It was third time lucky for a former medical centre at 105 Queens Parade when it sold for $3 million. The vendors first marketed the freestanding double-storey Edwardian in late 2018. It had previously failed to draw any offers – despite two public auctions and one EoI campaign – before selling through CBRE’s Marcello Caspani-Muto, Sandro Peluso, Josh Twelftree and Jimmy Tat. “Despite the level of work required to uplift the facility, the inclusions of a medical permit for eight practitioners held substantial value,” Mr Caspani-Muto said.
A private investor outmuscled owner-occupiers to buy a vacant commercial office at 4 Illowa Street for $790,000. Gorman Commercial’s Tom Maule and Stephen Gorman handled the transaction.
Retail properties remain a drawcard for a range of buyers. Fitzroys’ Chris James and David Bourke negotiated the sale of a double-storey shop at 602-604 High Street within Harp Village for $1,135,000. Mr James said a local buyer looking to reposition the vacant building was successful at the auction.
Gorman Commercial’s Stephen Gorman and David Minton negotiated the sale of 28 Station Street for $855,000 to a local investor on a 4.2 per cent yield. The two-level shop and residence metres from Oakleigh Central sold with a four-year lease in place returning $36,356 per annum.
Multinational firm S&C Electric required more space in South Yarra and leased a warehouse at 24 Ellis Street. The 250 sq m building was leased for $85,000 per annum plus GST plus outgoings, a rate just under $349 per sq m, said Morley Commercial’s Josh McMullin.
A new gym will open in the formerly working class suburb at 140 Gaffney Street. SAJ Fitness, who have several outlets across Melbourne, leased the 460 sq m clear span building for $40,000 per annum on a five-year term, with further options, through CBRE’s Guy Naselli, Renee Ferraro, Broderick Turmaine and Amanda Traficante.
An activity centre at 13-17 Burton Court, previously used as one of Victoria’s first indoor soccer centres, will be transformed into the eastern region’s newest Ninja Park. CVA’s Stan Dawidowski and Jarrod Moran arranged the lease of the 2944 sq m northern warehouse at annual rent of $213,000 on a 10+5+5 year term. The site’s southern warehouse operates as Ramp It indoor skatepark.
Salta Properties has fully leased 10 Nexus Court at its Nexus Corporate Park. Infinity Property Group took the remaining space on the top floor of 10 Nexus Court in a deal negotiated by Colliers International’s Ash Dean. The property group will pay net face rent of $335 sq m for its 350 sq m office and joins City Holdings, Renault, Brenntag and Group 4 Building Surveyors in the office.
A transport and logistics firm has leased a modern office warehouse with large hardstand area at 10a Burwood Avenue, signing a 3+3 year deal for the 2210 sq m premises. Knight Frank’s Steve Jones and Joel Davy handled the negotiations.
ASX listed Sienna Cancer Diagnostics has leased 11 Howleys Road. The business will move from Scoresby to the new larger refurbished premises which have a building area of 1665 sq m. It was leased for $175,000 per annum on a 5+5 year lease negotiated by Lawson Real Estate’s Mark Spigelman.
Education toy retailer My Happy Helpers, which creates Montessori-inspired wooden toys for open-ended play, has leased a 1496 sq m warehouse at 11-15 Micro Circuit for three years. Happy Helpers will pay $115,000 net per annum, with 3.5 per cent annual increases in a deal negotiated by James Glen and Rory De Polo from Nichols Crowder.
Developer Miura Group has secured a new 130 sq m office space at 548 Burwood Road which will become its new headquarters. The rental struck was at $45,000 per annum, said Gorman Commercial’s Tom Maule.
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Simon Johanson is a business journalist at The Age and The Sydney Morning Herald.