Centennial Industrial Logistics’ fund has swooped on a vacant 35,719 sq m industrial site for $13,297,000. The property at 40 Decco Drive includes a 9361 sq m distribution centre, but has potential for expansion. Once built out, it’s estimated value will be about $30 million, sale agents CBRE’s Daniel Eramo and James Jorgensen said.
ASX-listed HomeCo has expanded its portfolio, acquiring a new $6.57 million childcare centre at 80 Homebush Drive. The 2305 sq m corner site is leased to Explorers Early Learning on a 15-year term with two 10-year options, said CBRE’s Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto.
A vacant showroom sold under the hammer for $2,805,000 — more than $500,000 above reserve, Fitzroys’ Mark Talbot and Lewis Waddell said. No. 428 Whitehorse Road’s 445 sq m showroom, with exposure to busy Whitehorse Road, sold in conjunction with Nichols Crowder’s James Glen and Andrew Pannam.
Close to Swinburne University, a 100 sq m shop at 460 Burwood Road has sold for $975,000 on a 4.5 per cent yield, Gorman Commercial’s Tom Maule said.
Two showrooms on a 1115 sq m site at 191-199 Springvale Road have sold through Gross Waddell’s Danny Clark and Andrew Greenway for $2.75 million. The property had a permit for 42 apartments over six levels with two ground-floor shops.
A local developer/investor has purchased two sites totalling 3930 sq m from a private investor for $2,888,000 at 1022 and 1028 Burwood Highway. The property sold with vacant possession and included an automotive showroom and service centre previously occupied by Ferntree Gully Honda, selling agents Colliers International’s Ben Baines and Peter Bremner said.
A corner retail property leased to ANZ and returning $125,000 a year has sold through Gross Waddell’s Andrew Greenway and Michael Gross at auction for $2.9 million. The sale of 111 – 115 Main Street represented a yield of 4.31 per cent.
An office/warehouse at 30-32 Deans Court sold for $3.2 million on a strong yield of 5.3 per cent. The industrial property returns $170,000 per annum net on a four-year lease, Philip Prowse from Prowse Burns said.
The heavens opened up for a hair salon after it cut a lease deal at 168 Exhibition Street. Retail Realm’s Ben Tremellen and Cam Taranto negotiated the six-year lease for landlord FGI Group with hair stylist Heavens Salon at annual rent of $125,000 for the 105 sq m space.
Motor One has leased a 6462 sq m industrial site from Integrated Logistics Partners, paying around $100 per sq m net on a 10-year lease. The car company will use 1/885 Mountain Highway 9-metre high-clearance warehouse and two-storey office for its manufacturing and distribution hub, Colliers International’s Richard Wilkinson and Jonathan Mercuri said.
CBRE’s Jason Orenbuch has leased 143 Maling Road to the Canterbury Dental Clinic. Mr Orenbuch said annual rent was struck at $45,000 for the 228 sq m space over a seven-year lease.
That’s all, folks
This is the final commercial property section for 2020, a strange and difficult year for everyone, including the real estate sector. We wish you the best of health over the summer and will return at the end of January. Here’s to a prosperous (and normal) 2021!
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Source: Thanks smh.com