129 Were Street, Brighton
A local investor paid $1.375 million on a 3.2% yield for the 100sqm shop, which is on 255sqm of land. It has a new 4-year lease to longstanding business Harpo Hair.
440-444 Whitehorse Road, Nunawading
An investor paid $5.8 million for the 930sqm showroom occupied by national furniture retailer Early Settler. It is on a 1,610sqm corner site zoned Commercial 2, and returns $232,358pa net plus GST.
242 Bridge Road, Richmond
The vacant 475sqm double-storey, double-fronted building on 566sqm of Commercial 1-zoned land sold for $3.15 million.
Shop 4, 6 & 8, 293 Bay Street, Brighton
The 95sqm property sold for $1.27 million. It has six months remaining on its current lease to Akaba Japanese Restaurant with 5+5-year options, returning $59,265pa plus outgoings and GST.
47 Russell Street, Abbotsford
A local high-net-worth investor bought the 531sqm, 3-level office building with 4 off-street car parks for $2.7 million.
27 A&B Thornycroft Street, Campbellfield
The 1,000sqm Industrial 1-zoned site with 2 office/warehouses of 290sqm each sold for $1.48 million.
17 Olive Grove, Keysborough
Offered with a monthly tenancy, the 808sqm corner landholding with 490sqm of building area over 2 warehouses sold for $1.371 million.
409-411 South Road, Brighton East
An investor paid $16.5 million for the 1,879sqm childcare centre site. It has a 20+10+10-year lease to 2057 to Only About Children returning $823,107pa plus outgoings and GST.
3-7 Clarendon Street, Ascot Vale
A local investor bought the Nido Early School-occupied childcare centre for $8 million, on a 5.79% yield.
Scorching Result on a Scorching Day for Inner-Melbourne Strata Investment
Aggressive bidding under a scorching Melbourne sun has seen a strata investment, leased to a global fast food retailer in the heart of Yarraville’s thriving Anderson Street, sell in yet another very strong strip investment result.
Fitzroys’ Mark Talbot and Ervin Niyaz sold 27A Anderson Street, Yarraville on behalf of a private owner, with the sale price coming in at $1.615 million - some $115,000 above reserve, and on a tight 4.2% yield.
The property comprised a 132sqm restaurant that recently underwent a $300,000 fit-out and is leased to Zambrero, which has 300 restaurants worldwide, on a new 7+5+5-year lease.
“This was a sensational opportunity to acquire an investment with a new lease to a global fast food retailer, in the absolute prime of a bustling and highly desirable inner Melbourne shopping village,” Talbot said.
“Aggressive bidding from four groups after more than 50 enquiries led to a strong sale price and tight yield, particularly for a strata investment.
“The highly competitive auction and the strength of the result are another great sign of the health of Melbourne’s shopping village market.
“Investors continue to turn to well-located, well-leased Melbourne strip assets for security at a time of share market and residential market volatility.”
It is amongst a mix of local traders and national tenants including Woolworths Metro, Vintage Cellars, IGA Supermarket, Grill'd, Flight Centre, The Railway Hotel and more.
“The buyer is a locally-based investor who saw value in the popular Yarraville shopping village,” Niyaz said.
The property is strategically located only 50 metres from the highly popular Street Park of Ballarat Street, which has in recent times transformed the Anderson Street precinct into a highly walkable and accessible lifestyle and hospitality hub in Melbourne’s inner west, home to the famous Sun Theatre.
It is also just 150 metres to the Yarraville train station and bus interchange, and there is easy access to the CBD via the Westgate Freeway, while upcoming completion of the Westgate Tunnel project is expected to greatly reduced traffic congestion in the area.
ISPT Trust Takes Full Control of Mornington Central
The ISPT Retail Australia Property Trust has acquired a 50% share in Mornington Central, giving it full control of the dual supermarket-anchored shopping centre on the Mornington Peninsula.
The $46.3 million deal was struck with co-owner Vicinity Centres at a premium to book value.
The 11,474sqm neighbourhood shopping centre comprises both Coles and Woolworths supermarkets, as well as 29 specialty shops, 10 kiosks and 312 car parks.
It has a rolling 12-month annual turnover of $108.6 million.
Meanwhile, a syndicate has acquired the Coles Morwell Shopping Centre for $24 million, on an initial yield of 6.01%.
The centre has a 4,576sqm full-line Coles supermarket and Liquorland, together with 7 shops, on an 11,110sqm Activity Centre-zoned site with 259 car parks.
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.