- A Bay street portfolio generated $6.83 million in total transactions
- The properties were owned by the late real estate agent Tom Chapman
- The portfolio in among a handful of significant transactions managed by Fitzroys' in recent weeks.
A portfolio of Bay Street retail properties owned by the late real estate agent Tom Chapman has sold for $6.83 million. The transaction is just one of three significant transactions made by Fitzroys’ in recent weeks.
Mr Chapman was a prominent real estate agent who owned Hodges Real Estate for three decades from 1956. The portfolio was owned by an Estate associated with him and included three properties all located in Melbourne’s blue-chip suburb of Brighton. They attracted interest from more than 200 local and national buyers.
Each property in the portfolio was sold separately. Fitzroys’ Mark Talbot and Chris James sold 311 Bay Street, while Talbot and Fitzroys’ Tom Fisher sold 407 Bay Street and 409 Bay Street.
Mr Talbot highlighted that Brighton real estate is amongst the most tightly-held in Melbourne. Over the past 12 months, Fitzroys sold over $30 million worth of commercial property in the suburb.
“The market has continually shown faith in Melbourne’s shopping strips over the past two years, with investors opting for income-producing, well-located bricks and mortar assets with long-term leases,” Mr Talbot said.
$5.6 million shopping centre sale
Following the transaction of the trio of Bay Street properties, a neighbourhood retail centre in Boroondara sold for $5.6 million.
The Belmore Plaza was purchased by a local investor backed by Asian capital. It is earmarked for potential development in the long term but will likely be held as an investment property in the medium term.
Among the agents responsible for the successful transaction was Fitzroys’ Chris James.
Mr James believes the strength in Melburnian shopping centres was a key attraction of the property.
“We’ve seen more Asian capital-backed buyers competing for a range of sites across
Melbourne in recent months, from trophy retail investments to sites with strong
development prospects, adding to the depth of enquiry and competitiveness of campaigns,” Mr James said.
“Australia and Melbourne have clearly retained their safe-haven status across asset types over the past two years.”
Chris James, Fitzroys
The 1,205sqm site encompasses eight titles offered in one line. A sales campaign generated over 110 enquiries from investors and developers before the property was sold at auction.
Owner-occupier purchased automotive site
Finally an industrial site at 563 Keilor Road, Niddrie was transacted for $2.405 million
The 440sqm office and clear span warehouse was previously owned and occupied by an automotive business. Although there was interest from both owner-occupiers and investors it was finally sold to another owner-occupier in the automotive industry.
The building is situated on a 668sqm site classified under Industrial 3 zoning, with on-site parking.
