40 Craigieburn Road, Craigieburn
A local private investor paid $17.07 million for the strata-titled full-line Woolworths supermarket, on a fully-leased yield of 5.71%. The 3,881sqm property has a weighted average lease expiry of 2.0 years.
1036 High Street, Armadale
The 267sqm property occupied by Rose St Trading Company sold for $5.5 million. It currently returns $176,800pa.
208-210 Smith Street, Collingwood
The 280sqm building on a 280sqm Commercial 1-zoned site sold for $2 million.
179-181 Clarendon Street, South Melbourne
The vacant 228sqm double-fronted retail freehold with a hospitality fit-out sold for $1.575 million.
6B Saxon Street, Brunswick
Tofu Shoten leased the 85sqm space in a 7+5-year deal at $40,000 plus outgoings and GST.
Level 7, 171 La Trobe Street, Melbourne
A Sydney legal firm expanding into Melbourne bought the 434sqm whole office floor for a price in the high $3 millions range.
Suite 701, 198 Harbour Esplanade, Docklands
An owner-occupier bought the 95sqm suite for $460,000, on a building rate of $4,850/sqm.
Owned by the same family since 1963, the 587sqm workshop building occupied by Beaurepaires on an 826sqm site sold for $3.255 million. Beaurepaires’ lease runs to March 2025 and returns $169,703pa plus outgoings and GST.
Building 22, 127 Highbury Road, Burwood
The 480sqm office and warehouse with 5 car parks sold for $1.625 million, with a monthly lease returning $90,207pa.
9/1-5 Lake Drive, Dingley Village
The 219sqm warehouse unit, which has a 115sqm private courtyard and 6 allocated car spaces, was leased at $36,000pa, or $164/sqm.
Unit 2/1626 Centre Road, Springvale
The 353sqm office and warehouse unit was leased at $76,406pa, or $216/sqm.
3/35-37 Canterbury Road, Braeside
The 304sqm office, showroom and warehouse unit was leased at $43,000pa, or $141/sqm.
An offshore investor bought the 131-place childcare centre, leased to Guardian Childcare & Education, for $9 million on a 5.49% yield.
One of Wyndham’s most historic buildings is set for a new chapter, with Council putting the call out for a hospitality operator to transform the Doherty’s House bluestone building into a new café and central meeting point for the community.
Considered an important part of European heritage in the area, the circa-1870s building at 1 Sapling Boulevard suffered a devastating fire in 1969 that destroyed its second level, wooden rafters, windows and outbuildings. The ruins lay in place until preservation works were completed in 2022.
Fitzroys’ James Lockwood and Ned Murray have been appointed to run an Expressions of Interest campaign, closing Friday, 26 July.
Wyndham City Mayor, Cr Jennie Barrera said: “Council is seeking an experienced operator with a compelling vision that complements and elevates the unique conversion of the heritage ruin into a hub for the Tarneit community”.
Council is currently in the process of obtaining planning permission for the building works that will deliver the café premises, wanting to secure a tenant before completing the works.
The new 158sqm building would retain the current bluestone feature walls and comprise indoor dining spaces and commercial kitchen, with a pitched roof, toilets and cool room added.
The site will include a fenced garden area incorporating an outdoor dining space. The island site provides major exposure to passing traffic, with ample on-street car parking options, and is adjacent to a children’s playground.
“This is a great opportunity to refurbish a piece of Melbourne’s history and create a landmark hospitality offering that the community can cherish,” Lockwood said.
“Just as Doherty’s House was built in the 1870s and became a part of Tarneit’s heritage, in a period of rapid development and growth for the area this new café and meeting place can also become a vital feature of its ongoing story.”
Murray said the offering would provide a “point of difference” in the area, which currently has a lack of heritage and character hospitality offerings.
“This is not just an opportunity to deliver a quality heritage offering, but to deliver something that is genuinely sought after at the moment by the fast-growing local community,” he said.
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 2023 Fitzroys.