Entry level investors and SMSF buyers were interested in 93 Loughnan Road. It sold through Gorman Commercial’s Tom Maule and Jonathon McCormack for $525,000 on a yield of 4.4 per cent.
Melbourne
A 49 sq m strata office, Suite 8.01 at 2 Queen Street, has sold to a local owner-occupier for $430,000, said Colliers International’s Chris Ling, Anthony Kirwan, George Davies. “2020 commenced with a record low 3.3 per cent commercial office vacancy rate in the CBD,” Mr Kirwan said. Another 92 sq m strata suite at Suite 405, 198 Harbour Esplanade sold for $540,000 amidst strong demand for small offices.
Highton
Japara Aged Care has sold a substantial 8244 square metre site at 297-307 Roslyn Road, for $3.6 million. The property was snapped up by Multicultural Aged Care Services Geelong. Zoned general residential, it had approval for a 3-level 120-bed aged care facility, said Knight Frank’s Ed Wright and Tom Ryan.
Nunawading
A property at 144 Junction Road sold for $525,000 within a week of being on the market, Gorman Commercial’s Tom Maule and Jonathon McCormack said. It fetched a yield of 3.9 per cent. “It shows the strength and demand from investors in the sub $1 million bracket,” Mr Maule said.
North Melbourne
Sutherland Farrelly’s Paul Farrelly has negotiated the sale of a 425 sq m modern office/warehouse at 63 Boundary Road well in excess of the quoted $1.5 million price.
LEASES
Kew East
Kruger ANZ have leased 345 sq m on the ground floor of 620 High Street. The firm was attracted to the office’s natural light and existing fitout. They signed a five-year lease with rent about $450 per sq m on a deal brokered by Colliers International’s John Howell, Damien Adkins and Tom Rothel.
Port Melbourne
Fibre optic network firm Optical Solutions Australia has leased 3/30 Prohasky Street on a five-year deal plus a further five-year term. Leased for $170,000 per annum, the 922 sq m building has a ground floor showroom, first floor office and clear span warehouse. CBRE’s Guy Naselli and Ben Quennell handled the transaction.
Blackburn
The Salvation Army has sublet 246 sq m of ground floor space at their Victorian HQ at 91-93 Railway Road to Perry Weston Lawyers. Colliers International’s John Howell and Tom Rothel secured the legal firm within six weeks which they said demonstrates the strength of the sub-500 sq m office market.
Doncaster East
A cafe operator has leased a 100 sq m shop previously occupied by Bakers Delight at 50 Jackson Court. Gorman Commercial’s Richard Height finalised the 3-year lease at $56,000 a year.
South Yarra
Southlink Projects has leased a 121 sq m office at 506/12-14 Claremont Street. The firm signed up for two years and seven months with further options on rent around $450 per sq m. Knight Frank’s Jessica Martiniano handled the negotiations.
Broadmeadows
A federal MP has leased 225 sq m on level 2 of Hume City Council’s recently redeveloped Broadmeadows Town Hall building. The $24 million revamp of the Broadmeadows Civic Hub at 10 Dimboola Road created a new 728 sq m open plan office, Gray Johnson’s Rory White said. Rent is confidential but includes two car parks on the 3-year term. The remaining 403 sq m of space is expected to lease at an annual gross rate of $180,000.
Cheltenham
MP Orthodontics will relocate to a 315 sq m space in an adjoining property at 4-10 Jamieson Street. Despite a strong rent rise to around 340 per sq m, the group jumped at the upgrade to a superior building on an eight-year lease negotiated by Colliers International’s Damien Adkins and Tom Rothel.
Hawthorn
The numbers stacked up for accountants and financial advisors HID Group. The firm leased level 3, 313 Burwood Road on a 5-year lease for $114,000 a year in a deal negotiated by Fitzroys’ Stephen Land. “Competition has notably increased for office space in the suburbs,” he said.
Mount Waverley
A yoga studio has taken a 2-year lease over a shop at 1/51 Wadham Parade. Gorman Commercial’s Richard Height negotiated the $32,500 per annum lease.
Hawthorn
Two separate businesses, Pop & Co and Avrus Solutions, will cohabit after signing a joint lease over 162 sq m at 192 Burwood Road. The 4-year lease was negotiated by Colliers International’s Tom Rothel and Kevin Tutty at $350 per sq m. The tenants opted to combine their requirements rather than using co-working or serviced office facilities, Mr Rothel said.
Hawthorn
There is one less vacancy in Glenferrie Road. Gorman Commercial’s Richard Height has leased an 81 sq m cafe at number 769C. The 3-year lease was struck at a annual rent of $52,500.
Braybrook
A showroom, unit 1 at 294 Ballarat Road, has leased on a 5-year term for $67,500 per annum to a tenant looking to expand their presence in the west, according to CVA’s Matthew Alderman and Leo Mancino.