This article is from the Australian Property Journal archive
Property sales and leasing wrap.
Commercial
Retail
11-17 Cohen Place, Melbourne, VIC
A Chinese investor acquired the 270 sqm Teahouse at Chinatown restaurant premises, on the ground level of the Punt Hill Apartment Hotel, for $3.106 million. The asset had been held for almost two decades by the vendor. The sale price reflected a yield of circa 4.75% and rate of $11,500 per sqm.
161 Collins Street, Melbourne, VIC
Flexible and co-working space provider Spaces has signed a 10-year deal over 600 sqm of level one and the entirety of 4,000 sqm level two within Pembroke Real Estate’s T&G Building. It marks Spaces’ third location in Australia. The building is currently undergoing a refurbishment that is due for completion this month.
430-438 Chapel Street, South Yarra, VIC
Franzé Developments and Sampeiri Group acquired the 800 sqm site for almost $11 million, with plans for a seven-level mixed-use development including 22 high-end one, two and three-bedroom residences, 550 sqm of ground floor retail and two levels of office space over 1,000 sqm.
159 Williams Road, South Yarra, VIC
A local investor paid $850,000 for the Hawksburn Village strata retail property of 64 sqm, home to CapelliLunghi Hair, at a 4.2% yield.
Ground Floor, 20 Macquarie Street, Parramatta, NSW
Burger restaurant Milky Lane leased the 385 sqm space at $380 per sqm gross with 4.5% annual rent reviews on a two-year deal with options.
Office
87 Brown Street, East Perth, WA
A health group signed a 10-year deal with options over the 218 sqm former milliner’s factory at $57,000 per annum gross from a private landlord.
Ground Floor/Part Level 1, 100 Harris Street, Sydney, NSW
Domain Group subleased 1,625 sqm over the ground floor and part of level one to print marketing group IPMG/PMP at between $600 per sqm and $700 per sqm gross over two years. Dexus owns the 26,879 sqm, A-grade six-level building.
Level 6, 14 Martin Place, Sydney, NSW
Yieldbroker signed a five-year lease for 652 sqm from Abacus within the refurbished Colonial Mutual Life Building.
Level 2, 1100 Pascoe Vale Road, Broadmeadows, VIC
The expanding Victorian Aboriginal Legal Services Pty Ltd leased the 260 sqm fitted-out space on a two-year deal with options at $86,700 per annum gross.
Industrial
41-55 Leakes Road, Laverton North, VIC
A modular construction company will move across Melbourne’s west from Brooklyn to a new, purpose-built facility developed by Pelligra. It has signed a 10-year deal over the 66,224 sqm site with a 21,733 sqm high-clearance warehouse and corporate office, and will pay $1.555 million per annum net.
Unit 5, 28-50 Cyanamid Street, Laverton North, VIC
Crystal Interior Concepts leased the 4,116 sqm building on a five-year deal at $75 per sqm net from 151 Property.
63 Indian Drive, Keysborough, VIC
Construction Machinery Australia is expanding out of Sydney, leasing the 399sqm office and warehouse in Frasers Property Australia’s The Key Industry Park from owner Gary McBean. It will pay $113 per sqm net over two years.
59-68 Wedgewood Road, Hallam, VIC
Zip Industries, a boiling water system manufacturer, signed a five-year deal over the 1,661 sqm office and showroom at $82 per sqm gross from a private landlord.
149 Orchard Road, Chester Hill, NSW
The 3.82-hectare site has multiple buildings totalling 15,577 sqm of net lettable and sold for $21 million in an off-market deal. Sydney-based private investors traded the asset, which is leased to Integrated Packaging returning around $1.4 million per annum net, and sold at a 6.66% net yield.
1/10 Progress Circuit, Prestons, NSW
Adelaide group Petrol Services Australia Pty Ltd inked a three-year deal with options on the 1,324 sqm building at $135 per sqm from a private owner.
96 Beaconsfield Street, Silverwater, NSW
The private landlord secured the signature of Flowers for Everyone for the 1,553 sqm warehouse on a five-year deal at $135 per sqm net.
Residential
31-33 The Corso, Surfers Paradise, QLD
A private interstate Asian buyer paid $8.8 million for the five-bedroom, six-bathroom waterfront home to entrepreneur David Baird and wife Marion, in an off-market deal within one week of the property becoming available and ahead of the Lunar New Year.
Australian Property Journal
