Business Day Market Wrap

Business Day Market Wrap

CRS Property has sold 33 Church Street at auction for $5.37 million. A 945-square-metre site opposite Epworth Hospital has sold at auction for $5,200,000.
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CRS Property has sold 33 Church Street at auction for $5.37 million.

A 945-square-metre site opposite Epworth Hospital has sold at auction for $5,200,000.

CRS Property has sold 33 Church Street at auction for $5.37 million.

A 945-square-metre site opposite Epworth Hospital has sold at auction for $5,200,000.

CRS Property has sold 33 Church Street at auction for $5.37 million.

A 945-square-metre site opposite Epworth Hospital has sold at auction for $5,200,000.

SALES

RICHMOND

A 945-square-metre site opposite Epworth Hospital has sold at auction for $5,200,000. Fowler & Co stationery group put 80-82 Bridge Road on the market with vacant possession through Andrew Morley, from Morley Commercial, and it was sold to publicly-listed Primary Health Care.

GLEN WAVERLEY

Ray White Commercial secured the highest commercial sale in Glen Waverley’s “activity centre” this year with the auction of 54 Montclair Avenue for $5.105 million. More than 100 people attended the auction, with 11 registered bidders starting at $2 million and moving in $100,000 increments, commercial manager Ryan Trickey said.

SURREY HILLS

Two adjoining properties at 463-467 Canterbury Road, covered by three titles, with a combined area of 1091 square metres, have sold for $1.83 million. CVA Property Consultants’ Ian Angelico co-ordinated the owners of the two lots to arrange a sale to arboricultural service The Tree Company. The site, on a prominent corner of Canterbury and Robinsons roads, has development potential.

BRIGHTON

CRS Property has sold 33 Church Street at auction for $5.37 million, for a yield of 3.5 per cent. “The sale reflected the strategic nature of the property, for a retailer requiring in excess of 230 square metres to get into this lucrative Church Street market in the next 2-3 years,” Ian Robertson said.

ORMOND

Gross Waddell has sold three office suites for a total of $2.64 million over one week in a series of transactions managed by Benjamin Klein, Jamie Stuart and Alex Ham. A vacant office suite of 300 square metres at Unit 1, 596 North Road, Ormond, went for $830,000; three office suites at 22 Horne Street, Elsternwick, sold in one line on a return of 7 per cent; and an office suite of 252 square metres at 5-7 Compark Circuit, Mulgrave, sold with a lease in place on a return of 8.9 per cent. All three properties were bought by Melbourne-based private investors.

GLEN WAVERLEY

A 161-square-metre shop at 100 Kingsway sold at auction on a 90-day settlement for $3.3 million. The property, in a sought-after retail strip, achieved a yield of 2.23 per cent, Cameron Industrial Commercial’s David Johnson said. In another deal, a 323,700-square-metre block of land at 1005 Frankston Dandenong Road, in Carrum Downs, sold for $4.435 million.

CARLTON

Colliers International’s Ben Baines and Jeremy Gruzewski have sold a small Carlton office development site for $1.25 million, 40 per cent above the vendor’s reserve. The office at 113 Cardigan Street was sold with vacant possession by receiver PWC to a private investor.

LEASES

CBD

287 Collins Street has secured three new tenants after a refurbishment by new owner BGH Group. Kingfisher Recruitment took 392 square metres for five years, Marks and Clerk Lawyers moved into 392 square metres for six years and Fenton Communications has 392 square metres on a 10-year lease in deals negotiated by JLL’s Will McLaughlin and Simon Dick, along with CBRE’s Mark Bolis, Scott McGlone and Milly Stockdale.

PORT MELBOURNE

A 546-square-metre office/warehouse/showroom at 8 Rogers Street has been leased to a marketing company for $80,000 a year net, plus outgoings and GST, by Kliger Wood’s Andrew Thorburn. Mr Thorburn has also leased another factory/office, at 1/37-39 Lexton Road in Box Hill, to the Melbourne Cheer Academy on a five by five-year lease and $90,000 annual net return, plus outgoings and GST.

CBD

Windsor Smith Shoes has walked into a prime shop with a basement in Bourke Street Mall. The shop, vacated by Petra Hair Care, will be refitted on a rent of about $9000 a square metre, said Allard Shelton director Patrick Barnes. Colliers International’s Mike Crittenden and Ben Tremellen were joint agents.

MULGRAVE

Gross Waddell’s Jamie Stuart and Benjamin Klein sold a ground-level strata office suite at 1b/5-7 Compark Circuit to a private investor for $870,000 on a solid 8.8 per cent yield circa. The office had a passing rental of $77,000 a year (net) and was leased to international software company Ascribe on a 3 x 3 x 3 year lease.

DANDENONG SOUTH

Minus 1 Refrigerated Transport has snapped up a surplus hardstand area on a neighbouring Brickworks yard at 53-59 Elliott Road for $80,000 a year on a five by five-year lease in a deal negotiated by Colliers International’s Luke Jesson, Gordon Code and Justin Fried.

PORT MELBOURNE

Mining manufacturer Fenner Dunlop has taken a three-year lease in GPT Group’s Citiport Business Park at 294 Salmon Street. Colliers International’s Vincent Tran declined to comment, but office rents typically fetch about $250-$350 a square metre in the area.

MOVERS

Renowned petro-chemical valuation expert Ronald Newton, owner and founder of Ronald A Newton and Associates, has merged his valuation practice with Opteon Victoria and will head up its newly formed Petroleum division.

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