Weekly Wrap

Fitzroys Weekly Wrap - 28th September 2018

Posted on 28th September 2018


Retail Sale, 389-391 Bay Street, Brighton
The former premises of local icon Wild Holly Cakes sold with vacant possession for around $2.9 million. The 371sqm site has a 444sqm two-level building and was picked up by a private investor with plans to value-add.

Retail Sale, 241 Bridge Road, Richmond
Michael Jensen & Associates acquired the vacant 245qsm building for its business for $1.585 million, from the previous owner occupier. On a 201sqm site, it includes a ground floor shop, mezzanine area and high clearance space.

Retail Sale, 48 Commercial Road, Prahran
The vacant two-level retail and showroom property traded for $1.35 million. It has a 254sqm site with a 143sqm building and rear access and on-site parking, and is zoned Residential Growth 1.

Retail Sale, 514 Little Bourke Street, Melbourne
The 66sqm shop sold to $1.55 million at a 4.35% yield, with a lease to eatery The Poké Man bringing $75,725pa.

Retail Sale, 9 Marmion Place, Docklands
MAB Corporation sold the 132sqm strata shop for $900,000, with a five-year lease to Laurel Beauty & Spa with options, bringing a net return of $54,412 plus GST.

Retail Lease, 364-366 Brunswick Street, Fitzroy
Restaurant operators from Airlie Beach will open a new eatery within the 302sqm space, after inking at five-year lease a $146,000pa.

Retail Lease, 28 Toorak Road, South Yarra
Run With Me fitness club signed a five-year lease over the 192sqm space with a five-year option at $80,000pa net from a Melbourne-based investor. The building is opposite Fawkner Park and close to the The Tan running track.

Retail Lease, 1128 High Street, Armadale
The Red Carpet will roll out at High Street after leasing the 140sqm property at $68,000pa net, with 4% increases.

Retail Lease, 149 Commercial Road, Prahran

The Play Lounge signed a 3 4 4-year deal for the two-level 180sqm building at $50,000pa net. The owner is a private investor and developer.

Industrial Sale, 20-22 Overton Road, Frankston
A local investor picked up the 8,800sqm Jeff Wignall Ford dealership for $13.25 million, at a 5.71% yield, from a Melbourne-based family. The purpose-built facility was constructed in 2012 and has a 2,800sqm sales and servicing building, and sold with a five-year triple-net lease to ASX-listed AHG Group until 2022.

Industrial Sale, 177 Fulham Road, Alphington
Zoned Industrial 3, the cleared vacant 455sqm corner site sold for $930,000.

Industrial Sale, 8/15 Howleys Road, Notting Hill
The 273sqm building which sold for $730,000 includes a warehouse, 141sqm office component and four parking spaces.

Land/Development Sale, 2 Spry Street, Coburg North
Moreland City Council acquired the 4,364sqm block fronting Merri Creek for $3.9 million, for its open space initiative. Zoned General Residential 1, attempts had previously been made to gain approval for a townhouse development on the site.

Land/Development Sale, 446 Buckley Street, Essendon West
A developer paid $1.24 million for the 809sqm site, which has a permit for four townhouses.

Office Sale, 1372-1374 Centre Road, Clayton South
Berry Street sold off its south-east regional office for $2.525 million to an investor that will refurbish and re-lease the building.

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.