Developers eye off Richmond industrial and showroom pocket: The Get Wines Direct showroom site of 1,381sqm sold for $9.92 million with Industrial 3 zoning and redevelopment potential. It has a 1,320sqm building leased to the liquor retailer that includes a demolition clause, and triple street frontage of 110m to Burnley, Murphy and Blazey Streets.
The property is the latest in the precinct to change hands with short-term leases or redevelopment potential; properties at numbers 152-154, 77 and 79 Murphy Street have all sold recently in separate deals, as well as the 1,372sqm warehouse property at 43-57 Blazey Street, to a local developer for $7.05 million.
More eastern suburbs commercial asset deals: Over in Hawthorn, after a string of major commercial asset transactions in the eastern suburbs, China-based developer LYZ Property Group has sold a large format retail complex at 283-285 Burwood Road, on the corner of Golding Street, for $25 million at a 3.14% yield.
The 2,593sqm property is tenanted by furniture retailers Snooze and Sofas Direct, and National Storage, and was purchased as a short-term landbank.
Almost $100 million of office assets in Balwyn, Burwood’s East’s Tally Ho business park, and in Hawthorn have changed hands in recent weeks.
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.