This article is from the Australian Property Journal archive
A PREVIEW of commercial property investments and development opportunities available across Australia.
Submit sale campaigns to news@australianpropertyjournal.com.au, sponsorship opportunities available contact amy.guy@australianpropertyjournal.com.au or marketing@australianpropertyjournal.com.au
Retail
Brighton, VIC
A multi-tenanted fully leased heritage-style 990sqm property at 71-73 Church Street & 36 Carpenter Street, on one of the country’s premier shopping strips is up for sale.
Chris Kombi and Mark Talbot from Fitzroys, with Jeremy Gruzewski and Liam Rafferty from Aston Commercial have been appointed to manage the sale of the asset.
The building includes strong lease covenants with retail tenants Nike, Ecco and Laurent bakery, as well as office tenants White Fox and 2 Construct, providing potential buyers with a combined income of $705,886 per annum plus outgoings and GST.
The 71-73 Church Street & Carpenter Street building sits on a 931sqm landholding with 66 metres of frontage to Church Street and 46 metres to Carpenter Street, enabling high levels of foot traffic.
The expressions of interest campaign for 71-73 Church Street & 36 Carpenter Street closes 30 March.
Camberwell, VIC
An ultra-prime flagship Melbourne shopping strip 646sqm two-level building at 566 Burke Road is heading to auction, with price expectations of circa $7 million.
Chris James and David Bourke from Fitzroys are managing the sale of the property, on behalf of long-term private owners via public auction on 17 March at 1pm.
Boasting 474sqm of ground floor retail and a commercial showroom and a first-floor mezzanine area with partitioned and open-plan offices, and staff amenities.
The property offers plenty of value-add opportunities, sitting on a large 560sqm zoned Commercial 1 landholding, which features 12.9 metres of frontage to Burke Road and 14.2 metres to Market Place.
While current tenant NAB will be relocating, the lease offers short-term holding incomes equating to $534,617 per annum plus GST.
Dingley Village, VIC
269-275 Centre Dandenong Road is up for sale, offering an investment opportunity to snap up a double storey building with two tenancies in place.
The majority of the 2,869sqm building is occupied by fitness operator Goodlife Health club, who are on a six year plus five year term, with the remainder occupied by Kingston Spinal Clinic on a three year lease.
The leases include fixed rental increases and bring in a total income of $596,673 per annum, with land tax payable by the Goodlife tenancy.
The 9,345sqm zoned General Residential 3 site sits 22km out from the Melbourne CBD and offers plenty of room for development.
Paul Farrelly from Sutherland Farrelly is managing the sale via an expressions of interest campaign, which is due to close on 6 April.
Industrial
Spotswood, VIC
More than $4.5 million is expected for a 4,792 sqm industrial property in Melbourne’s west.
John Nockles of CVA and Pat Burke of MP Burke Commercial are managing the expressions of interest campaign for 126 Hall Street, closing 23rd March.
Melbright Coaches has a five year lease running to the end of 2023 with a five year renewal option, which includes an early termination clause. Annual income is $127,574 net.
The corner asset features multiple loading bays, dual level open plan and partitioned offices, warehouse areas and a generous hardstand, with industrial 3 zoning.
Office
Richmond, VIC
A commercial property site in Melbourne’s inner east Richmond has come to the market, suited to investors, owner occupiers and developers.
Teska Carson’s Luke Bisset and Matthew Feld are marketing 7-9 Albert Street, which has an extensively renovated 682 sqm two-level brick building that is now used as offices with a range of open plan areas, meeting and boardrooms and breakout areas. It is on a 492 sqm site with Commercial 2 zoning and nearly 16 metres frontage. It also includes an off-street car parks and storage areas.
The property has a three-year lease expiring March 2024 with a three year option, currently returning $230,000 per annum plus GST & outgoings and 3.5 per cent annual reviews.
Expressions of Interest close 30th March.
Port Kembla, NSW
An historic building in Wollongong’s Port Kembla that was built in 1958 for the English, Scottish & Australian (ES&A) Bank is up for sale with vacant possession.
The building at 105-107 Wentworth Street was designed by ES&A architect Adam Wright and Apperly and has now been fully refurbished. It being taken to the market via an expressions of interest campaign by Knight Frank agents James Mulcair and Ben Mostyn.
The two-level building, situated 10 minutes from Wollongong’s CBD, has 165 sqm of office or retail space with polished concrete floors and six-metre-high ceilings, with the second storey featuring a kitchenette and bathroom.
The property also includes a 65 sqm standalone warehouse or workshop at the back, with four car spaces on the 556 sqm site, which has development potential for commercial or residential premises at the rear.
“The building has excellent craftsmanship with its recent completion of renovated works, maintaining the authenticity of the ES&A Bank, including meeting and storage rooms featuring the original 1958 ES&A Bank vault door,” Mulcair said.
Interest is expected from owner occupiers and investors.
Expressions of interest will close 31st March.
Melbourne, VIC
Commercial real estate agency Burgess Rawson has put its Melbourne CBD office to the market with hopes of $7 million, as it prepares to move to Charter Hall’s new Wesley Place development.
Colliers’ Anthony Kirwan, George Davies and Leon Ma have been appointed to sell the 664 sqm level seven of 140 Bourke Street, with the floor plate suited to businesses of between 20 and 50 employees.
“140 Bourke Street is a blue-chip East End location surrounded by the ‘Paris End’ of Collins Street, the Bourke Hill theatre and restaurant precinct, Chinatown and Bourke Street Mall,” Kirwan said. The floor occupies two titles, conducive for dual or split tenancies as an income diversification and maximisation strategy, and is accompanied by four basement car parks.
“We have loved this office and our business has thrived here. The accessibility for our staff and clients from all areas of Melbourne is first class,” Burgess Rawson director, Shaun Venables, adding that they had outgrown the office.
“We were really conscious that our team didn’t want to move too far from where we are.”
Formerly a Hoyts Cinema, 140 Bourke Street was redeveloped in 2004 by Riverlee. The most recent whole floor transaction was Level 11, selling for $6.975 million in 2019, while the Virgin Active Gym on level one sold for $33.96 million in 2017.
Abbotsford, VIC
A Melbourne city fringe commercial building is going under the hammer, in an opportunity for owner-occupiers, investors or developers.
Located at 37 Mollison Street, the 688sqm two level office/warehouse building sits 3km out from the CBD and includes a flexible floor plan, with the ground floor including two roller doors and a mix of warehouse, office and car parking areas. Sitting on a 434sqm Industrial 3 site, the corner property boasts 17 metres of frontage to Mollison and 25 metres to Lithgow Street, while also including laneway access.
The asset will be offered with monthly tenancy returning $3913 per month on the ground floor and vacant possession on the first floor.
Luke Bisset and Matthew Feld from Teska Carson have been appointed to manage the sale via an on-site auction on 30 March.
Sydney, NSW
Suite 305, 35 Lime Street in a premium strata office on King Street Wharf is being sold via Private Treaty.
Willem Watson from JLL and Anthony Harris from Ray White Commercial have been appointed to sell the third floor office space.
The recently refurbished site boasts a flexible floor plate of 164sqm, with a large balcony and a car space on a separate title.
“The strata office market remains robust, with many businesses continuing to recognise buying as a more financially viable option than renting A-grade office space,” said Watson.
Sitting in the centre of Barangaroo, the office is around 500m from Wynyard Station and 750m from the underway Barangaroo Metro station.
Hotel & Hospitality
Ballajura, WA
The freehold going concern interest or the leasehold interest of The Alexander Bar & Bistro is up for grabs.
Chloe Mason from JLL Hotels & Hospitality has been exclusively appointed to manage the sale of the recently refurbished tavern via an expressions of interest campaign.
The tavern, which services a catchment of 18,700, sits on a 4,659sqm zoned General Commercial landholding on Alexander Drive and includes a bistro, sports/TAB bar, beer garden, playground and drive-through bottle shop.
“The Alexander Bar & Bistro is a well laid out, efficient operation with a consistent weekly turnover. This pub is a great entry-level operation for a new entrant to the hospitality sector or it could easily be plugged into an existing portfolio with minimal management required,” said Mason.
Noosa, QLD
The management rights to Noosa Pacific Resort are entering the market, for the first time in seven years.
Glenn Millar and Chenoa Daniel from ResortBrokers Sunshine Coast are managing the sale of the rights at $7.82 million, with the resort boasting a net income of $750,000 per annum.
“This asset exceeded a high net profit of more than $750,000 in a market mostly propped up by Queensland travellers during covid-19. The next operator is set for an even more robust year with domestic and international borders now open,” said Daniel.
Across the 6-floor Waterfront Towers and 2-floor Garden Side Precinct, the property includes 51 apartments, with 39 in the managers letting pool, with the luxury managers apartment also being offered at $2.9 million.
The site also features a private beach and jetty access, as well as two pools, two spas and a tennis court.
