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Sorrento shop sets benchmark price

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MARKET WRAP

SALES

Johnstaff Projects has leased 865sq m of office space on level 26 at 150 Lonsdale Street. Johnstaff Projects has leased 865sq m of office space on level 26 at 150 Lonsdale Street. Photo: Jesse Spezza

Sorrento

An off-market transaction has seen a double-fronted shop at 57-59 Ocean Beach Road sell for $4.7 million. The store leased to surf shop Ozmosis sold at a benchmark land rate of $10,262 per sq m, said CBRE’s Rorey James who sold the property with colleague Nic Hage. “We feel the rise in demand by offshore investors seeking Peninsula real estate (which is up 40 per cent from April 2016) has been a driving factor for the unprecedented growth,” Mr James said.

Japanese restaurant Poké Me will lease space at Lido Cinemas complex on Glenferrie Road in Hawthorn. Japanese restaurant Poké Me will lease space at Lido Cinemas complex on Glenferrie Road in Hawthorn. Photo: supplied

South Yarra

An investor has paid $2.4 million for a whole-floor office in Level 3, 56 Claremont Street, on a tight yield of 5.15 per cent, said Patrick O’Callaghan from POC Commercial. The property was previously sold at the end of 2014 for $1.87 million, underlying the investment potential and popularity in this tightly held precinct.

Chelsea

Gross Waddell’s Benjamin Klein and Michael Gross have sold a red-brick period double-storey shop at 115 Acland Street in St Kilda on a tight 3.75 per cent yield for $3.15 million. The premises, leased to a pharmacy and Baker Delight, sold in front of a large 60-strong crowd. Mr Klein and Tamara Gross also sold a coin laundrette in Ripponlea’s 21 Glen Eira Road on an extremely tight 3.1 per cent yield for $1.35 millon. Meanwhile, a blue-chip bank tenant, the ANZ Bank, helped a small two-storey shop at 411 Nepean Highway sell hours after auction for $1.105 million. The property sold on a 6.3 per cent yield on an annual income of $69,260, Alex Ham and Mr Gross said.

Preston

A vacant three-level office building with basement parking and the potential to develop up to five levels at 556-558 High Street has sold for $1.3 million. The property, on 424 sq m, was sold prior to auction by CBRE’s Josh Twelftree, Sandro Peluso and David Minty.

Clayton South

Owner occupiers are driving industrial warehouse sales in Melbourne’s south-east. A property at 14-16 Meriton Place sold at auction under the hammer to an owner-occupier food-based business for $3.5 million, Joshua Colosimo and Ryan Amler of Ray White Commercial Oakleigh said.

Sunshine West

An off-the-plan warehouse at Unit 1, 61-69 North View Drive, was sold by Leo Mancino from CVA for $980,000. The 626sq m building had a potential return of 6.2 per cent, Mr Mancino said.

Clayton

Three units at 1 Audsley Street have been sold to separate owner occupiers for a total of $1.05 million. Located off Centre Road, the new office warehouses were part of a complex developed by the Virtus Property Group. The units ranged in sizes from 105sq m to 222sq m. Knight Frank’s Dean Kimitsis brokered the three deals: Unit 3 (105sq m) which achieved $295,000, the 121sq m unit 6 which sold at a rate of $2966 per sq m and Unit 20 (141sq m) which sold for $400,000.

Campbellfield

A private investor has bought a 372sq m office/warehouse for $520,000. At 39 Scammel Street, the property is leased to Whites Diesel Australia on a three-year term, Knight Frank’s Scott Braithwaite and Daniel De Sanctis said.

Ferntree Gully

Cameron’s James Johnson has sold 10 Gifford Ave for $650,000 comprising of 1030sq m of land and 255sq m building. The sale produced a rate of $2549 per sq m.

Port Melbourne

An owner occupier acquired an industrial unit for $500,000 at Unit 8/3 Rocklea Drive, said Dean Alexander of Fitzroys.

LEASES

Melbourne

Johnstaff Projects has leased 865sq m of office space on level 26 at 150 Lonsdale Street. The lease term is for six years with a starting rental of $425 net per square metre, Knight Frank’s James Cutler and Andrew Kraeff said. Other recent deals in the building include a 10-year lease to Australian Institute of Superannuation Trustees over the whole of level 23.

Melbourne

Multinational IT services business HCL Australia has relocated from 484 St Kilda Road to Vantage Property Investment’s 11 Queens Road. The publicly listed company has taken up 520sq m on level 8, paying between $400 and $500 per sq m on a three-year term, Colliers International’s Vincent Tran and Matt Cosgrave said. In another deal, Moreton Hire has taken an industrial lease at Sunshine West, relocating from Laverton North and committing to 5988sq m on Fairbairn Road for three years. Stephen Ryan negotiated the deal at $67 per sq m on behalf of Palazzo Filomeno.

Campbellfield

About Space Lighting has consolidated two existing warehouses into one lease over 1700sq m of office/warehouse space at 10 The Crossway. Knight Frank’s Scott Braithwaite and Daniel De Sanctis said the rental was undisclosed but comparable rentals in the area range from $60 to $75 per sq m.

South Yarra

Bali-via-Melbourne womenswear label Mister Zimi has leased a prime Chapel Street retail space for its latest boutique. Jordan Ceppi of Fitzroys negotiated the 4+4-year deal for the 121sq m 555A Chapel Street shop at $145,000 per annum plus GST and outgoings. In another deal, Japanese restaurant Poké Me is opening its second site within the historic Lido Cinemas complex on Hawthorn’s Glenferrie Road. It leased a 37sq m space on a 5x5x5-year deal at $60,000 per annum net, Chris James said.

Dandenong South

Cameron’s Angus Clark and Al Armstrong and CBRE’s James Jorgensen have leased out 82 Smeaton Avenue to Ambulance Victoria, a brand new facility on a five-year term for $210,708 per annum. Meanwhile, David Johnson has leased a first-floor, 270sq m office space at a landmark corner site at 63 Kingsway, Glen Waverley, for $114,000 per annum net.

MOVERS

Richard O’Callaghan, former head of agency Cushman & Wakefield (Victoria), has joined Facey Industrial Commercial as the newest member of Facey’s sales and leasing team.

Submissions to sjohanson@fairfaxmedia.com.au

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