MARKET MOVES VIC DESCRIPTION
VENDOR/ PURCHASER AGENCY
SALE $
127 Main Street, Mornington
A 135 sqm ground-floor shop at 127 Main Street has sold for $2.1 million, on a high building rate of $15,555 per sqm. The site has a wide frontage of over seven metres, and is leased to national operator Taking Shape on a recently signed 50 year lease that returns $100,775 per annum. Surrounded by a plethora of national and local traders, including Coles, Woolworths, Country Road and Cotton On, 127 Main Street is ideally situated to take advantage of high levels of foot traffic. The multidisciplinary property advisory and investment arm of KordaMentha, KordaMentha Real Estate (KMRE), have acquired six warehouse units in one line in Bayswater, at 1-6/843 Mountain Highway. The property provides for six separately strata-titled units that possess 1,521 sqm in lettable area, with a passing income of approximately $294,000. The sheer demand for CBD property was articulated when an offshore private investor struck a deal with a local family looking to sell the two-storey site at 272-282 Lonsdale Street. The final sales figure of $32.6 million represents a land rate of $78,958 per sqm, rendering a yield of circa 3%. The site is comprised of four ground floor shops, a first-floor restaurant and rooftop signage, and contains almost 20 metres of frontage to one of the city’s most popular roads in Lonsdale Street.
P: Private investor
$2.1 million
Fitzroys' Tom Fisher and David Bourke
1-6/843 Mountain Highway, Bayswater
P: KordaMentha Real Estate
Direct
Undisclosed
272-282 Lonsdale Street, Melbourne CBD
V: Local family P: Offshore private investor
$32.6 million
Colliers’ Oliver Hay, Daniel Wolman, Matt Stagg, and Leon Ma in conjunction with JLL’s Josh Rutman, Nick Peden, and MingXuan Li JLL’s Stuart Taylor, Tom Noonan, MingXuan Li, and Jarrod Herscu, alongside Burgess Rawson’s Zomart He, Matthew Wright, and Billy Holderhead
$14.75 million
Dan Murphy's, Pakenham
Endeavour-owned tenants remain some of the most in-demand occupants for prospective buyers, as illustrated by the sale of a Dan Murphy’s in the east Melbourne suburb of Pakenham. The building is situated on a substantial 1.215-hectare landholding, and possesses a secure 15-year lease to the nationally-recognised liquor merchant. Additionally, 5,750 sqm of the site is zoned Comprehensive Development, and has the potential to be developed into a major mixed-use project. N/A
$2.41 million
92 Merola Way, Campbellfield
An 881 sqm food factory in Campbellfield has been sold at a public auction organised by CVA Property Consultants, achieving a “record price for a standalone office/warehouse in Campbellfield,” according to sales agent Craig McKellar. Gross Waddell ICR were appointed to list and sell a set of eleven retail investment properties recently, as part of the Oviss family’s fourth portfolio auction in the past year. The most expensive of this set was a property on the corner of St Albans’ Alfrieda Street and McIvor Road, which achieved a $2.3 million figure, for a 3.95% yield. The 2,556 sqm site is intended to be developed into a unique and locally contextual residential building that will offer an elevated experience for future residents. The purchasing party will look to work in collaboration with the Yarra City Council to progress the project through town planning. 697 Burke Road, in the middle of one of Melbourne’s most in-demand shopping strips, has been offloaded by Vantage Property, who had held the refurbished office building since 1999. Sold to a private investor, the building is comprised of six stories of office accommodation over 2,791 sqm of NLA. It generates a fully-leased annual net income of $1,247,455. The site, which contains a total of 2,679 sqm of land, is zoned Neighbourhood Residential 1 and Industrial 3, and is fully-leased to a variety of established tenants with highly flexible lease profiles. Melbourne-based BRC Developments have acquired the 5,463 sqm site at 189-203 Arden Street in North Melbourne, in their first foray into the world of real estate. The group’s parent entity, BRC Capital, have been active in the medical technology sector, having recently collaborated with the University of Melbourne to establish Australia’s preeminent medical technology innovation facility: the Joint Research and Training Centre. This partnership will likely move into the Arden site as part of BRC’s ongoing expansion of their medical technology capability. The building was constructed in 1922 by well-known architect Nahum Barnet, and has served an integral role in characterising Melbourne’s popular Swanston Street ever since its initial opening.
N/A
CVA Property Consultants' Craig McKellar and Luca Angelico
$2.3 million
"70 Alfrieda Street & 25-27 McIvor Road, St Albans"
V: Oviss family
Gross Waddell ICR's Glenn Ye, Alex Ham, and Danny Clark
Circa $32 million
155 Johnston Street, Fitzroy
P: Greystar
Direct
Circa $21 million
697 Burke Road, Camberwell
V: Vantage Property P: Private investor
CBRE’s Tom Ryan and Scott Orchard
$4.85 million
160-164A Victoria Street, Brunswick
V: Priwler family
Fitzroys’ Brent Glassford, Marco Sandrin, and Mark Talbot
Undisclosed
189-203 Arden Street, North Melbourne
V: Nick Theodossi P: BRC Developments
Colliers’ Trent Hobart and Robert Papaleo
$18.02 million
Swanston House, 163 Swanston Street, Melbourne CBD
V: Conos family
Colliers’ Leon Ma, Daniel Wolman, and Oliver Hay, in conjunction with Alexander Robert’s Kristian Peatling and Warwick Bramich
$24.5 million
Cardinia Park Hotel, Beaconsfield Cardinia Park Hotel in Beaconsfield has sold for $25.4 million. The property was acquired by the Deborah Mathieson-Tomsic and Dave Tomsic-helmed Black Rhino Group, and features 48,976 sqm that contain 45 electronic gaming machines, a family bistro, and renovated public bar.
P: Black Rhino Group JLL's Will Connolly
$40.06 million
27 Baines Crescent, Torquay
A refurbished mixed-use complex in Torquay has sold for just over $40 million, after an off- market campaign that culminated in a local private investor purchasing the site. The existing 6,096 sqm building is anchored by a lease to sports and lifestyle giant Boardriders, Inc.; additional tenants include Sou'west Brewery, Surf Coast Social, the state government-funded GORCAPA (Great Ocean Road Coast & Parks Authority), and The Bathhouse, amongst others. The site has a long WALE of 12 years.
V: IP Generation P: Local private investor
Fitzroys' Paul Burns
20 –Summer 2022/2023
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