Richmond office in Swan Street sells for $10m to wealthy family

Melbourne

Strata property is still sizzling. In a quick offmarket sale, T8 at 530 Little Collins Street sold for $385,000 representing a per sqm sale rate of $20,157 and yield of 5.85 per cent. MP Burke Commercial's Michael Pound said it was leased to the cafe BoomBap on a 3+3+3 year lease with fixed 4 per cent annual reviews. CBD investments under $400,000 were in high demand, he said.

Windsor

Colliers International's Ben Baines and Jeremy Gruzewski have sold a character-filled, double-storey corner building at 86-90 High Street opposite the Prahran Hotel for $3.93 million. "We received approximately 180 inquiries ... with five parties competing at auction," Mr Baines said.

Gardenvale

A high-profile building at 143-145 Gardenvale Road has sold at auction for $1.68 million, said James Glen and Julian Vautin of Nichols Crowder. The two-storey building has three tenancies paying rent of almost $90,000 per annum. In another deal, James Glen sold a 170 sq m property at 116 Patterson Road in Bentleigh, leased to Sun Doctors on a five-year $45,000 lease, for $875,000.

Richmond

Assets selling before auction are now commonplace. Gross Waddell's Andrew Thorburn and Michael Gross in conjunction with Just Commercial's Steven Kalb and James Taylor sold 32 Crown Street, a stand-alone, two-level corner office/warehouse, for $2.5 million 10 days before auction. "Low stock numbers and low interest rates are pushing values up, " Mr Thorburn said. In another deal, Tamara Gross and Benjamin Klein sold 40 Glen Eira Road in Ripponlea for $768,000. The single level shop leased to homeware retailer Mim and Friends returned $30,000 in rent. At the same time, Alex Ham and Raoul Salter have sold 4-10 Catani Place in Craigieburn via Expression of Interest for $1.98 million on a yield of 8.6 per cent.

Ringwood

Fingers Crossed Cafe at 64 Maroondah Highway has sold to a private investor for $1.37 million, about $270,000 above reserve on a yield of 3.7 per cent. The delicious freehold shop changed hands with a new 5+5+5+5 lease in place, returning $52,000 pa net plus GST with annual rent increases, Crabtrees Real Estate's Gavin Dumas said.

Clayton

A private investor purchased 23/1866 Princes Highway for $1.22 million, on a yield of 5 per cent, Crabtrees Real Estate's Matthew Marenko and Chris McKenzie said. The 491 sqm office warehouse has a 5 year lease, returning $65,946 pa net with 4 per cent annual increases.

Correction

An item in last week's Market Wrap said shop 3A at 51 Plenty Road in Preston, a property leased to Masala Magic, had sold. The property has not sold. It is still for sale through Gross Waddell's Benjamin Klein and Andrew Prowse or Prowse Burns Commercial's Phillip Prowse and is expected to fetch about $575,000.

LEASES

Melbourne's famed Bennetts Lane is getting a new cafe and store. Green coffee importer Shared Source will open in the three level heritage building at 132 Little Lonsdale Street. It will run a 71sqm cafe on the first floor and take a 70sqm office on the second level. CBRE's Zelman Ainsworth & Samantha Hunt negotiated a seven-year lease at $128,000 per annum. "We were pleasantly surprised by the strong demand from retailers," Mr Ainsworth said.

Fitzroy North

Wine bars are the new hot spot. Fitzroys' Adam Lester has negotiated a new lease of life for the former Recreation Hotel at 162-170 Queens Parade as a wine bar. The Recreation, due to open on December 1, will be overseen by Steven Nelson, formerly at the Reymond family's Bistro Gitân; Joe Durrant, most recently restaurant manager at Guy Grossi' Grossi Florentino; and Mark Protheroe who worked at Grossi Florentino as sommelier. It will feature a 150-strong selection of vintages and pay about $90,000 per annum in rent.

Hawthorn East

Australian Pharmaceutical Industries has taken a 6 year lease on a 795 sqm office at 695 Burke Road in Hawthorn East, said Gorman Commercial's Richard Height. In a related transaction, the outgoing tenant from 695 Burke, Access Ministries, has taken a five year lease on 530 sqm of space at 603 Canterbury Road in Surrey Hills. Mr Height and Peter Smyth from Nelson Alexander negotiated the deal.

Melbourne

The convenience store sector continues to expand in the CBD with 341 Queen St being leased to Ezy Mart Convenience. The 90sqm shop was leased at $66,000 on a five year lease in a deal brokered by CBRE's Samantha Hunt, Tan Thach and Zelman Ainsworth.

Mitcham

Sensor Dynamics Australia has leased a recently refurbished office/warehouse at 9 Redland Drive. CVA's Ian Angelico negotiated rental of $200,000.00 per annum on a lease term of three years and six months, plus a further term of three years and annual rental increases of 3 per cent for 1,442 property. In another deal negotiated by Anthony Carbone and Leo Mancino, Cardno Construction Sciences have taken a lease on 60-64 Vella Drive at $155,000 per annum on a 3+3 year term.

Oakleigh

Gym chain Recreation has opened a new 24 hour venue under the brand RecXpress at 261 Huntingdale Road in a five-year deal negotiated by Crabtrees Steven Salopek and Rodney King. The 330 sqm showroom was formerly occupied by an electrical retailer. It was leased for $171 per sqm.

Laverton North

Australian shelving specialist Business Warehouse has relocated its Melbourne operations after signing a new lease on a warehouse at 12 William Angliss Drive, CBRE's Todd Grima and Harry Kalaitzis said. Rentals in the area typically range between $65 and $75 per sqm.

MOVERS

CBRE has bolstered its Victorian industrial and logistics team, appointing Daniel Eramo and Jake George. Mr Eramo will focus on the city's northern market while Mr George will specialise on city fringe.

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