Market Wrap: Developer snaps up prime site Armadale site

Pilates trainers, Empathy Pilates, has agreed on a new lease at 741-743 High Street in Armadale. Photo: Supplied A popular cafe at 207 Albert Street in Brunswick went for $601,000 under the hammer. Photo: Supplied
杭州桑拿网

Jonathon McCormack sold a shop at 196 Chapel Street in Prahran for $2 million. Photo: Supplied

Pilates trainers, Empathy Pilates, has agreed on a new lease at 741-743 High Street in Armadale. Photo: Supplied

A popular cafe at 207 Albert Street in Brunswick went for $601,000 under the hammer. Photo: Supplied

Jonathon McCormack sold a shop at 196 Chapel Street in Prahran for $2 million. Photo: Supplied

Pilates trainers, Empathy Pilates, has agreed on a new lease at 741-743 High Street in Armadale. Photo: Supplied

A popular cafe at 207 Albert Street in Brunswick went for $601,000 under the hammer. Photo: Supplied

Jonathon McCormack sold a shop at 196 Chapel Street in Prahran for $2 million. Photo: Supplied

Pilates trainers, Empathy Pilates, has agreed on a new lease at 741-743 High Street in Armadale. Photo: Supplied

A popular cafe at 207 Albert Street in Brunswick went for $601,000 under the hammer. Photo: Supplied

Jonathon McCormack sold a shop at 196 Chapel Street in Prahran for $2 million. Photo: Supplied

MARKET WRAP

SALES

Armadale

A developer has paid $3 million – $800,000 over reserve – for a prime development site, 93 Wattletree Road, in the heart of the Armadale and across the road from the Malvern Central Shopping Centre. Teska Carson’s Michael Taylor and Tom Maule said at least 100 people packed the roadside bidding for what was essentially a land-only purchase. “This was purely and simply a land acquisition” as the older-style, two-storey, weatherboard building on the property was in poor condition.

Eltham

A key retail site in the Eltham Village Shopping Centre sold under the hammer for $2.928 million. Fitzroys’ Dean Alexander and Geoff Emmett said a 60-strong crowd attended the auction of 981 Main Road, with the final price reflecting a yield of 5.4 per cent. The property is leased to Liquorland on a 10-year lease returning $159,609 per annum plus GST and outgoings with three five-year options.

CBD

A South Australian investor has snapped up the ground-floor shop at 362-364 Little Bourke Street for $2.65 million, representing a sharp yield of 3.85 per cent. Gross Waddell’s Alex Ham and Jonathon McCormack said 200 people watched the auction. Bidding started at $2 million and quickly escalated to the final sale price, with bids taken in “chunky” $50,000 lots, Mr Ham said. The shop had a five-year lease in place, with an option.

Brunswick

Fitzroys has sold a popular café at 207 Albert Street for $601,000 under the hammer following strong interest from investors. Agent Andrew Hewett said the property had been bought by a private investor for a self-managed superfund. The 112-square-metre corner cafe is leased to Maxxiii Moo Café on a 7+7-year deal, returning $40,944 per annum.

Preston

An owner-occupier has paid $2.1 million for an industrial property at 60A Albert Street. Knight Frank’s Tristan Payne brokered the deal for the two-level building with 600 square metres of office space and a high-clearance warehouse. The property was sold with vacant possession and listed for lease for around $155,000 per annum.

Dandenong South

A 20-year-old office and warehouse complex at at 6 Advantage Drive has sold for a speculated record price. Savills Australia’s Paul Jones, who negotiated the deal with Kosta Filinis, would not disclose the price but sources said the property with two offices and a warehouse went for around $8 million. “This is a quality industrial property likely to have little trouble attracting tenants in a sought-after industrial precinct with the additional potential to add value with only a little over half site coverage,” Mr Jones said. Epping

In another self-managed superfund purchase, a cafe in MAB Corporations Trade Central Development in Alliance Business Park sold for $870,000. The 154-square-metre site has six car spaces on the title. The off-the-plan café, leased to an experienced CBD operator, sold on a sharp yield of 6 per cent net, Knight Frank’s Tim Grant said.

Caulfield North

A cream brick shop at 219 Hawthorn Road has changed hands for $890,000, Gross Waddell’s Benjamin Klein and Alex Ham said. The two-level shop and dwelling, used as a studio/gallery, was sold with vacant possession. About five bidders competed for the property. Meanwhile, Jonathon McCormack sold another shop, at 196 Chapel Street in Prahran, for $2 million – a yield of 3.3 per cent. The two-storey, 202-square-metre building is tenanted by Gallin’s Musician’s Pro Shop, and returns about $67,000 per annum.

Brighton

Matt Nichols from Nichols Crowder has sold several bayside properties “above vendor expectations”. A development site at 126 Martin Street in Brighton went for $2.65 million, a shop and dwelling at 10 Bluff Road in Black Rock sold for $1.101 million after 84 bids at auction, and an investment property at 185 Ferrars Street in South Melbourne changed hands for $1.511 million.

LEASES

Armadale

Pilates trainer Empathy Pilates has agreed on a new lease at 741-743 High Street. The 190-square-metre, ground-floor, retail premises was previously occupied by Little Residential. Teska Carson’s Tom Maule said Empathy Pilates took a five-year term with a five-year option at $82,000 per annum with 4 per cent annual increases and a market review at the option.

Hawthorn

Exhibitions and Events Australia will relocate  its head office from Kew to 801 Glenferrie Road, where it has leased 458 square metres on a five-year lease. Richard Height, from Gorman Commercial, said amenities on Glenferrie Road attracted the firm to the building. Rent was undisclosed but office rates in the area are around $350 a square metre.

Armadale

National boutique childrens’ toys retailer Kidstuff has taken on the 247 square metres at 1024-1026 High Street on a six-year deal negotiated by Fitzroys’ Mark Talbot and Steve Brookes. “The property features an open-plan layout and a rare double-fronted premises of

around 8.6 metres, which Kidstuff found very suitable to the store they envisioned bringing to one of Melbourne’s most famed retail precincts,” Mr Talbot said.

MOVERS

Colliers International has appointed Daniel Noonan to the role of executive for large-format retail, based in Melbourne. Mr Noonan has moved from Fitzroys, where he was in charge of commercial and high-street retail leasing. Jellis Craig partner Hayden Reed has joined CBRE after 5½ years at Jellis Craig Richmond, where he was appointed a partner in 2013. He will work alongside Mark Wizel, Ed Wright and Julian White in the Victorian development sites team.

Submissions to [email protected]杭州夜网m.au