600 High Street, Preston
A NSW-based investor paid $3.8 million for the first Melbourne site of cult Sydney charcoal chicken favourite El Jannah. El Jannah has 7 years remaining on its years over the 320sqm building on a 1,300sqm site, which returns $152,981pa net plus GST.
6/550 South Gippsland Highway, Lynbrook
The 1,025sqm dual-level showroom, office and warehouse property sold for $3,204,150. It has 20 dedicated car spaces and a $200,000 solar panel system.
6 & 7, 74-82 Maroondah Highway, Ringwood
Gym franchise Club Lime, part of ASX-listed Viva Leisure, leased the 1,288sqm showroom at $250/sqm.
278 Victoria Street, Richmond
The double-storey 203sqm building, on a 129sqm corner site, was leased at $50,000pa.
203 Browns Road, Noble Park
The vacant 4,240sqm office and warehouse facility on a 6,013sqm site sold for $9.05 million.
1-9 Bellevue Crescent, Preston
An interstate investor bought the 4,046sqm Industrial 3-zoned site, which has 2,876sqm of buildings, for $6 million on a 5.4% yield. There are 4 years remaining on the property’s lease.
10 Alfred Street, Blackburn
The 290sqm office and warehouse, on a 450sqm site with 3 car parks, was leased at $45,000pa.
1111 Howitt Street, Wendouree
The medical centre property on a 1,752sqm Mixed Use-zoned site sold for $5.135 million, on a 5.50% yield. Long-term tenant Lake Imagine, wholly-owned by ASX-listed Integral Diagnostics, has a new 5+5-year lease returning $282,550pa plus GST.
18 Humffray Street, North, Bakery Hill
An investor paid $1.377 million on a 5.72% yield for the 247sqm medical centre building, which has a renewed 5-year lease to Mercy Health that brings $78,804pa plus GST.
Former Glenroy Library Site Heading to Auction
The former Glenroy Library site is going to auction, presenting a huge opportunity for occupiers, investors, developers, and value-add and repurpose players at the gateway to the Glenroy Activity Centre, in an offer more than half a century in the making.
Fitzroys’ Ervin Niyaz and David Bourke are marketing 737 Pascoe Vale Road, Glenroy on behalf of Merri-bek Council. Put to the market for the first time in 54 years, it goes to auction on Friday, 16 August at 1pm on-site.
The vacant property is surplus to Merri-bek Council’s needs following its recent relocation of the Library.
Price expectations are of $3.3 million-plus.
The property comprises an open-plan, self-contained single storey building, previously utilised as a library and community centre, with an expansive floorplate, on a substantial 1,831sqm Commercial 1-zoned site that boasts a commanding frontage of more than 45 metres to Pascoe Vale Road.
There is rear access via ROW off Gladstone Parade and Grandview Street and valuable off- street parking for 13 cars.
“This is a generational opportunity to occupy, invest, develop or re-purpose in Glenroy’s core commercial Activity Centre,” Niyaz said.
“Not many opportunities like this come to market - particularly assets of this type being divested by Council. It could be another 50-plus years until another sizeable asset in this tightly-held Activity Centre is made available.”
He said interest is expected from a broad range of buyer types.
“Businesses and operators will be attracted to the high-profile nature of the site, near the intersection of Pascoe Vale Road and Gladstone Parade within a key retail and commercial precinct, and the building’s unique size and versatility.
“Value-add players and repurposing buyers have an expansive and versatile template to work with, while developers can utilise the large, high-profile site and attractive Commercial 1 zoning to make their mark on the Activity Centre, and deliver a commercial and/or residential offering (STPA) in location high in demand from businesses and residents.”
Bourke said the the property is in an established neighbourhood with strong fundamentals, with Glenroy train station and bus services just a few minutes’ walk away, while nearby are the M80 Ring Road, major roadways and ample public parking, a number of schools and education centres, and a strong retail and commercial offering.
“Pascoe Vale Road, Glenroy boasts an active and vibrant commercial precinct that includes Coles and Liquorland, NAB, Commonwealth Bank, Amcal Pharmacy, together with restaurants and cafés, delivering a diverse mix of shopping and dining offerings,” he said.
The site is surrounded by education services with many childcare centres, primary schools and secondary colleges including Glenroy College, Corpus Christi Primary School, Glenroy Primary, Glenroy West Primary, Penola College, Ilim College and Glenroy Private.
Richmond Set for Another Development
Richmond is set to see another site redeveloped, after Sydney-based developer Fortis added to its portfolio of Melbourne projects with the $13.6 million acquisition of 550 Swan Street.
Zoned Commercial 1, the 1,660sqm site is within the predominantly office section of Swan Street and currently has a 2,758sqm showroom building. It is close to a slew of office projects that have been developed in recent years, including the multi-building Botanicca business park, while Charter Hall has been building Australia Post’s new $450 million offices.
Fortis is planning a 10,000sqm project for its newly purchased site. The developer recently completed a 9,324sqm office building at 65 Dover Street in Cremorne that was nearly fully leased prior to completion, and it has approval for a dual-building residential and commercial project in Richmond at 8 Brighton Street and 5 Wiltshire Street.
Richmond and neighbouring Cremorne have become one of Melbourne’s hottest commercial precincts, with its office market home to a high concentration of creative tenants and headquarters. Major commercial occupiers in and around the area include Carsales, Seek, Disney, Tesla, NDIS, MYOB, Adidas, Red Energy, Reece, 7-Eleven, Uber, Mattel, REA Group and 2XU, as well as Australia Post.
Swan Street has helped build the foundations of the strong commercial market, home to one of Melbourne’s most vibrant hospitality and nightlife scenes that attracts workers and Melburnians throughout the day and into the night, further supported by its position next to the sporting and events precinct that is home to the MCG, AAMI Park and Rod Laver Arena. The strip consistently records low vacancy rates, according to Fitzroys’ Walk The Strip report series.
The former Glenroy Library site is going to auction, presenting a huge opportunity for occupiers, investors, developers, and value-add and repurpose players at the gateway to the Glenroy Activity Centre, in an offer more than half a century in the making.
Fitzroys’ Ervin Niyaz and David Bourke are marketing 737 Pascoe Vale Road, Glenroy on behalf of Merri-bek Council. Put to the market for the first time in 54 years, it goes to auction on Friday, 16 August at 1pm on-site.
The vacant property is surplus to Merri-bek Council’s needs following its recent relocation of the Library.
Price expectations are of $3.3 million-plus.
The property comprises an open-plan, self-contained single storey building, previously utilised as a library and community centre, with an expansive floorplate, on a substantial 1,831sqm Commercial 1-zoned site that boasts a commanding frontage of more than 45 metres to Pascoe Vale Road.
There is rear access via ROW off Gladstone Parade and Grandview Street and valuable off- street parking for 13 cars.
“This is a generational opportunity to occupy, invest, develop or re-purpose in Glenroy’s core commercial Activity Centre,” Niyaz said.
“Not many opportunities like this come to market - particularly assets of this type being divested by Council. It could be another 50-plus years until another sizeable asset in this tightly-held Activity Centre is made available.”
He said interest is expected from a broad range of buyer types.
“Businesses and operators will be attracted to the high-profile nature of the site, near the intersection of Pascoe Vale Road and Gladstone Parade within a key retail and commercial precinct, and the building’s unique size and versatility.
“Value-add players and repurposing buyers have an expansive and versatile template to work with, while developers can utilise the large, high-profile site and attractive Commercial 1 zoning to make their mark on the Activity Centre, and deliver a commercial and/or residential offering (STPA) in location high in demand from businesses and residents.”
Bourke said the the property is in an established neighbourhood with strong fundamentals, with Glenroy train station and bus services just a few minutes’ walk away, while nearby are the M80 Ring Road, major roadways and ample public parking, a number of schools and education centres, and a strong retail and commercial offering.
“Pascoe Vale Road, Glenroy boasts an active and vibrant commercial precinct that includes Coles and Liquorland, NAB, Commonwealth Bank, Amcal Pharmacy, together with restaurants and cafés, delivering a diverse mix of shopping and dining offerings,” he said.
The site is surrounded by education services with many childcare centres, primary schools and secondary colleges including Glenroy College, Corpus Christi Primary School, Glenroy Primary, Glenroy West Primary, Penola College, Ilim College and Glenroy Private.
Richmond Set for Another Development
Richmond is set to see another site redeveloped, after Sydney-based developer Fortis added to its portfolio of Melbourne projects with the $13.6 million acquisition of 550 Swan Street.
Zoned Commercial 1, the 1,660sqm site is within the predominantly office section of Swan Street and currently has a 2,758sqm showroom building. It is close to a slew of office projects that have been developed in recent years, including the multi-building Botanicca business park, while Charter Hall has been building Australia Post’s new $450 million offices.
Fortis is planning a 10,000sqm project for its newly purchased site. The developer recently completed a 9,324sqm office building at 65 Dover Street in Cremorne that was nearly fully leased prior to completion, and it has approval for a dual-building residential and commercial project in Richmond at 8 Brighton Street and 5 Wiltshire Street.
Richmond and neighbouring Cremorne have become one of Melbourne’s hottest commercial precincts, with its office market home to a high concentration of creative tenants and headquarters. Major commercial occupiers in and around the area include Carsales, Seek, Disney, Tesla, NDIS, MYOB, Adidas, Red Energy, Reece, 7-Eleven, Uber, Mattel, REA Group and 2XU, as well as Australia Post.
Swan Street has helped build the foundations of the strong commercial market, home to one of Melbourne’s most vibrant hospitality and nightlife scenes that attracts workers and Melburnians throughout the day and into the night, further supported by its position next to the sporting and events precinct that is home to the MCG, AAMI Park and Rod Laver Arena. The strip consistently records low vacancy rates, according to Fitzroys’ Walk The Strip report series.
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.