350 Bay Street, Brighton
Offered for the first time in nearly 45 years, the 236sqm retail and commercial building, on a 204sqm corner site, sold for $1.998 million.
Shop 2, 186 Little Collins Street, Melbourne
The 56sqm CBD shop sold for $1.588 million.
24 Riddell Parade, Elsternwick
The 164sqm strata-titled shop sold for $1.475 million. It has a 10-year lease to bakery To Be Frank that returns $93,896 plus outgoings and GST.
63 Toorak Road, South Yarra
A private investor bought the 51sqm shop for $900,000. Antaeus Flowers has a 5-year lease with options to 2033.
Suite 3, 28-30 Blackburn Road, Blackburn
An owner-occupier bought the 87sqm retail space, fitted as a hair salon, for $701,000.
195 & 197 Flemington Road, North Melbourne
An owner-occupier bought the adjoining office buildings directly opposite the Royal Children’s Hospital for $3.15 million. There is a combined 408sqm of floorspace across the 2 properties, and 929sqm of land.
5/1 Sigma Drive, Croydon South
The 80sqm office suite with 3 car parks sold for $380,000. It has a 1+1+2-year lease from February 2024 that returns $18,000pa net.
A NSW-based investor bought the 14,204sqm property for $8,620,800, on a 6.49% yield. It is currently occupied by ASX-listed Service Stream for a headquarters, equipment storage facility and vehicle fleet depot, returning $404,824.16pa plus outgoings and GST.
74/21-23 Chambers Road, Altona North
The brand-new 156sqm office and warehouse with 2 car parks sold for $645,000.
187 Flinders Lane, Melbourne
Melbourne-based hotel investor Mazen Tabet bought The Adelphi Hotel building in the CBD for around $19 million. 1834 Hotels will operate the 34-room hotel on behalf of Tabet. It also includes a rooftop pool, events space, cocktail bar and boardroom.
1 Murray Road, Thornhill Park
A local developer paid $3.1 million for the 3,614sqm site, which has approval for a 112-place childcare centre and medical centre.
One of Melbourne’s best apartment block site opportunities for 2024 has hit the market, with a fully leased block on 1,250sqm of prized Hawksburn land offering significant investment, selldown and redevelopment flexibility.
Fitzroys’ Chris Kombi, Lewis Waddell and Ben Liu are marketing the site at 650 Malvern Road, Prahran via Expression of Interest closing 13 November at 3pm, on behalf of a local investor who has held the property for more than 30 years.
Expectations are of $7.3 million-plus.
The property comprises eight individually-titled, oversized two-bedroom apartments plus secure garaged parking. It is fully leased with short-term deals in place, providing scope for significant rental upside, and also offers the benefit of 18 separate titles for all apartments and car parks.
The high-profile, elevated site has dual frontage of 23.43m to Malvern Road and a rear laneway.
“This ultra-rare 1,250sqm Hawksburn site provides purchasers the ultimate flexibility to either hold the apartment block as an investment, renovate and sell down the apartments individually, redevelop the site, or simply land bank and benefit from the future upside in this high growth location,” Kombi said.
“The site is brilliantly positioned just 150 metres from the popular Hawksburn Village shopping precinct, and is within easy access of the famous Chapel Street lifestyle, shopping and hospitality strip.
“We’re seeing a highly-publicised shortage of residential supply amid high population growth, and more Melburnians are looking in particular for well-connected areas to live, work and play. This site is excellently poised to capture that demand.”
Hawksburn Village offers a quality mix of local and national retailers including Woolworths, Baker Bleu, Stocked, Peter Boucher, Bistro Thierry, Greencup, Toscano’s, Chemist Warehouse, Bar Bianco, Café Latte and more.
The site is also close to multiple parklands including Orrong Park, while tram services operate along Malvern Road and the Toorak Railway Station is within easy walking distance.
Waddell said, “The extreme rarity of the offering - a block of 1,250 sqm in a location this close to Hawksburn Village - speaks for itself.
“This is in a premium location and unlike other sites offered around the market.”
“Given the prized location and flexibility of the property, we’re expecting a broad range of buyers to show interest - from investors and land bankers, value-add buyers to developers,” he said.
Liu said that there is favourable Residential Growth (RGZ) zoning and no heritage overlay on the site, allowing for a versatile array redevelopment opportunities.
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.