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Market Wrap: Retail outlets still hot with investors
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The sale of this three-storey building at 126-128 St Kilda Road reflected a land rate of $5275 a square metre. The home of GO KartSport Racing, the largest indoor track in at 244-248 Chesterville Road in Moorabbin, has sold for $3.7 million.
Heathmont
Retail outlets are still in demand as the year draws to an end. A news agency sold for $1.305 million to an overseas investor, a price more than $300,000 above reserve. The shop at 150 Canterbury Road sold on a yield just above 3 per cent – a strong result linked to buyer's appetite for secure income producing retail assets, said CBRE's Sandro Peluso, Josh Twelftree and Rorey James.
Hallam
Adelaide based commercial property syndicator, Harmony Property Syndication, has paid $10.75 million on a yield of 7.1 per cent for a substantial industrial property at 1-5 Siddons Way. Savills 's Chris Jones and Ben Hegerty said the property sold subject to a long-term lease, expiring in 2026, to national tenant Pakcentre Marketing Services, at a current rental of $765,920 per annum net.
The home of GO KartSport Racing, the largest indoor gokart track in at 244-248 Chesterville Road, has sold for $3.7 million. The looming retirement of the track's owner, Garry Dubois, prompted the sale of the one-time aircraft hangar. The large structure was originally built in the US before being shipped to the Northern Territory and then disassembled and trucked to Melbourne. CBRE's David Aiello​ and Stephen Adgemis​ handled the sale with Atholl Williams from Rutherfords Real Estate.
A local investor has swooped on a St Kilda development site, buying the prominent landholding for $2.3 million at auction. The sale of the three-storey building at 126-128 St Kilda Road reflected a land rate of $5275 per square metre, said CBRE's Ed Wright, Mark Wizel and Joseph Du Rieu.
A 1960s warehouse at 28 Gwynne Street, renovated as an architect's office, changed hands under the hammer for $1.389 million. The single-storey solid brick factory was sold by Ian Price of Dixon Kestles.
Banyule City Council has sold a single-level shop at 61 Main Street, for $1.15 million. The building was previously occupied by the Bendigo Bank, said Knight Frank's Tim Grant and Ken Smirk. It follows the council selling another shop at 55-59 Main Street $5.1 million on a yield of 5.3 per cent.
Sunshine West
A self-managed super fund snapped up an industrial property at 570-572 Somerville Road for $2.72 million on a 7.7 per cent yield in a deal brokered by Savills 's Chris Jones, Ben Hegerty and Brigitte Bennett. The 4444-square-metre site sold subject to a new four-year lease to global tenant Schenck Process at rent of $215,000 a year net.
Noble Park
An investor has paid $4 million on a yield of 9 per cent for a securely leased office and warehouse at 428-430 Princes Highway. Savills 's Kosta Filinis and Paul Jones brokered the deal for Prudent Properties. It sold subject to a lease to E-Pak Packaging at a rental of $360,000 per annum.
An investor outmuscled a developer to secure a site owned by charity St Vincent De Paul for $2.1 million. Gross Waddell's Alex Ham sold 254-258 Nepean Highway in conjunction with Beller Commercial's Liam Rafferty. Vinnies currently occupies the two-storey retail outlet opposite of Edithvale Beach, which it sold along with a vacant neighbouring block.
A vacant two-storey building with ground-floor shop and first-floor office at 100-106 High Street in the heart of Cranbourne's retail and commercial precinct sold under the hammer for $2.04 million in a campaign handled by Fitzroys' Andrew Hewett and David Bourke.
Pellicano has secured one of south-east Melbourne's largest commercial deals for the year with Visionstream taking 7600 square metres at its $500 million masterplanned Parkview Estate. The n and New Zealand telecommunications company committed to an entire office building within the 51-hectare estate.
Fitzroys' Jordan Ceppi has leased 605-625 Mt Alexander Road to organic produce store Greenline Organic for $75,000 per annum. Nearby, at 678 Mt Alexander Road, Mr Ceppi brokered a deal with new operator District North at the ex-Smok'n Joes site. The new Italian restaurant will take the 250-square-metre, double-fronted site for $74,000 a year.
Serco has expanded its operations in Box Hill with the addition of more than 4,000 square metres at the recently refurbished 990 Whitehorse Road on a six-year lease with options in a deal negotiated by Colliers International's Kevin Tutty. Rental was understood to be in the vicinity of $400 a square metre (gross).
Fast-growing product development firm Hydrix is preparing to relocate to Mulgrave after leasing a stand-alone office building in Compark Circuit. CBRE's Elise Betts and Gianni MacDonald negotiated the 2600-square-metre lease for an entire building at 30-32 Compark Circuit on a 10-year lease for net rent of $260 a square metre. Hydrix had outgrown its existing space and wanted something that would appeal to their predominantly younger workforce, Ms Betts said.
Suburban office rentals are showing signs of growth according to Prowse Burns' Fred Bartlett. Suite 505 at at 685 Burke Road was leased on a one-by-one-year lease at the commencing rental of $23,850.00 a year gross plus GST. Suite 403 in the same building leased for $32,000.00 a year gross plus GST on a two-by-two-year lease. And Suites 305 and 306 were combined as one for $60,000.00 gross plus GST, equating to $480 a square metre gross and showing signs of positive rental growth over past leasings in the building, he said.
A light-filled office at at 3/30 Prohasky Street has leased to national technology group Powermove Distribution on a four-plus-three-plus-five-year deal for rental of of $50,000 a year in a deal negotiated by CBRE's Guy Naselli and Harry Kalaitzis.
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