Competition between retail investors is still delivering results. An investor has bought the home of Sisko Chocolates for $1,357,500 on a sharp 3.5 per cent yield in a deal handed by Fitzroys agents Chris James, Jordan Ceppi and David Bourke. The deal follows the sale of a shop and dwelling at 265 Camberwell Road in Camberwell on a tight 3 per cent yield, with a price tag of $1.425 million.
The benefits of being close to the CBD has seen Icon Builders agree a new lease at Level 1, 256 Victoria Street. Located opposite Queen Victoria Market, Icon took a 12 to 18 month lease over the 112 sq m office at $30,000 per annum net in a deal brokered by Teska Carson’s Fergus Evans. “North Melbourne has become very much sought after with increasing interest from office and retail tenants,” he said.
Data firm Red Fox Group will move into a new office at 40 Stephenson Street. The 350 sq m, two-level converted warehouse was let on a five-year term at $150,000 per annum net in a deal brokered by Teska Carson’s Jack Kelliher.
Sound-system firm Sonos has leased 450 sq m in a converted warehouse in Cremorne, Colliers International’s Chris Meehan and Tristan Parker said. Sonos took the space for three years at gross face rent of $550 per sq m.
Morley Commercial’s Josh McMullin negotiated the lease of 233 Punt Road to venture capital firm Propel Ventures. The 343 sq m ground floor office space was sublet as part of a one-year deal at approximately $291 per sq m. Mr McMullin also leased 83-87 Wellington Street to builders and project managers Conly Pty Ltd (previously Cobuilt). The 150 sq m office was leased for three years for $31,500 per annum.
Go Mart has leased a 1479 sq m office/warehouse at 39-41 Winterton Road at net annual rental of $141,000. Go Mart signed a 5+5 year lease to expand into Melbourne. The negotiations were handled by Knight Frank’s Steven Salopek.
Cameron’s David Johnson and Michael Brennan negotiated a lease at 6-18 Antonella Court. The 2971 sq m building was leased for $230,000 per annum ($77 per sq m) on a three-year term.
Software specialist Teba will lease an office suite at 9/84 Church Street deal in a deal negotiated by Teska Carson’s Fergus Evans and George Takis. The 158 sq m office was let at $60,000 per annum net on a long-term lease.
Smash-repair business Smash Repair Solutions has leased a 1300 sq m warehouse at 144 Murphy Street. The property was leased through Teska Carson’s Michael Taylor at annual rent of $168,090 net.
A small 77 sq m office suite on Level 1 at 5 Avoca Street has leased through Gross Waddell’s Tamara Gross for $48,0000 gross.
A Chinese medicine practitioner will lease 367 Bay Street in a deal brokered by Teska Carson’s George Takis and Fergus Evans. The tenant will pay $45,000 per annum plus GST on a three-year term for the 60 sq m space.
A business management consultancy has leased a 100 sq m office space on the ground floor at 158 Rathdowne Street. The gross annual rental was at a rate around $570 per sq m, Knight Frank’s Pat Saccardo and Paul Pellegrino said.
Al Armstrong from Cameron has overseen a deal in which Traffic Control Victoria have taken five-year lease at 75 Hudson Court. The authority will pay $116,270 Per annum for the 1057 sq m building.
Dental franchise Smile Solutions will move into 87 & 87A Market Street, a property that combines two former tenancies totalling 290 sq m with additional storage and two on-site car spaces in a deal brokered by Teska Carson’s George Takis and Gideon Marcus. Mr Takis said the property was let on a 10-year lease with options at $585 a sq m or $170,000 per annum plus outgoings and GST. “This is a very strong result including a long term lease at a healthy sq m rate.”
Ssangyong Australia were looking for a new office with good exposure on Warrigal Road. They leased 370 sq m at 424 Warrigal Road for net face rent between $280-$300 per sqm on a three-year term. “These new offices provide fantastic signage,” said Colliers International’s Damien Adkins who negotiated the deal with Tom Rothel. Mr Atkins and Kevin Tutty also leased 110 Church Street in Hawthorn to Elora Health for GP and allied health service. The deal was struck over 792 sq m at net face rent of $320 per sqm.
David Kalb who previously worked at Savills and Colliers International has joined Just Commercial Property as a director/partner of the firm.
Property Editor at The Age and BusinessDay journalist for Fairfax’s theage.com.au, smh.com.au, watoday.com.au and brisbanetimes.com.au.