UEM Sunrise Buys Hoddle Street Car Dealership
Developer UEM Sunrise has acquired the 5,390sqm Honda, Nissan and Hyundai car dealership at 21-53 Hoddle Street, Collingwood for $43 million from Jowett Motor Group.
The Malaysian government-backed group is likely to develop a mixed-use project on the site. It recently completed its $800 million 92-level Aurora Melbourne Central tower in the CBD.
Inner-city Collingwood has become a residential and commercial development hotspot. Construction has just started on a 9-level building, on the corner of Cambridge, Langridge and Oxford Streets, around the old Dyason & Co cordial factory. The project, a joint venture between Hamilton Marino Builders, CHT Architects and Urban Develop, will include 35 apartments and a 105-key hotel, while Tim Gurner is developing Atelier Residences at 22-33 Johnston Street, comprising 51 apartments and a 95-room hotel.
An 11-storey, 8,600sqm office building at 71 Gipps Street that will be 40% occupied by co-working brand Spaces is currently under construction, as is another 11-level building, of 3,000sqm on a 510sqm block at 51 Langridge Street.
Nearby, Cbus has built the 154-apartment Holme tower, and Grocon the 13-storey Northumberland office as part of a $120 million fund-through deal with Impact Investment Group.
Succession of Childcare Centre Sales
Several childcare centres across Melbourne’s suburbs have changed hands in quick succession, each with long-term leases typical of the asset class.
An investor bought the Guardian Early Learning centre at 82 Ferntree Gully Road, Oakleigh East for around $8.1 million, at a 5.4% yield. Zoned General Residential, the 1,415sqm site is leased for 15 years from 2016, and has capacity for 106 children.
The Wallaby Childcare centre at 2 Shimmer Street, Epping traded for $6.97 million with a new 15+10+10-year net lease returning $417,575pa plus outgoings and GST. The 917sqm facility is licenced for 150 places and is on a triple-fronted 2,979sqm site.
In Werribee, the Imagine Childcare & Kindergarten sold for $5.702 million. The 825sqm centre is on a 2,699sqm site and is leased for 20+10+10 years until 2060, returning $334,320pa plus outgoings and GST.
Five Wellbeing Chiropractic Clinics Sell For $4.4 million
A portfolio of 5 Wellbeing Chiropractic sites has sold for $4.4 million. All of the medical clinics have 7-year leases plus options with 3% fixed annual increases.
The sites include:
• 41 Craigieburn Road, Craigieburn, which sold for $1.025 million at a 5.66% yield
• 301 South Gippsland Highway, Cranbourne, for $1.008 million at 5.69%
• 841 High Street, Epping for $849,000 at 5.67%
• 118 Barries Road, Melton sold for $660,000 at 5.90%
• 31 Barkly Street, Sunbury for $858,000 at 5.65%.
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 2020 Fitzroys.