Marketwrap: Melbourne commercial property sales and leases

Sales
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MULGRAVE

An owner-occupier has bought a 2975 sq m industrial property on 6500 sq m of land at 18-24 Geddes for $3 million. The property was sold with vacant possession. Selling agent Mark Spigelman of Lawson Real Estate said the strong result was due to the lack of quality stock in the market in south-east Melbourne.

CREMORNE

A Melbourne accountancy firm has paid $1.615 million at auction for a new office building at 47 Stephenson Street. The three-level 410 sq m building sits on a 165 sq m site with ground floor parking and storage. Teska Carson’s Matthew Feld and Michael Ludski said the property drew interest from owner-occupiers looking for an open-plan office with city views and close proximity to the CBD.

MOORABBIN

An industrial property has sold at 435-437 Warrigal Road for $1.2 million, with a yield of 5.4 per cent. The 664 sq m building is situated on a 1092 sq m site and is occupied by Trufit Exhaust Centre. The rental is $65,000 a year net, which reflects a rate of $97 per square metre. Benjamin Klein from Gross Waddell said there was an appetite for industrial properties in a similar price range.

DANDENONG SOUTH

A private developer has purchased a site in the M1 Industrial Park at 260-276 Abbotts Road for $2.65 million. CBRE’s James Jorgensen and Stephen Adgemis negotiated the sale and said the 10,202 sq m site’s location in the estate was a major drawcard. The sale reflects a rate of $260 per sq m.

BAYSWATER NORTH

A retail property at 597 Dorset Road has sold after auction for $1.24 million, representing a yield of 7.05 per cent and a rate of $2761 per sq m. Food business Fasta Pasta has a lease on the property until February 2020. Colliers International’s Hamish Burgess and Jeremy Gruzewski said the site’s high-profile location, tenant and renewed lease attracted significant interest.

DOCKLANDS

A retail food property at 744 Bourke Street has sold for $905,000, representing a yield of 7 per cent. The 75 sq m retail space is occupied by Origami Sushi & Noodles on a seven-year lease with a further five-year option to renew. Annual net rental is set at $63,555 with the lease providing annual increases at 4 per cent. Gray Johnson selling agent Rory White said the food trader benefited from high foot traffic generated by nearby Etihad Stadium.

CBD

A private investor has bought a ground floor retail property in the Q2 office tower at the corner of Flinders Street and Highlander Lane for $1.5 million. The 108 sq m property was offered with a lease back to long-time tenant Riverside Coffee House. Ed Wright, Tom Tuxworth and Josh Rutman from CBRE Melbourne City Sales said the sale reflected a passing yield of 5 per cent.

Leases

CBD

Clothing company Artisan Textiles Australia has agreed to terms on a new lease for a property at 306 Little Collins Street. The 204 sq m premise forms part of Causeway House and was leased on a 10-year term at a yearly rental of about $250 per sq m net. Savills’ Jock Thompson brokered the deal with Michael DiCarlo and Jeremy Marmur.

LAVERTON NORTH

Recycling company USR has taken out a three-year lease on an industrial property at 23 Westside Drive. The company will replace previous tenant Timberland at the 1300 sq m site. Stephen Ryan and Nick Saunders from Colliers International brokered the deal with a gross face rent of $75 per sq m and said USR was looking to increase its space to accommodate growth.

DERRIMUT Road sweeping and paving business RABS Group has taken out a lease on a 1530 sq m property at 71 East Derrimut Crescent. The three-year lease is worth $122,000 per year, which equates to $80 per sq m. Cameron Hunter from Colliers International said RABS Group was moving from a neighbouring property, which was a common theme for tenants and buyers at the moment.

CBD

French bakery Bonnie’s has taken out a lease on a retail shop located at the entrance of the InterContinental Hotel at The Rialto building at 495 Collins Street. The 50 sq m shop was leased at a record $1700 per sq m by CBRE’s Zelman Ainsworth and Cam Taranto. Mr Ainsworth said the western end of Collins Street was experiencing growth in retail activity along with Docklands.

Movers

Teska Carson has appointed Anthony Choi to the role of commercial sales and leasing executive. He has experience with several firms including as a leasing consultant with Central Equity and as a sales associate with Burbank Group.

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