Fitzroys Weekly Wrap - 21st December 2018

Posted on 21st December 2018

Retail Sale, 265 Camberwell Road, Camberwell
The fully leased two-storey corner shop and dwelling, offered for the first time, sold for $1.425 million at a 3% yield. Zoned Commercial 1, it has a combined 33m frontage and on-site parking.

Retail Sale, 127 Puckle Street, Moonee Ponds
A dental clinic will open up within the 150sqm two-storey building after acquiring the vacant property for $1.35 million. It is on a 192sqm site within an Activity Centre Zone and has on-site parking and rear access.

Retail Sale, 3, 5 and 7 Sparta Place, Brunswick
Three local investors acquired the adjoining strata retail properties separately, for a combined $1,552,500, and at an average yield of 5.16% and building rate of $9,500/sqm. They are leased to Santa Carla, Green Dog Bath House and Jet Nail Bar.

Retail Sale, G23, 55 Cumberland Drive, Maribyrnong

The lakeside strata-titled restaurant and function centre sold to a local investor via private treaty for $2,400,000 at a 5% yield on the net passing income.

Retail Sale, Shop 4, 86-88 Ormond Road, Elwood
The 196sqm corner strata investment sold for $1.66 million at a 6.16% yield. It is on the ground floor of a commercial complex and includes office and storage area, and has a combined frontage of 10.5m.

Land/Development Sale, 725 Point Nepean Road, McCrae
Zoned Commercial 1, the 1,856sqm Mornington Peninsula site has a single-level office and workshop building of 650sqm and sold for $2.8 million.

Industrial Sale, Unit 8, 12-14 Miles Street, Mulgrave
The 649sqm warehouse unit includes office space over two levels, a 131sqm mezzanine and 11 on-site car parks, and sold for $1.31 million.

Office Lease, 163 Eastern Road, South Melbourne
Choice Capital leased the entire 470sqm third floor of the recently refurbished building at $248,000pa net, on a five-year deal with a five-year option.

Further change ahead for Queen Victoria Market precinct: Melbourne-based developer Holder East has acquired three adjoining sites in the Queen Victoria Market precinct for a total of more than $21 million.

The sites include 422 Queen Street, 132-140 Franklin Street and 142-146 Franklin Street, which form a 927sqm corner site that is opposite the Market’s car park, and just metres from the Melbourne City Council’s Munro site.

It is also adjacent to a three-level trophy Queen Street building of 438sqm that has just sold to an offshore Malaysian family for $8.6 million. The triple-fronted 1,440sqm site is zoned Capital City 1 and is leased to a party supplies retailer.

The Munro site will make way for a dual-tower hotel, residential and car park development comprising buildings of 38 and 10 levels, and is part of the Council’s broader plans for a $250 million overhaul of the Queen Victoria Market precinct.

Former Cotham Private Hospital site sells to developer: Hamton Property Group has acquired the former hospital site of 2,245sqm in Kew for circa $15 million from healthcare operator Healthscope.

It is expected that Hamton will redevelop the 209 Cotham Road property with an apartment project. Cotham Private Hospital operated on the site from 1970 until June this year.

Northern suburbs mall picked up by Charter Hall fund: Charter Hall Retail REIT has acquired the sub-regional Campbellfield Plaza shopping centre for $74 million from ISPT, as it reweights its national portfolio towards convenience-based, supermarket-anchored centres.

The 17,900sqm centre traded at a 6.5% yield and is anchored by Coles, Kmart, Aldi and Officeworks. It also has 19 specialty stores and a Kmart Tyre & Auto.

Stockland sells off western growth corridor parcel: Listed developer Stockland has sold the balance of The Grove housing estate in Tarneit, in Melbourne’s west, to Singaporean-own Frasers Property Australia for $202.5 million.

Frasers will develop the remaining 167 hectares of the estate, which has 1,780 lots including town centre, retail precinct and schools. Stockland has already developed and sold around 850 lots.

Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys.

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