $450,000pa.
4 Watson Road, Mount Martha
The Little Acorns childcare centre property sold for $6.3 million at a 4.86% yield. Little Acorns has a 10+10+10 year lease over the 706sqm facility, on a 1,040sqm site, returning $306,305pa plus outgoings and GST.