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Spotswood catches the eye of industrial investors

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MARKET WRAP

SALES

An investor got to have their pie and eat it after buying a two-level shop leased to Harrow and Eton Gourmet Pies at 61 ... An investor got to have their pie and eat it after buying a two-level shop leased to Harrow and Eton Gourmet Pies at 61 Glen Huntly Road, Elwood. Photo: supplied

Spotswood

The high-profile Cootes Transport (McAleese) site on Simcock Avenue has sold for $6.5 million in an off-market transaction negotiated by JLL’s Cameron Hunter and Brad Esler. A local developer snapped up the site. JLL Research shows demand for western industrial units continues to be strong with transaction volumes for smaller properties around $5 million totalling $998.5 million in 2016. Meanwhile, 273 Springvale Road in Springvale sold to a local Chinese private investor for $2.9 million on an initial yield of 3.8 per cent in a deal negotiated by Tom Ryan, Peter Sprekos and Stephen Bolton.

Realgrade has offloaded a retail property at Bay Street, Brighton. Realgrade has offloaded a retail property at Bay Street, Brighton. Photo: Supplied

Glen Iris

A Melbourne developer bought a 1020 sq m corner site at 222 Burke Road with development approval for 27 apartments for $4.45 million. The site sold before auction for a land rate of $4363 per sq m and unit rate of $164,815 per sq m, CBRE’s Julian White said.

Brighton

Bay Street in Brighton is setting records. Fitzroys’  Mark Talbot said 305 Bay Street sold at an executor’s auction for $2,255,000. The single-front, two-level building with ground-floor cafe Too Many Chiefs and a first-floor office fetched a sharp 3.3 per cent yield.

A vacant ground-floor office suite in the Monash Corporate Centre at C1/756 Blackburn Road was sold for $535,000. A vacant ground-floor office suite in the Monash Corporate Centre at C1/756 Blackburn Road was sold for $535,000. Photo: supplied

Moorabbin

An owner-occupier has paid $2.5 million before auction for an office/warehouse at 321 Warrigal Road in a private sale through Savills Australia’s Gareth Jackson and Lynton Williams in conjunction with Just Commercial. The former Shannon’s Classic Car auctions property was bought by the current tenant.

Geelong

Self managed super funds are snapping up commercial property. One SMSF has bought a 90-place childcare centre at 1 Regent Street for $3.1 million. The centre returns annual income of $204,600 on a 10-year lease and sold within 22 days, Andrew Kelly from Australian Childcare Brokers said.

Windsor

Knight Frank’s Danny Clark and Andrew Greenway have sold a boutique townhouse development site at 95 Albert Street that was marketed with planning approval for five luxury townhouses for $2.55 million.

Ringwood

The building occupied by ZuBar nightclub at 121 Maroondah Highway sold for $1.6 million. CBRE’s Rorey James, Nic Hage and Sandro Peluso said five bidders vied for the property which sold on a yield of 4.3 per cent.

Elwood

An investor got to have their pie and eat it after buying a two-level shop leased to Harrow and Eton Gourmet Pies at 61 Glen Huntly Road. They paid $1.52 million for the property, which Sutherland Farrelly’s Paul Farrelly said was subject to a 5 + 5 year lease, beginning January 2015, at a current rental of $37,960 per annum plus GST (net).

Knoxfield

A fully leased industrial property at 86 Rushdale Street sold privately for $1.4 million in a deal negotiated by Gray Johnson agent Scott Ashby. The 980 sq m office/warehouse is on a 1802 sq m site with annual rent of $82,400.

Tullamarine

An A-grade office/warehouse at 18/85-91 Keilor Park Drive has fallen under the hammer for $950,000 – $150,000 above reserve – demonstrating strong demand for industrial assets. Colliers International’s Damian Marinelli and Brent Glassford said owner-occupiers and investors fought for the property.

South Yarra

A 64 sq m shop at 5/159A Williams Road sold for $843,000 on a yield of 4.7 per cent. George Kelepouris from Ray White Commercial Oakleigh was a first-time commercial investor who was attracted by the opportunity to buy a retail property with a long-term tenant. In Clayton, a vacant ground-floor office suite in the Monash Corporate Centre at C1/756 Blackburn Road sold for  $535,000, Ryan Amler said. The 139 sq m suite had two glass-partitioned offices, an open-plan area and boardroom.

LEASES

Melbourne

After 40 years in Melbourne’s inner suburbs, design firm SJB has moved to the city, leasing 860 sq m across two fully self-contained floors at 18 Oliver Lane. Colliers International’s Milly Stockdale negotiated the six-year deal on behalf of Marks Henderson. The gross asking rent was believed around $600 per sq m. Meanwhile, level 15 at 300 La Trobe Street has been subdivided and leased to accommodate Olex Australia and Amec Foster Wheeler. Shane Burns and Ms Stockdale were appointed by Charter Hall to lease 1486 sq m in the otherwise fully occupied building. Gross face rents were believed to be around $450 per sq m.

Mount Waverley

ASX-listed cleaning and security firm, Millennium Services Group, has agreed on terms on a new office lease on level 1 of 205- 211 Forster Road. The modern, fully fitted and furnished 700 sq m office leased for $186,000 per annum net on a five-year term, Savills Australia’s Daniel Kelly said.

Brunswick

Melbourne Pet Rescue Superstore has leased a 1184 sq m office warehouse at 17-21 David Street. Pet Rescue agreed to a five-year lease term at a net annual rental of $95,000, Knight Frank’s Daniel De Sanctis and Scott Braithwaite said.

Submissions to sjohanson@fairfaxmedia.com.au

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