133 Acland Street, St Kilda
The long-term home of the Commonwealth Bank branch sold to an investor for $4.4 million. CBA has been at the 233sqm building for more than 50 years and has 3.5 years remaining on its lease with further options.
2 Eaton Mall, Oakleigh
An investor paid $5.11 million for the dual-tenanted 610sqm building on a 421sqm Commercial 1-zoned corner site. NAB and another tenant pay a combined $165,000pa plus GST in rent.
38 Spring Square, Hallam
An investor bought the 732sqm building occupied by Liquorland, and which includes retail space, cool room, storage, and mezzanine, for $1.705 million. Coles Group has a 5-year lease to 2027 with options over the property returning $83,587pa plus GST.
15B/167-179 Shaws Road, Werribee
The 180sqm shop within Werribee Village Shopping Centre was leased for $63,000pa, at $350/sqm.
58 Dawson Street, Brunswick
An owner-occupier paid $9.5 million for the 2,470sqm office and warehouse, which is on a 3,473sqm Industrial 1-zoned site and was the formerly the long-term home of Coffex Coffee Roasters.
1-7 Albert Place, South Melbourne
A macaroon maker paid $2.705 million for the 275sqm office and warehouse, which is on a triple-fronted 367sqm site with 6 car spaces.
7/322 Bay Road, Cheltenham
The under-construction 155sqm office and unit sold for $835,000, at $5,387/sqm.
4/132-140 Keys Road, Cheltenham
The ground and first floor office and warehouse was leased at $62,200pa, or $244/sqm.
241 Dandenong Road, Windsor
Aged care operator Infinite Care bought the vacant facility for $11.75 million, marking its first Victorian purchase. It is planning to open a 60-bed home on the site in the middle of next year. The facility was last operated by ASX-listed Estia Health.
Suite 10/517 St Kilda Road, Melbourne
The 70sqm fourth-floor medical suite with 2 car spaces was leased at $26,000pa, or $371/sqm.
One of Melbourne’s best shopping strip investment offerings of 2024 - in the absolute prime of tightly held, blue-ribbon Church Street, Brighton - is going to auction in September, as the market experiences a period of rejuvenation heading into spring.
Fitzroys’ Mark Talbot and Tom Fisher are marketing 48 Church Street, Brighton on behalf of the Ireland family, with the property going to auction on Friday, 6 September at 1pm.
Expectations are of $4 million-plus.
The campaign marks the first time in nearly half a century that the property has been made available for sale.
The immaculately-presented 155sqm property is securely leased international tenant Bed Bath N’ Table on a new 5+5-year agreement returning $171,600pa plus GST. Bed Bath N’ Table has been successfully trading from the location for 20 years, and has 180 stores throughout Australia, New Zealand and Singapore.
“This is undoubtedly one of the best Melbourne shopping strip investment opportunities of 2024,” Talbot said.
“The property is in the absolute prime of what is widely regarded as Melbourne’s - and perhaps Australia’s - best performing shopping strip, and is offered with a brand-new, secure lease to an international tenant. It’s the ultimate set-and-forget Melbourne shopping strip investment.”
The property is positioned within the most highly sought-after and tightly-held section of Church Street, between Carpenter and St Andrews streets, and opposite a busy pedestrian crossing. Neighbouring tenants include a number of Australia’s leading high-end retailers in Scanlan Theodore, Country Road, Mecca, Sportscraft, Husk, Mecca, Trenery, and Saba, as well as major banks, supermarkets, and the famous Dendy cinema complex
“Melbourne’s shopping strips have demonstrated their resilience over recent years, and none more so than Church Street, Brighton. The strip is the beneficiary of one of Melbourne’s most affluent and established catchments that brings a high spending power, and together with its constrained nature means there is always a long-line of tenants waiting for the rare opportunity to get into the strip.”
According to Fitzroys’ most recent Walk The Strip report, Church Street, Brighton recorded the lowest vacancy of any of Melbourne’s iconic shopping strips, at an ultra-low 1.1%. Its average vacancy rate over the past seven years, at just 1.31%, is well below the Melbourne-wide average of 7.59% in that time.
“Well-located Melbourne shopping strip assets with secure leases to quality tenants represent excellent buying at a time of share market and residential market volatility.” Fisher said, “We’re expecting interest from locals and Melbourne buyers, and from interstate and international parties as well.
“Church Street, Brighton’s reputation reaches far and wide.”
The rare sales on Church Street, Brighton over recent years have reaffirmed the strip’s blue-chip status. Fitzroys has been responsible for almost all sales along Church Street since the NAB property at number 35 sold in September 2019. The agency then sold the property again last year in a sensational $7.15 million deal that reflected a sharp 3.5% yield and land rate of $24,826/sqm.
Another sale transacted by Fitzroys was 51 Church Street, occupied by Flight Centre which reflected a low yield of 3.2% and a building rate of $40,000 per sqm.
Glen Waverley Station Car Park Sells for $50.88m
Monash City Council has sold a 6,114sqm car park site next to Glen Waverley train station for $50.88 million.
The purchaser is a company controlled by Runlong Fang, who has a stake in Greatland CCW, which acquired the neighbouring Century City Walk shopping centre and Novotel Hotel for around $150 million 5 years ago.
The 281 Springvale Road site currently has 400 car parks and could make way for a mixed-use precinct with commercial and retail space and apartments totalling 60,000sqm of gross floor area.
Nearby, an extension to the nearby Bogong Avenue car park will open next year with 500 parking bays, and a multi-level car park has been proposed for the corner of Railway Parade North and Euneva Avenue.
Council is keeping around 1,000 sqm of land on the western boundary of the 281 Springvale Road site for retention as a future public plaza.
Former Foxtel Building in Moonee Ponds Fetches $38m
A Macau-based investor has bought the former Foxtel-occupied building in Moonee Ponds – now leased to a federal government department – for $38 million.
The Ho family’s MP Investments Management bought the four-storey, 7,104 sqm building at 1 Dean Street from property investments and funds manager Charter Hall.
The Department of Agriculture, Water and Environment signed a 12-year lease at the site 2 years ago. It was purpose-built for Foxtel more than 20 years ago.
The building is on a 6,640 sqm site, around 50% of which is used for car parking.
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.