Eight strata-title shops in Lendlease’s Aurora Village sold to self-managed super funds or retirees looking for income-producing assets, Fitzroys’ Chris Kombi and Lewis Waddell said. All the shops transacted after July for a combined $7 million on an average yield of 5.4 per cent. Shops 301, 303, 305, 307, 309 Harvest Home Road and shops 1, 2 and 3 at 299 Harvest Home Road had rentals ranging from $33,000 to $58,000 per annum. Tenants included a Bottlemart, Harvest Pizza, Suburban Grill, Aurora Butchers and Oregano’s Bakehouse.
A development site at 246-250 Highbury Road has sold for $3,628,888. Gorman Commercial’s Jonathon McCormack and Stephen Gorman, and Corser Property Group’s Bernard Corser, negotiated the sale of the site, which has a permit for 10 2-storey townhouses.
Held by the same family for almost 30 years, a 2200 sq m office/warehouse at 9-11 Turbo Drive sold within three days for about $3.15 million with vacant possession, according to NSL Property Group’s Guy Naselli and CBRE’s Joe Brzezek and Sasan Misaghian. “Even during Covid 19, the pent up demand for quality assets has been evident,” Mr Naselli said.
A high clearance office/warehouse in the Paramount Business Estate, Unit 6 at 71 Elgar Road, sold through CVA’s Leo Mancino and Matthew Alderman for a tad over $1 million. The owner decided to sell after the tenant vacated the property. It was listed and sold within a month.
A developer paid $1.66 million for a home at 307 Huntingdale Road after more than 30 others registered interest. Commercial Bureau’s Gideon Marcus said the 951 sq m property had attracted 38 genuine inquiries, many about the build-to-rent market. The property has a permit for a three-storey building with 14 apartments.
A private buyer bought a 1727 sq m vacant industrial site at 34 Sarah Street for $640,000. The property will initially be used for storage, with future plans to develop into a warehouse and office, selling agents Colliers International’s Mitch Purcell and Corey Vraca said.
Peregrine Projects has leased a 56 sq m space in it’s Luxton Development to specialty coffee providers Head Honcho. Honcho will be opening its doors towards the start of November after signing up for a rent of $30,000 per annum plus GST through Aston Commercial’s Lucy Kuhne.
AMS Constructions Pty Ltd has leased an older style brick warehouse at 74 Raglan Street, Gray Johnson’s Stephen Buchan said. The privately owned property leased for one year with a further one-year option at rent of $43,000 plus GST.
Coco Colour Bar Hair Salon is moving down Balcombe Road from No.82 to shop 4 at No.268 after signing a lease negotiated by GormanKelly’s Gerry Gleeson. Given the COVID-19 uncertainty, the landlord granted a 1-year lease at rent of $22,000 net per annum. All five shops forming part of 268 Balcombe Road are now tenanted.
Noble Systems has leased a 237 sq m office from Vantage Property Investments on level 2 at 176 Wellington Parade, paying $475 per sq m under a three-year lease. Noble will relocate from 487 Swan Street in Richmond to the fully fitted office with views out to the MCG in a deal negotiated by Colliers International’s Ash Dean and Damien Adkins.
A bakery/cafe/restaurant will open at 1 Russell Street just behind the Rivoli Theatre after a business signed a 6-year lease with options. GormanKelly’s Gerry Gleeson said the 97 sq m shop was leased at rent of $30,000 net per annum with a six month rent free incentive.
Four industrial warehouses at 7,9,13 and 14 Market Drive have leased through CVA’s North Ian Angelico and Stan Dawidowski. Rents were undisclosed but each building netted between $180,000 and $200,000 per annum, with the estate typically attracting rentals between $120 and $125 per sq m.
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