Weekly Wrap

Fitzroys Weekly Wrap - 5th October 2018

Posted on 05th October 2018

Retail Sale, 303 Glen Huntly Road, Elsternwick
A private investor picked up the 131sqm vacant shop and dwelling for $1.025 million. The two-level building is on a Commercial 1-zoned site of 129sqm.

Retail Sale, 94 St James Road, Heidelberg
The vacant 100sqm shop/office on a 174sqm site zoned Commercial 1 changed hands for $685,000.

Retail Lease, 279 La Trobe Street, Melbourne
Moyan Authentic Taste is expanding from Balwyn, leasing the 28sqm space from the Coptic Orthodox Church on a seven-year deal with two five-year options at $70,000pa gross.

Retail Lease, 391 Sydney Road, Brunswick
An experienced café operator signed a 10-year lease over the two-level 196sqm building, owned by a local private investor, and will pay $52,000pa.

Office Lease, Level 8, 287 Collins Street, Melbourne
TPG signed a three-year and one-month sublease over the 153sqm space at $520/sqm net.

Land/Development Sale, 6 & 6A Darling Street, South Yarra
A local developer paid $4.95 million for the 646sqm site, next to South Yarra station, with approval for seven high-end townhouses. It currently has two houses with short-term leases.

Land/Development Sale, 9 Cobden Street, North Melbourne
An investor paid $3.6 million for the vacant 350sqm single-level warehouse property, opposite Queen Victoria Market and with Capital City zoning, intending to hold the site long-term. The vendors had previously sought to convert the building into a three-level house.

Land/Development Sale, 241-247 Broadway, Reservoir
Zoned Commercial 1, the 1,161sqm corner site traded for $1.67 million with a lease to a mechanics running until 2020 with a five-year option.

Land/Development Sale, 1150 Burwood Highway, Ferntree Gully
The vacant 1,233sqm corner site is zoned Commercial 2 and sold for circa $800,000. It has been subject to preliminary development plans for two office and warehouse facilities.

Industrial Sale, 15 Berwick Road, Campbellfield
An owner occupier will relocate their business from Tullamarine after acquiring the 4,052sqm facility for $3.1 million. It has a clear span warehouse of 3,730 sqm and 322 sqm of office space.

Industrial Sale, 7 Joyner Street, Moorabbin

Another owner occupier paid $1.305 million for the 418sqm showroom and office building, which sits on a 1,077sqm site.

Industrial Lease, 540-546 Swan Street, Richmond

Winning Appliances inked an eight-year deal with options at $395,000pa for the 1,688sqm showroom and warehouse building, on a 2,010sqm site.

Industrial Lease, 1/15-17 Kirkham Road, Dandenong
Abbotts Logistics leased the 2,732 sqm factory and warehouse at $150,252pa.

Melbourne’s northern boundary set for further expansion: A 160ha parcel of land in Beveridge, north of Melbourne, has been acquired by the Zhang family’s development company V-Leader Group for around $50 million, in partnership with FarEast Land, according to the Financial Review.

The 290 Gunns Gully Road property, known as The Gums, has the potential to accommodate nearly 1,400 homes under the slated Beveridge South West Precinct Structure Plan that is currently being considered by the state government.

The sale follows Zeng Xiong Lin’s circa-$200 million purchase of the 600ha Deloraine farm at 500 Old Hume Highway, which could bring another 6,000 lots to Beveridge. The rural town is just to the north of Mickleham and Donnybrook, currently at the edge of urban Melbourne. That region will see major community developments undertaken in the coming years, including two major projects by Mirvac across 465ha, and the Dennis Family Corporation’s Peppercorn Hill, of 5,000 lots.

Chinese developer Blueways Holdings and local group Wolfdene recently combined to take on a 208ha site on Donnybrook Road with potential for up to 2,000 homes, after they paid around $30 million for a site next to Donnybrook train station, and Satterley Group picked up a 68ha parcel nearby.

In Melbourne’s south-east, major Chinese developer Country Garden revealed it would deliver 124 lots across an 8ha site in Cranbourne East in a project with Mercator Developments. The Financial Review has also reported Country Garden has entered into an agreement to developer a 70ha site in the nearby new suburb of Clyde Creek.

Country Garden made headlines last year with its record-breaking figure of $400 million for 366ha of land in Mambourin on the south-west fringe.

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.