Weekly Wrap

Fitzroys Weekly Wrap - 18th June 2021

Posted on 18th June 2021

000 Retail 05

88 Church Street, Brighton
Minimalist design fashion retailer Assembly Label leased the 99sqm building with a modern glass shopfront for 5 years at $110,000pa.

195A Middleborough Road, Box Hill South

The 100sqm building, leased to restaurant K.Ho Contemporary Chinese Cuisine, sold for $1 million at a 3.4% yield. It has a 5+5+5-year lease returning $34,284pa plus outgoings and GST.

5/242 Glen Huntly Road, Elsternwick

The 75sqm shop leased to Bottlemart Express Happy Cellars sold for $961,000 at a 4.9%. It returns $48,094pa net, and is positioned next to Elsternwick train station.

215 High Street, Ashwood

A local optometrist bought the vacant 190sqm shop and dwelling for $825,000 for their business.

G08 & G09, 22 Synnot Street, Werribee

A café tenant looking to expand their western suburbs presence leased both spaces, within the new Hunter Werribee development, at $49,000pa.

000 Offices 05

5 Main Street, Mornington
Founder of outsourcing firm Probe Group, Rodney Kagan paid $4.855 million for the vacant 590sqm, 2-level building. It has multiple offices, staff facilities and bay views, and is on a 378sqm site zoned Commercial 1.

Level 3, 16-22 Claremont Street, South Yarra

EcoWorld Australia sold the 165sqm half-floor office for $1.285 million. It is within the developer’s 27-storey mixed-use Yarra One tower in the Forrest Hill precinct.

23 Brunswick Street, Fitzroy

Cato Brand Partners agreed to a 5-year lease at $100,000pa net for the 355sqm offices.

Suite 7, Level 5, 55 Swanston Street, Melbourne

Education and migration consultants OECC leased the 84 sqm office for 3 years at $450/sqm.

000Industrial 05

2-8 Cook Street, Sunshine West
ISL Recycling bought the warehouse facility for $3.75 million.

1-3 Powlett Street, Moorabbin

The vacant 1,455sqm warehouse on a 2,468sqm corner site sold for $2.75 million.

6/131 Hyde Street, Footscray

An engineering consultancy bought the 2-level office and warehouse for $650,000. It will relocate to the 173sqm facility after the current tenant vacates at the end of August.

352 Macaulay Road, Kensington

Stylecraft inked a 4-year lease at $160,000pa net.

3a Fink Street, Preston

Mancuso Constructions leased the 750 sqm building at $68,000pa.

16 & 18 Bellevue Crescent, Preston

Both 690 sqm modern office and warehouse buildings were leased respectively to fire detection specialists Ampac and homeware business Decorug at $110/sqm.

000 Development 05

500 Stud Road, Wantirna South
Up Property paid $6.42 million for the 7,386sqm site, which is zoned Neighbourhood Residential – Schedule 4, allowing for a townhouse/terrace house-style development. The site is opposite Mirvac’s Harcrest development comprising 899 lots.

000 Specialised 05

26 McDowell Street, Rosebud
Green Leaves Group leased the 1,377sqm childcare centre off-the-plan, on a 15-year term at $337,500pa. The facility will be licenced for 120 places and on a 1,541sqm site adjoining Rosebud Central shopping centre.

000 Talking Points 05

Celebrity Surgeon Lifts Prime of Puckle Street
Renowned celebrity cosmetic surgeon Dr. Daniel Lanzer will open his next clinic in the absolute prime of famous Puckle Street, Moonee Ponds, which is seeing a return to its glory days as one of Melbourne’s best-performing shopping strips.

Fitzroys Agency Associate, Ervin Niyaz, has negotiated several deals along Puckle Street, headlining by the 4-year lease of 94 Puckle Street to Dr. Lanzer at $78,000pa plus GST on behalf of private owners.

The fully self-contained property has a spacious ground floor area of 170sqm and includes a staff room, kitchenette, storage, office and amenities.

Melbourne-based Dr. Lanzer will be adding to his clinics on Glenferrie Road, Malvern and in Sydney, Brisbane and Perth.

Niyaz said the well-presented shop is in the absolute prime trading section of famous Puckle Street, Moonee Ponds, in a location that sees a high volume of pedestrian traffic. It is next to Chemist Warehouse and surrounded by a plethora of national tenants and quality local traders, and close to Moonee Ponds Central.

“The property is highly accessible via all modes of transport, surrounded by ample public car parking, near Moonee Ponds train station, and close to the multiple tram routes and the Moonee Ponds Junction bus terminal,” he said, adding that this made the property ideal for convenient appointment access.

Dr. Lanzer was recently host of Channel 7’s The Cosmetic Surgery Show, a 10-part reality series that followed everyday Australians and celebrities and their decisions to explore cosmetic surgery and the procedures. He has also appeared on Channel 7’s Cosmetic Coffee and he also appeared on SBS’s Insight, Studio 10, Today Extra, The Midday Show, Today Tonight and A Current Affair.

Niyaz said the competitive leasing campaign generated interest and offers from multiple groups.

“Puckle Street has a reputation as one of Melbourne’s most established shopping strips, and is at the centre of Moonee Ponds’ generational population and development boom. Its trade prospects continue to benefit directly from the recent completion of hundreds of apartments in the immediate vicinity, and other projects in various stages of planning and construction.”

These include the Mason Square development on the 1.34-hectare former Moonee Ponds market site, the under-construction Penny Lane tower at 17 Puckle Street that will comprise apartments, retail, hospitality and a Palace cinema, and the future $2 billion overhaul of the nearby Moonee Valley Racecourse that will include residential and commercial buildings, adding a further 2,000 dwellings. Niyaz said Puckle Street has maintained its healthy balance of service, specialty and hospitality retailers that complements the surrounding retail and shopping centre offering, including Moonee Ponds Central, with Coles, Aldi and Kmart to the north of the strip and Woolworths to the south. Strong leasing take-up has put Puckle Street among Melbourne’s better-performing strips over the past 12 to 18 months.

Niyaz has also leased the former Flight Centre outlet at 44 Puckle Street to State of Grace Jewellery on a 4+3+3-year deal, at $70,000pa plus outgoings and GST.

“State of Grace had a store in Moonee Ponds central and then a pop-up at Highpoint, and decided to relocate to Puckle Street as they see value in the suburb’s development and the bounce-back of strip retail precincts,” Niyaz said.

The location is towards the east end of the strip, close to the Penny Lane development complex that Niyaz said will activate the strip further. Next door, Body Catalyst has committed to a 3+5-year term at the 105sqm 46 Puckle Street. The body shaping and wellbeing company is adding to its 22 existing locations.

Further east, the builders of Penny Lane, Harris HMC Construction Pty Ltd, leased the 212sqm space at 31 Puckle Street as a builders’ site office and staff. Niyaz negotiated the deal at $60,000pa plus GST, and also leased the 30sqm space at 6, 39 Puckle Street to an astrology centre for 1 year at $12,000pa plus GST.

A short distance away, Niyaz leased Shop 2, 533 Mount Alexander Road, Moonee Ponds to beauty salon Hydra Skin Bar. Niyaz struck the 3+2-year lease for the 87sqm space at $20,000pa plus outgoings and GST. He said this presented an ideal location due to the high level passing traffic and affordable rent bracket.

20 Owners Sell St Kilda Road Apartment Block
A 1950s block of flats in the St Kilda Road precinct has been sold by its 20 individual owners to developer Samuel Property for $21 million.

In Victoria, owners corporations require a 100% vote from all title holders to complete a collective sale. All 20 owners banded together to sell the 1,224sqm site at 8 Louise Street, opposite the 484 St Kilda Road office tower and metres from Albert Park.

Samuel Property will lodge plans for a residential tower with 115 apartments on the site.

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.