Investors are betting bold on a shopping strip recovery. One paid $1 million above the reserve for a prime shop at 580 Burke Road with a final $6.788 million auction bid. Fitzroys’ Chris Kombi and Chris James said the shop, leased long term to Country Road’s Witchery, commanded a sharp 3.8 per cent yield.
It took just 27 bids for a two-storey converted office at 126 Rupert Street to sell for $2.46 million in an auction overseen by Gross Waddell ICR’s Alex Ham and Michael Gross. The brick office fetched a land rate of $13,155 per sq m a building rate of $9,462 per sq m.
A developer has snapped up a brick warehouse at 79 Green Street in a deal negotiated by Belle Property Commercial’s Nick Mavrodoglos and Charles Carty. The property sold for $2.95 million, a land rate of $12,090 per sq m.
A strata-titled, 130 sq m two-storey shop and dwelling just metres from South Melbourne market at 193 Clarendon Street sold for $1,022,000. Fitzroys’ Chris Kombi and Mark Talbot negotiated the shop’s sale with a short-term lease in place. “Clarendon Street’s historic architecture and unique character are perennial draw cards for tenants, shoppers and new residents,” Mr Kombi said.
A single level office at 395 High Street sold at auction for $887,000 through Aston Commercial’s Liam Rafferty and Jeremy Gruzewski in conjunction with POC Commercial. The vacant property was on 226 sq m of land with a building area of 140 sq m.
An office warehouse at 24 Eileen Road has sold through Crabtrees Real Estate’s Saul Akoka and Pana Kritikos for $955,000. The 467 sq m property sold with vacant possession at auction. “Our enquiry levels were consistently strong throughout the campaign with 3 serious bidders on the day,” Mr Akoka said. Another strata title office warehouse with a 3-tonne travelling crane at Unit 9/126-134 Fairbank Road sold under the hammer for $1.38 million, they said.
A 35 lot development site at 1273 Dohertys Road between estates owned by PEET and Dahua has sold to a developer. NSL Property Group’s Guy Naselli said the 2.6 hectare site also had provision for a 3000 sq m superlot, which could be used for childcare or medical purposes.
Family-owned gluten-free baked products supplier Heaven’s Bakehouse will set up a new production facility at 2 Carmen Street after buying a brand-new, 3,955 sq m split-level office and high-clearance warehouse. The Bakehouse paid $6 million for the site in Al Raziq Investments’ Axiom Industrial Estate in a deal negotiated by CBRE’s Tom Murphy, Ricardo Cappelletti and Fergus Pragnell.
Clark Rubber will move into a 591 sq m showroom in the Wodonga Homemaker Centre in a deal negotiated by Leedwell Property’s Tom Perkins, Chris Parry and Nick Segran. Clark Rubber took a 5-year lease in the Harvey Norman-owned centre. Recent transactions in the area range between $170 and 200 per sq m.
Electronic waste recycler Ewastec has leased a warehouse at 7 Kiefer Grove as its second facility. Gray Johnson’s Rory White said Ewastec took a 3-year lease over the 1252 sq m warehouse and office building at commencing net annual rental of $100,000.
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