Fitzroys Weekly Wrap - 5th July 2019

Posted on 05th July 2019

197 Lonsdale Street, Melbourne
The 3 level building of 328sqm home to Greek restaurant Tsindos sold for $8.1 million. Vendor Greg Antippa had owned the corner property since 1980, while Tsindos is marking 50 years of trading from the site. It is located opposite QV and within a stretch of Lonsdale St that has historically had a strong presence of Greek hospitality operators.

9 Dryburgh Street, West Melbourne
Restaurateur Ele Troise, who has overseen CBD eatery Pronto on Flinders, leased 3 adjoining spaces totalling 380sqm within Cbus Property’s Volaire development for a new venture, to be known as Sassy. Rents for similar spaces in the area range from $350/sqm to $400/sqm.

431 Church Street, Richmond
An investor purchased the 160sqm single-level building for $1.68 million, at a 3.5% yield. Longstanding tenant Designer Doorware has a 5-year lease.

31 Armstrong Street, Ballarat
The 2 level Art Deco building of 386sqm is on a corner site of 193sqm which sold for $985,000, with a 5 5 5-year lease to Ballarat Insurance Brokers that brings in $61,200pa plus GST.

31 Queen Street, Melbourne
A Cloud Guru leased all 964sqm on Level 13 in a 5-year deal at $500/sqm net from landlord Challenger.

Unit 2, 8-12 Butler Way, Tullamarine
Optus Business Centre Tullamarine leased the 2 level 191sqm offices in a 3 3-year deal at $45,000pa plus GST.

Unit 31, 3 Westside Avenue, Port Melbourne
Workbench Australia inked a 2 year lease with options over the 134sqm unit at around $224/sqm.

94 Balmain Street, Cremorne
The office and warehouse is on a Commercial 2-zoned site of 236sqm and sold for $3.215 million.

30 Woodcutters Grove, Epping
The G8 Education childcare centre has a 10-year lease to 2025, plus options to 2040, and sold for $4.78 million on a 5.78% yield. The 813sqm facility is licensed for 120 places and is on a 2,393sqm site, returning $276,265pa plus outgoings and GST.

16-18 Harry Vallence Drive, Bacchus Marsh
The 793sqm Affinity Education childcare centre sold for $4.325 million at a 7.21% yield. On a 2,995sqm site, the centre is licensed for 103 places and returns $312,004pa plus outgoings and GST on a 15 5 5-year triple net lease.

112 Armstrong Street North, Ballarat
The City of Ballarat sold a vacant childcare centre for $1.225 million after the operations were relocated. The 965sqm site has a 267sqm building and was picked up by a local business to expand its operations.

483-485 King St, West Melbourne
The vacant 413sqm block, located close to Flagstaff Gardens, is zoned Mixed Use and sold for $3.62 million.

4/23 Kelletts Road, Rowville
A local manufacturer purchased the office and warehouse property for $1.64 million. It has 286sqm of office space and an 857sqm warehouse, and was sold by the previous occupier, fire equipment manufacturer Flamestop.

84 Micro Circuit, Dandenong
The 1,238 sqm facility sold for around $2 million, at a 5.5% yield

2-8 James Street, Laverton
A private developer purchased the 5.4ha site for $11 million, with intentions to build multiple speculatively-built warehouses.

11 Duigan Drive, Mentone
Flux Australia leased the 3,679sqm warehouse and 336sqm of office space, within Goodman’s Chifley Business Park, at $401,950pa net.

Uniting Church Offloads CBD Offices

Another Little Collins Street building in the Melbourne CBD has changed hands, with the Uniting Church selling its offices to developer Golden Age Group for more than $40 million.

The 3,711sqm, eight-level building at 130 Little Collins Street, also known as Uniting Church Centre, has ground floor retail and sold with a permit for a 27-level, 184-room hotel designed by Elenberg Fraser.

The Uniting Church had struck a development agreement with Jonathan Hallinan’s BPM in 2015 for the 605sqm site, and eventually gained approval for the hotel project last year.

The Uniting Church is moving to Charter Hall’s Wesley Place project on Lonsdale Street when it reaches completion next year.

Recently on Little Collins Street, co-founder of construction software firm Aconex, Rob Phillpot, acquired the adjoining buildings at numbers 37 and 39-41 for a combined $22.35 million.

The three-level building at 37 is leased to tapas venue Bar Lourinha on the ground floor, and the two-level building next door is home toItalian restaurant Lupino.

Summit House Continues Eastern Suburbs’ Office Climb

The three-level, 3,472 sqm Summit House has sold to Brisbane-based investors for $20 million in the latest eastern suburbs office building transaction.

Opposite Westfield Doncaster, the 90-96 Tram Road property has a site area of 4,097sqm and 123 car parks and brings in $1.2 million per annum. It traded with a permit for an eight-level development.

The deal follows Long Yang Holdings paying $11 million for the fully leased three-level 1,861sqm building at 19 Shierlaw Avenue in Canterbury, at a 5.3% yield.

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. Terms/Privacy © Copyright 2019 Fitzroys.

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