Sales

Hobart

A private investor paid $5.35 million on a 7 per cent yield for Hobart's only Freedom Furniture store. Savills Pat De Maria and Tom Forrest and LJ Hooker's Mark Devine said the store at 80 Brisbane Street sold subject to a 10-year lease (expiring 2022) providing annual net income of approximately $376,000.

Broadmeadows

Rubber component manufacturer Baron Rubber has snapped up an industrial warehouse complex at 7-11 Northcorp Boulevard for $6.05 million in a deal negotiated by CBRE's Daniel Eramo and Dean Hunt. Baron will occupy a vacant building in the complex, which has a lettable area of 3160sq m. The neighbouring 2890 sq m building will be retained as an investment based on a new three-year rental deal, which returns an annual rent of $210,000.

Black Rock

An investor wasn't bluffing when they paid $5.25 million, at a 41 per cent premium above reserve, for a shop and office complex across four separate titles at 41B Bluff Road. Fitzroys' Mark Talbot and David Bourke sold the 1062 sq m property under the hammer on a tight 3.7 per cent yield.

Mulgrave

Four tenanted shops at Waverley Park football stadium were sold by Ray White Commercial Glen Waverley's Ryan Trickey and Ben Ainsworth for $4.35 million. A 254 sq m building at 6/2 Stadium Circuit with dual leases to a supermarket and Optus store sold with combined passing rent of $91,716 per annum. Two other 127 sq m tenancies at 8/2 Stadium Circuit returned passing rent of $61,384 per annum to a hairdressing business and Telstra shop.

Greensborough

A Chinese investor paid $2.95 million on a tight 4.4 per cent yield for a fully leased property at 86-90 Main Street, in a deal brokered by Savills Australia's Nick Peden and Jesse Radisich. The property has three shops that return net rental of $130,240.

Pascoe Vale South

Anthony Carbone and Bradley Ellul from CVA sold a main road corner office building for $1.43 million. The property, previously occupied by the Commonwealth Bank of Australia, is on the corner of Bell Street and Melville Road.

Mulgrave

Investment firm Marks Henderson has offloaded its last holding in Enterprise Park, which it purchased from ING Industrial Trust in 2002. An investor paid $5.4 million on a tight 6.4 per cent yield for the multi-tenanted industrial property at 752-752 Springvale Road and 77-79 Glenvale Crescent, Savills Australia's Daniel Kelly said. Meanwhile in Clayton, an aged care bedding business paid $1.4 million after auction for an industrial property at 13 Graham Road that will provide a self-managed super fund/lease back investment, Mr Kelly said.

Highett

A vacant industrial building at 25 Beaumaris Parade was sold by James Glen from Nichols Crowder. Previously used as a gym, the 450 sq m property sold off market for $1.38 million. In Ravenhall, a warehouse at 130 Eucumbene Drive sold private treaty for $727,000 by Nicola Drendel of Nixon Industrial. The 820 sq m property on 1000 sq m of land is located in an industrial estate near the Western Freeway and Caroline Springs railway station.

Oakleigh

Crabtrees Real Estate's Andrew Loudon sold 19 Carinish Road for $801,000 to a local business that will use the fully fitted, two-level office/factory/warehouse space itself.

Melbourne

A $470,000 sale marks a record price for an office suite at 20 Queen Street, according to Colliers International's Anthony Kirwan and Chris Ling. They negotiated the off-market transaction for Suite 614 in two days, demonstrating strong demand for well-located strata assets, they said. Meanwhile, Ben Baines and Adrian Rowse sold a Frankston medical facility on Hastings Road for $3.1 million to a local developer.

Leases

Hawthorn

A growing number of Melbourne's older commercial buildings are getting a new lease on life from rising demand for health and childcare services. Family Doctor Group has taken over an older-style building in Hawthorn after striking a 1952 sq m lease agreement. And Kool Kidz has leased a 2000 sq m facility in Notting Hill as it continues to expand its chain of Melbourne childcare centres. Both were negotiated by CBRE's Gianna Macdonald.

Camberwell

Woodfrog Bakery is expanding, taking a five-year lease with options over 81 sq m of ground floor (with extra first floor space) at the rear of 570 Burke Road for $80,000 per annum net. The bakery has existing sites in St Kilda, Toorak, Kew, Melbourne CBD, Brighton and Doncaster, Fitzroys' Chris James said.

Laverton North

Soper Industries has committed to a five-year lease with a five-year option, paying an initial annual rental of $560,684.70 per annum net plus GST, for a 12,640 sq m warehouse. CBRE's Todd Grima, Harry Kalaitzis and Tom Hayes negotiated the lease soon after the 74-80 Fitzgerald Road facility sold to commercial development company Pelligra.

Carlton

An empty shop at 285 Lygon Street has leased for $90,000 per annum on a 5+5-year term, CVA's Ryan Milivojac and Anthony Carbone said. The Victorian era two-level building has an open-plan ground floor and fully equipped industrial kitchen.

Hawthorn

Fancy a religious flavoured coffee? Methodist Coffee will open its maiden store after signing a 10-year deal at $100,000 per annum net for the corner site at 408 Burwood Road in a deal brokered by Fitzroys' Chris James. And nearby Rustica Cafe will take 111 sq m of space at 121 Power Street (corner Burwood Road) in Hawthorn after signing a five-year lease with options for $62,500 per annum net.

Movers

Savills Australia has appointed Charlie Betts to the position of senior executive office leasing. Mr Betts joins the firm from Nixon Real Estate.

Colliers International has expanded its tenant advisory team appointing Lina De Petro as an associate director.

Boutique agency Dawkins Occhiuto have employed investment specialist Chris Jones. Mr Jones was formerly an industrial specialist at Charter Keck Cramer, Savills and Colliers.

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