This article is from the Australian Property Journal archive
FIVE commercial properties in Melbourne’s north-east have changed hands.
Fitzroys senior associate Dean Alexander handled the sales of 1 Brisbane St and 7 Brisbane St Eltham, Units 1&2, Candlebark Court Research, 981 Main Rd Eltham and 2-4 St Main St Greensborough, totalling $10.45 million.
1 Brisbane St, comprising six factory/warehouses offered as a whole, fetched $3.85 million at auction. Set on a land area of 6,067 sqm and with a building area of 3,200 sqm, the property was sold with an estimated fully leased rental of over $250,000 p.a.
Alexander said strong interest was expressed from a number of different parties throughout the campaign.
The second property, at 7 Brisbane St, was sold for $1.53 million. On a land area of 1,216 sqm, it features three modern office/warehouse facilities comprising a total building area of 632 sqm, with an estimated potential fully leased income of $66,890.
Alexander said the property received high interest from investors and part owner occupiers looking to capitalise on the property’s close proximity to transport, shops and roadways.
In nearby suburb Research, two side-by-side boutique industrial facilities were sold separately at auction for a combined total of $1.030 million. Each Industrial 3-zoned Unit is 278 sqm approx, elevated, and features undercover parking, high clearance warehouse and modern office accommodation. Fitzroys have also just sold 2-4 Main St, Greensborough, a modern freehold building leased to three separate tenants, returning around $92,000 per annum net. The site was sold to a local investor for $1.295 million.
The recent sales follow Fitzroys’ successful auctioning of Liquorland in Main St, Eltham for $2.85 million in August, which Alexander said demonstrates the continuing strength of the outer suburban commercial market, and in particular the demand from local investors and owner occupiers.
Australian Property Journal
