A shop at 18 Puckle Street was sold site unseen, with the buyer inspecting the property virtually from Malaysia, Emmetts’ Andrew Milligan said. The property is understood to have fetched about $1.04 million, although Mr Milligan would not discuss the final price he said the campaign attracted significant interest, with multiple offers considered.
A large showroom at 1360 Toorak Road sold the week lockdown restrictions lifted. Gorman Kelly’s Andrew Greenway said the campaign generated in excess of 150 inquiries and the property sold to an owner-occupier with plans to redevelop for $3.91 million.
A New York warehouse-style two level building at 54-56 Commercial Road sold in a private sale for $2.45 million. On 230 sq m of land, the property fetched a yield of 4.3 per cent, Morley Commercial’s Tom Larwill and Andrew Morley said.
The tightly-held heart of St Albans’ Main Road shopping strip has seen its first retail property sale in more than five years. Fitzroys’ Ervin Niyaz negotiated the sale of 325A Main Road for $2.2 million to an owner occupier. The vacant 400 sq m building on a 541 sq m site is next to Chemist Warehouse. Interest during the off-market process was mainly from owner occupiers, Mr Niyaz said.
Goldfields Group has signed Oreana as a tenant in its new premium office building at 627 Chapel Street. Led by brother Tony and Steven Sass, Oreana will relocate from 484 St Kilda Rd into a 1179 sq m whole-floor office on level 16 which has sweeping views of the Yarra River, MCG and CBD. The five-year deal with options was negotiated by Melbourne Acquisitions’ Dominic Gibson. It was struck at $600 per sq m plus GST and outgoings, and excluding car parks at $350 each. Mr Gibson said the location was an “easy choice” as both company directors live locally.
Moyan Authentic Taste has leased a 390 sq m retail shop paying $615 sq m gross under a five-year lease in the heritage-listed Rathgael building at 462 St Kilda Road. The annual rental income is $240,000 plus GST gross, Colliers International’s Jennifer Tai and Matt Cosgrave said. The building was constructed in 1890 for bookmaker Leon Cohen as a 16-room brick house. Moyan will transform the premises into an east meets west afternoon tea house trading as Jishan.
Vietnamese-fusion restaurant Hochi Mama is expanding into the heart of Richmond’s hospitality precinct. As well as two CBD restaurants, Hochi has leased 65 Swan Street at rental of $155,000 per annum gross. The 195 sq m property was leased through CBRE’s Jason Orenbuch, Tan Thach and Zelman Ainsworth on a 5+5 year term.
Opposite Barkly Square shopping centre, a 1165 sq m warehouse has leased to teak furniture supplier Jati Furniture. The property at 1-5 Weston Street was leased for two years at about $130 per sq m through NSL Property Group’s Guy Naselli and JLL’s Arthur Vainbrant. “The strategic location and close proximity to Sydney Road and to major arterials made this property an ideal fit,” Mr Naselli said.
In one of Mulgrave’s largest lease transactions of the year, CPB Contractors has leased a 2292 sq m office at 677 Springvale Road from Integrated Logistics Partners paying an undisclosed amount under a two-year lease. Market rents for comparable properties are aabout $200 per sq m. The fully-fitted site with large floor plates and car parking was previously leased by Optus. The deal was negotiated by John Howell and Tom Rothel of Colliers International and CBRE’s Gianni Macdonald.
Taiwanese milk tea brand Xin Fu Tang is opening a second Melbourne store at 172 Swanston Street after leasing the 75 sq m space for $240,000 per annum gross, a rate of $3200 per sq m, CBRE’s Tan Thach and Zelman Ainsworth said. The lease was signed on a 5+5 year term.
Wellmed has sub-leased a 355 sq m office from the Australasian Movement Disorder and Pain Surgery Clinic at 73 Kooyong Road for just under $300 per sq m in a three-year sub-lease. Wellmed’s sub-lease spreads across two floors, Colliers International’s Tom Rothel and Kevin Tutty said.
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