Suburban shops selling for record rates

MARKET WRAP
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SALES

Carnegie

Suburban shops are selling for record rates. Fitzroys’ Chris Kombi and Chris James sold 66 Koornang Road in the Carnegie shopping strip for $3.35 million. The sale set a new record for a single-fronted shop in the area on a record low yield of 2.53 per cent and at a land rate of 15,800 per square metre. The site sold with a 7 x 5 x 5 x 5-year lease to Vietnamese restaurant Pho 66 returning $84,872 per annum plus outgoings and GST.

West Melbourne

A 112 sqm vacant lot with a residential development permit sold before auction for $1.403 million, Colliers International’s Daniel Wolman, Oliver Hay and David Sia said. The land at 143 Rosslyn Street sold at a rate of $12,526 per sqm to a Chinese investor. The site had a permit in place for nine apartments and a commercial space.

Strathmore

A commercial developer has snapped up a 3,714 sqm site at 492 – 494 Pascoe Vale Road for $3.4 million. Fitzroys agents Chris Kombi, James Lockwood and Terence Yeh said the site was mixed-use zone and the new owner planned to build shops on the property.

Hawthorn East

Three bidders vying for a retail property leased to Shanklin Caf?? at 500 Tooronga Road ended up pushing the price to $1.561 million, a yield of 3.4 per cent. The cafe pays a passing rent of $54,000 net per annum, GormanKelly’s Chris Alcock and Mario Nobrega said.

Port Melbourne

An owner occupier has paid a $1.6 million for a 300 sqm warehouse at 339 Williamstown Road. The sale price equates to $5,333 per sqm, a significant premium for the area, Knight Frank’s Ben Hackworthy said.

Tullamarine

Colliers International’s Damian Marinelli says strata assets are increasingly being purchased by self-managed super funds. An SMSF purchased the office/warehouse Unit 16/189 at South Centre Road for $310,000, he said.

Armadale

A shop leased to Zia Rina’s Cucina at 857 High Street sold for $1.22 million under the hammer, Paul Rizzo of Ray White Commercial Oakleigh said. “There were three main bidders at the on-site auction and the eventual sale price was $120,000 over the vendor’s reserve,” he said.

Burwood East

A two-storey building at 13 Royton Street has sold for $850,000 to a local investor, George Kelepouris of Ray White Commercial Oakleigh said. The property transacted on a yield of 5.6 per cent. “We had a great response to this investment property which is currently leased to two tenants and generating combined net rental of $47,869 per annum,” he said.

Preston

A Chinese BBQ restaurant will open at 449 High Street after Fitzroys’ Terence Yeh struck a lease deal at $108,000 per annum plus outgoings and GST. The two-level, 355 sqm building has a ground floor area of 280 sqm and first floor of 75sqm.

Dandenong

Angus Clark and Al Armstrong of Cameron sold a 3,383 sqm parcel of Industrial 1 zoned land at 192-196 Discovery Road at auction for $1.17 million, a rate of $346 per metre.

LEASES

Brunswick

Italian newspaper Il Globo will move to 459 – 461 Victoria Street after leasing the 850 sqm property for five years for $90,000 per annum net, Raff De Luise and Julian Materia from ICR Property Group said. Il Globo is owned by the Valmorbida family who featured on the BRW rich families list in 2014 with $328 million.

Williamstown

Allard Shelton has leased 28a-30 Ferguson Street to The Greenery Store and Larder, a licensed caf?? and retail space that offers homewares, giftware and apparel. The 230 sqm shop was leased for $110,000 pa plus gst on a 10 x 10 year lease, James Gregson said. The Greenery will pair with other eateries, Hellenic Hotel, Crowded House Caf?? and Mez Mez, in the area.

Derrimut

The Kyda Group has recently taken up a 2073 sqm tenancy at 17 Stoney Way on a three-year lease with multiple further two-year options to renew. Colliers International’s Charlie Woodley and Ashley McIntyre handled the transaction on behalf of a private landlord for $140,000 per annum. Meanwhile, bedding group Snooze took an 18-month tenancy at 19 White Street, Maribyrnong, for $58,500 for a full term, occupying the 1,200sqm warehouse until arrangements are made for its next move into a larger facility, Mr McIntyre said. In another deal, Platinum Safes will move into new premises at building 6, 19-23 Paramount Road, West Footscray.

Keysborough

Intertrading will relocate after leasing a warehouse with secure yard at 4 Fiveways Boulevard. Intertrading took a four-year lease on the 2,423 sqm building, paying a net annual rental of $212,187, Knight Frank’s Stuart Gill and Luke Crozier said. Mr Gill said the property was leased within a few weeks of marketing. Meanwhile, Pouch Direct will lease a 743 sqm warehouse at Unit 2, 42-44 Garden Boulevard in Dingley on a 2+2 year basis at a net annual rental of $64,000 pa net, Dean Kimitsis said.

MOVERS

Mid-tier commercial and industrial sales, leasing and property management agencies Gray Johnson and Kevin Sheehan Property have merged. The merged agency will trade as the Gray Johnson Eastern operating from the Kevin Sheehan offices in Wellington Street Kew, Gray Johnson managing director Matt Hoath said.

Land developer Dacland has appointed former Metro Property Group chief financial officer, Travis Deans, as its chief executive officer.

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