SALES
Brunswick
![168 Chetwynd Street, North Melbourne sold with vacant possession for $2.82 million.](/web/20170131170715im_/http://www.smh.com.au/content/dam/images/g/u/1/y/3/7/image.related.articleLeadwide.620x349.gu1y3k.png/1485832456638.jpg)
Sydney Road's potential for redevelopment is attracting investors. Two single storey showrooms/warehouses at 775-781 Sydney Road sold for $6.41 million via an Expression of Interest campaign through Alex Ham and Michael Gross of Gross Waddell. A Melbourne family intends to hold it as an investment, Mr Ham said.
Collingwood
![CVA has leased a two-storey office/showroom in Elizabeth Street for $88,000 per annum.](/web/20170131170715im_/http://www.smh.com.au/content/dam/images/g/u/1/y/8/7/image.related.articleLeadwide.620x349.gu1y3k.png/1485832456638.jpg)
An eager developer gained an early Christmas present snapping up 61-65 Langridge Street before its EOI campaign began in January. Lemon Baxter's Jonathan Walls said the 980 sq m warehouse sold immediately prior to the EOI campaign commencing for $6.28 million.
Bulleen
Another developer snapped up a prime corner 2933 sq m block at 164-168 and 170 Manningham Road for $5.1 million. The proposed development has a net saleable area of 4461 sq m, with a permit for 61 residential apartments across four levels and 69 basement car spaces, Colliers International's Hamish Burgess, Trent Hobart and Ted Dwyer said.
Preston
![CBA has leased 215 sq m of former retail space at 108 Burgundy Street, Heidelberg.](/web/20170131170715im_/http://www.smh.com.au/content/dam/images/g/u/1/y/8/g/image.related.articleLeadwide.620x349.gu1y3k.png/1485832456638.jpg)
The site of one of the northern suburbs' most prominent car dealerships, the Nissan Australia yard at 605-617 High Street, has been sold by Ray White Commercial Glen Waverley's Ryan Trickey and Ben Ainsworth for $5.9 million. The 1875 sq m site had development upside and sold after auction. A private owner sold the site for a yield of 5.3 per cent. It returned $318,000 per annum.
West Melbourne
CBRE and Melbourne Commercial Group kicked off the new year with the sale of 52-58 Chetwynd Street for $6.5 million. The multi-level 1294 sq m building and 997 sq m site was purchased by Southern Cross Institute, CBRE's Guy Naselli said.
North Melbourne
Strong activity on the CBD fringe also saw an older style red-brick warehouse at 168 Chetwynd Street sell with vacant possession for $2.82 million. Gray Johnson agent Rory White said the price represented a strong land rate of $5351 per square metre. Land area with development potential was estimated at 527 sq m, he said.
Hawthorn
Two neighbours at 573 and 575-577 Burwood Road paired up to sell their properties at auction for $3 million. CBRE's Scott Orchard, Sandro Peluso and David Minty sold the properties at a rate of $6772 per sq m. One is tenanted, the other is vacant. Meanwhile, a permit-approved mixed use development site has sold at auction in Brighton East for $2.3 million, Chao Zhang said.
South Melbourne
A strategic Fishermans Bend land holding has sold for $5.2 million, quelling fears recent planning changes will affect prices. The irregular 767sq m site with dual street frontage at 150 Montague Street sold with vacant possession, CBRE's Mark Wizel, Julian White and Ed Wright said.
Kilsyth
Five warehouses on separate titles have sold for $1.6million. The strata-titled properties at 163 Canterbury Road were leased, returning rental income of $106,720 per annum, said selling agent Daniel Liberman from Axis Property.
Derrimut
Colliers International's Ashley McIntyre and Charlie Woodley auctioned a 9793 sq m commercial site at 128 Paramount Boulevard for $1.37million. Limited supply of sites was creating a competitive market, they said. Meanwhile, Flex Fencing secured a 1087 sq m site in Tullamarine for $1million, Brent Glassford and Damian Marinelli said.
Camberwell
A double story shop at 1174 Toorak Road sold for $1.35 million to a potential developer. The property had a residence upstairs, Prowse Burns Commercial's Philip Prowse said.
Pascoe Vale South
A double storey building at 339 Bell Street on the corner of Melville Road has sold for $1,430,000. Anthony Carbone and Bradley Ellul from CVA sold the office to an owner occupier at a building rate of $4333.33 per sq m.
Surrey Hills
Another suburban office at 3 Norfolk Road resembling an older style apartment building changed hands on a yield of 2.36 per cent. The property attracted "phenomenal" interest, Kelly & Kelly Property selling agent Anthony Kelly said, selling 50 per cent above vendor expectations for $4.1 million. Despite interest from developers, it sold to an owner occupier.
Clayton
A shop at 1899-1901 Dandenong Road that failed to sell at auction will become a bakery after being purchased for $1.58 million. Paul Rizzo from Ray White Commercial Oakleigh said although the property came with permits for a mixed use redevelopment, the new owners will use it as a bakery. Meanwhile, George Kelepouris sold an industrial warehouse at 173/248-266 Osborne Avenue in Clayton South after auction to a SMSF for $600,000 on a yield of 6.3 per cent. Another vacant warehouse at 7/23-25 Bunney Road in Oakleigh South sold under the hammer to a local owner occupier for $320,000, Mr Kelepouris said.
Springvale
Former Commonwealth Games silver medallist Ivan Katz and Louis Katz have snapped up a 265 sq m office warehouse at 10/56 Smith Road for $442,000. The property, let for $26,245 pa net, sold at auction on a yield of 5.94 per cent, Crabtrees Real Estate's Steven Salopek said.
Dandenong South
Locally owned furniture company Great Furniture has purchased a 775 sq m warehouse at 155 Williams Road to complement its nearby showroom. CBRE's Josh Fitt and James Jorgensen sold the property for $930,000 on behalf of vendors MKS International.
Blackburn
Gray Johnson negotiated the sale of an industrial property at 2 Cottage Street for $955,000 on a 30-day settlement. "The property is currently leased and has two years still to run at a current annual rental of $38,700 net plus GST," Rory White said.
LEASES
Footscray
A music rehearsal studio got the gig above Footscray's iconic Dancing Dog cafe and pub after Fitzroys' Martin Huang negotiated a lease for the 160 sq m first-floor space at $156 per sq m. Mr Huang said the premises attracted strong inquiry from a range of tenants looking to take advantage of the burgeoning inner western suburbs location.
Derrimut
Steel distributor Steelforce has consolidated its three Melbourne properties into a new purpose built 8437 sq m property at 91A Calarco Drive. Steelforce will move out of its Dandenong and Campbellfield facilities, as well as a third offsite unit. CBRE's Harry Kalaitzis and Todd Grima negotiated the seven-year $638,000 per annum lease deal on behalf of the joint venture developer, a private family and the Pelligra Group.
South Yarra
Abacus Bar & Kitchen has opened its doors on a key corner at 383 Chapel Street. It will offer modern Australian food with Spanish and North African flavours after securing a lease for the 326 sq m site at $300,000 per annum through Fitzroys' agent Jordan Ceppi.
Fitzroy
American Diner, Chiquito & Co, have agreed to pay around $165,000 per annum on a six-year deal for the 248 sq m double storey freestanding shop with outdoor area at 275 Brunswick Street. CBRE's Zelman Ainsworth, Samantha Hunt and Tan Thach negotiated the deal.
Heidelberg
The Commonwealth Bank has leased 215 sq m of former retail space at 108 Burgundy Street, Heidelberg's main retail and services hub in a deal negotiated by Gray Johnson's Scott Ashby. The seven-year lease had a three-year option at a starting annual rental of $75,000 net plus GST.
Melbourne
CVA has leased a two-storey office/showroom in Elizabeth Street for $88,000 per annum to MM Electrical Merchandising on 5+3 year term, Anthony Carbone said.
MOVERS
Former Savills leasing director Michael Di Carlo has joined Cushman & Wakefield in the role of Director of Retail Leasing. His appointment follows the mover of former Colliers staffer Ben Tremellen to the firm as National Director of Retail.
Matt Crofts will join JLL at the firm's Victorian industrial agency in the role of director in April.
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