Weekly Wrap

Fitzroys Weekly Wrap - 11th June 2021

Posted on 11th June 2021

000 Retail 05

155-159 Millers Road, Altona North
A Sydney-based investor bought the 210sqm Hungry Jack’s outlet for $6.2 million at a 3.8% yield. The vendor was the Bacash family, who had owned the property since 1989.

371 Hampton Street, Hampton

The shop, leased to a dry cleaner, sold for $1.75 million and at a 3.45% yield

Shops 1 and 4 & 5, 53 Mosaic Drive, Lalor

SMSF investors bought the respective shops for a combined $2.08 million. Shop 1 is leased to Mosaic Fish & Chips and Shops 4 & 5 to gym The Fitness Workshop, both on 7+5+5-year terms.

Shops 1 & 3, 1-3 Armstrong Street, Middle Park

Educational marketing group Candlefox will open its 2nd location from the 74sqm space, signing a 5+5-year lease at $60,000pa net.

388-396 Dynon Road, West Melbourne

Western Honda leased the 1,469sqm showroom site for 5 years at around $350/sqm.

000 Offices 05

30 Courtney Street, North Melbourne
The vacant 300sqm dual-level warehouse conversion on a 327sqm site sold for $4.25 million. It has 8 on-site car parks.

145-147 Bouverie Street, Carlton
Audiology specialists Blamey Saunders Hearing leased the 2-level 330sqm building to use as offices and a clinic, agreeing to a 5-year deal at $132,000pa plus GST.

Level 13, 390 St Kilda Road, Melbourne
Early Pay leased the 198sqm space for 3 years at $559/sqm gross.

11 Victoria Street, Fitzroy
Retro clothing label Olga De Polga leased 168sqm within the former RRR radio station building on a short-term deal at $38,000pa plus outgoings and GST.

402 Albert Street, East Melbourne
Runway Cosmetics leased the 3-level Victorian terrace for 5 years at $110,000pa net.

303-313 Burwood Highway, Burwood East
An accountancy firm leased the 150sqm 1st level office at $30,000pa net plus outgoings and GST.

000Industrial 05

77-79 Horne Street, Sunbury
A developer bought the 6,108sqm Industrial 3-zoned site for $2.4 million. It is positioned in a large-format retail, showroom and commercial precinct.

10 University Place, Clayton

An owner occupier paid more than $2 million for the vacant 984sqm building.

12/238 Governor Road, Braeside

The 216sqm office and warehouse unit with 3 car parks sold for $500,000.

14 Radnor Drive, Deer Park

DT Oceania Clothing Services leased the 2,661sqm office and warehouse facility at $212,880pa. It is on a 4,095sqm site with within Paramount Industrial Estate.

000 Development 05

700 High Street, Thornbury
Offered for the 1st time in more than 40 years, the 439sqm corner site sold for $1.711 million, at a land rate of $4,000/sqm. Zoned Commercial 1, it has a combined 45m street frontage and 100sqm of existing improvements with short-term income.

103 Marshall Street, Ivanhoe
Zoned Public Use, the 686sqm squash court facility site of 30 years sold for around $2 million to an investor

000 Specialised 05

1 Ellsa Street, Balwyn North
A medical owner occupier bought the vacant 294sqm building for $2.91 million. It has 8 consulting rooms and is on a 1,343sqm Neighbourhood Residential-zoned site with 11 on-site car parks, and permit for 3 practitioners.

000 Talking Points 05

Cremorne and Richmond Office Markets Roaring
The Cremorne and Richmond office markets are continuing to see plenty of activity, with a Hong Kong-based investor paying $19.5 million for a new 1,413sqm office building behind Richmond train station and the Corner Hotel.

Cheerich Property, the local subsidiary of Cherry Body Fashions, bought 45 Wangaratta Street from Beams Projects at a 3.7% yield. The boutique project is on the 368sqm former Duchamp clothing warehouse site.

The 629sqm factory site across the road at 32 Wangaratta Street sold last year for $8.8 million to Benjamin Duncan Property Group.

The latest sale follows Australia Post’s announcement that it will move its headquarters to Richmond, signing a deal with Charter Hall to anchor a future $130 million, 13-storey office building to be constructed at 462-482 Swan Street, owned by the Agosta family.

Next door, Riverlee has partnered up with Bamfa Properties, which is linked to the Agosta family, to speculatively build a $190 million, 13-level commercial tower. Meanwhile, Bamfa Nominees has just bought a 2,322sqm Burnley office building site with short-term leases at 182-184 Stawell Street.

Salta recently lodged plans for a $50 million office building at nearby 173-177 Barkly Avenue, and along with Abacus Property Group secured flexible workspace provider Hub Australia for a new 3,000sqm venue at their 459-471 Church Street development in Richmond.

Dandenong Family Court Building Sells for $12m
A private investor acquired the Dandenong Family Court building for $12 million.

The 2,729sqm office building at 53-55 Robinson Street has been a family law court since the mid-1980s. The Commonwealth government’s lease expires in July 2023 and returns $782,413pa.

Fitzroys Director Rob Harrington negotiated the sale on behalf of the purchaser.

The sale price reflected a 6.5% yield.

The 3-level building is on a 2,371sqm dual-fronted site zoned Comprehensive Development, with basement and on-grade parking for up to 50 vehicles.

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. Terms/Privacy © Copyright 2021 Fitzroys.