Warehouse conversions in hip inner-suburbs are setting new records. A converted warehouse-to-office at 77 Murphy Street sold for $8594 a sq m, easily eclipsing the previous record of $6613 a sq m for the area set 12 months ago with the sale of 32 Crown Street. Teska Carson’s Tom Maule and Matthew Feld said the property was auctioned in front of a large crowd with five bidders pushing the price $250,000 over the reserve, with the buyer paying $2.75 million on a tight 3.4 per cent yield.
About 20 parties showed interest in a showroom/warehouse at 12 Wallace Avenue before it sold to a private investor for $5.7 million. The property was leased to stoneware retailer Lifes Tiles. It sold through CVA’s Craig McKellar and Robert Cubelic. In Keilor East, the firm’s Anthony Carbone and Leo Mancino sold a warehouse at 103 Slater Parade for $625,000.
Landholdings with development potential continue to attract premiums. A 226-232 High Street site changed hands to a local developer for $4.5 million. Fitzroys’ Chris James and David Bourke of Fitzroys negotiated the off-market transaction. The site sold with holding income from an outdoor advertising sign of $30,600 per annum.
An owner-occupier purchased a freestanding office at 75 Asling Street for $3.37 million. The commercial zoned 1 property, tenanted until December next year, was sold on a yield of 3.79 per cent by CBRE’s Sandro Peluso, Mark Wizel, David Minty, Chao Zhang and Kinson Wong.
A large 4046 sq m landholding sold for $3.05 million to a developer a week before the on-site public auction. Opposite the Pacific Epping Shopping Centre, 72 Cooper Street was sold by JLL’s Stephen Bolton, Sam Baines, Mario Moscon and Anthony Cannizzaro.
Industrial development site sales are surging. Cushman & Wakefield’s Andrew O’Connell and Jordie Cassidy sold 28 Enterprise Drive for $2.6 million. The site is next to Repco’s head office and other major corporate tenants. “The severe shortage of developable land in Melbourne’s south-east is continuing to drive strong prices,” Mr O’Connell said.
An office suite at 670 Canterbury Road leased to NASDAQ-listed company Ebix sold for $1.55 million, reflecting a record rate in the building of $5382 per square metre. “Investor demand for office suites with secure leases is continuing to prove beneficial for owners,” Gorman Commercial’s Stephen Gorman said.
Leased to Goju Karate-Do and a gym on the ground floor, a two-level building at 378-380 Balwyn Road has sold for $1.86 million. CBRE’s Rorey James, Nic Hage and JJ Heng said the property sold on a yield of 3.3 per cent to an Asian investor. The property sold for 55 per cent over the vendors reserve, they said.
An older-style factory on 423 sq m that was returning $25,000 on a monthly tenancy has sold for $1.3 million. The warehouse just metres from Sydney Road at 22 Ovens Street sold shortly after auction, Gorman Commercial’s Dean Alexander and Stephen Gorman said.
An investor has paid $1.15 million in an off-market deal for an older-style factory at 16 Power Road. The new owner purchased the 1224 sq m office/warehouse within 24 hours and will be renovating the site prior to a tenant moving in. Knight Frank’s Luke Crozier and Steven Salopek handled the sale.
Baharian Wealth Management has leased 76 sq m of office space to occupy level 4, 289 Flinders Lane for $490 per sq m net on a five-year term, JLL’s Alexandra Harper said. In another deal, cleaning company Consolidated Property Services has leased 107.2 sq m at level 6, 140 Queen Street for $325 per sq m gross on a two-year term, she said.
Box Hill South
In a 10-year deal, Robinson Gill will relocate from nearby 701 Station Street to a 1260 sq m office on Level 3 at 990 Whitehorse Road. “Robinson Gill were already located in Box Hill and while they needed more space, they didn’t want to move away from their client base,” Colliers International’s Kevin Tutty said. The group will pay gross face rent of $350 per sq m.
Parking for Melbourne Airport has spilled into 36 Tullamarine Park Road where Anthony Carbone and Tom Gleeson from CVA leased a large warehouse on a 2804 sq m property to a local company for vehicle parking and storage. The property was leased for $85,000 per annum plus GST on a 5+5-year term.
Monash IVF will take a short-term lease at 2 Domville Avenue. Colliers International’s Chris Meehan and Tom Rothel negotiated a two-year lease for the 300 sq m at gross face rent of $400 per sq m.
Dairy and agricultural products exporter Vicfarm has leased a 620 sq m two-level office at 8 Yarra Street. Fitzroys’ Chris James and Stephen Land negotiated the 3+3-year deal at around $130,000 per annum gross. Tenants are looking beyond the CBD for new space, Mr James said.
Insurance brokerage firm EBM have taken an additional 610 sq m of office at 8 Redfern Road. Gorman Commercial’s Richard Height negotiated the new lease which aligned with EBM’s original seven-year lease when it committed to 1500 sq m. Rent was undisclosed but likely to be in the order of $360 per sq m.
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