- A triple frontage Red Rooster-leaded property has hit the market.
- An industrial estate in Dandenong South was fully leased prior to completion.
- Hawthorn property leaves owner-occupier hands after 30 years.
Properties in the Melbourne suburbs of Hawthorn and Richmond have hit the market, both offering substantial opportunities including one leased to Red Rooster.
Another property has been leased in the tightly held Dandenong South area.
Amalgamated property has frontages to Swan Street and Mary Street
A triple fronted corner landholding located at 294-298 Swan Street and 196 Mary Street with frontages to Swan Street, Mary Street, and Harvey Street has come to market.
JLL, who have been appointed to sell the site, said the Richmond corner landholding follows the amalgamation of sites that has taken place over the past 16 months.
The property has a combined 144 metres of frontages and includes 1,313 square metres of land.
Existing tenants include Red Rooster and Back in Motion Health Group, the combined properties provide circa $304,000 in annual income.
The large site, on a prominent corner, is in one of Melbourne’s most popular retail and residential areas and has favourable planning parameters providing a Commercial 1 Zone and height potential of at least 28 metres, along with height precedent well in excess of this in the immediate vicinity.
JLL’s Josh Rutman, Jesse Radisich, Nick Peden and MingXuan Li have been appointed to sell the site via an Expressions-Of-Interest campaign, with Urbis acting as the transaction advisor on behalf of a local family who has amalgamated the site over many years.
Hawthorn commercial property hits the market
A property located at 157 Auburn Road in Melbourne’s Hawthorn is up for sale, expected to fetch around $5.5 million, the vendor is owner-occupier Marco Fabrics who have occupied the site for over 30 years.
The 1,090 square metre two-storey building is situated on a 668 square metre Commercial 1 Zoned land with a 369 square metre land parcel to the rear which is used as a car park and zoned Ceneral Residential Zone 3.
Colliers’ Director of Investment Services, Ben Baines, said the property has the flexibility to be sold as vacant possession or with short-term holding income, providing an excellent opportunity to owner-occupiers, investors and developers.
“Located in the heart of Auburn Village, one of Melbourne’s most popular and long-standing retail villages, just 6 km from the CBD, the asset comes with lots of potential and endless possibilities,” Mr Baines added.
Melbourne childcare expected to fetch mid $1 million mark
A development site at 121 Dorset Road in Boronia is being offered to market with heads of agreement in place for a 14 year (plus two ten year options) with international child care operator MindChamps.
JLL Capital Markets Senior Executive – Healthcare & Life Sciences Mark Stafford said:
“The site represents a rare opportunity to deliver a state-of-the-art child care centre in a location with strong demand for services, with average daily rates in excess of $140 per place.
“Alternatively, the opportunity may appeal to an owner-occupier looking to expand their current child care operations, with opportunities to deliver centres in the local area few and far in between,” he said.
Final tenants secured for Nexus Dandenong South Industrial Estate
The final two spaces at Salta Properties’ latest speculative development at Nexus Industrial Estate in Dandenong South have been leased to Highgrove Bathrooms and PAC Trading.
Highgrove Bathrooms has committed to a 6,555 square metre tenancy at 129 Portlink Drive on a 7 year term. PAC Trading will take up 9,627 square metres at 10 Cargo Court on a five year term.
Through the commitments from Highgrove Bathrooms and PAC Trading, the 32,000 sqm warehouse was fully leased prior to practical completion in December 2022, with Kings Transport having committed to the remaining space within the warehouse earlier in the year.
Colliers’ Gordon Code said leasing opportunities are being snapped up quickly in one of Melbourne’s most tightly held industrial precincts, where vacancy continues to remain at historic lows.
“There are not many opportunities like these available on the market, and when warehouses become available, they don’t stay on the market for long. Rents are continuing to rise, and speculatively-built supply is insufficient to cater for leasing demand,” said Mr Code.
Colliers’ Fraser Pearse added, “Nexus Industrial Estate, Dandenong South, has appealed to a diverse mix of tenants due to its excellent connections to the CBD, the Port of Melbourne, and major commercial, retail and residential areas.”
Lease in historic Melbourne building offered
Located at the gateway to Melbourne’s iconic Chinatown, the 167 Exhibition Street property is being offered by Fitzroy’s for owners The Lee Superannuation Fund.
The 327 square metre building was originally the mid-19th century establishment The Shakespeare Hotel. It now has a 121sqm ground floor plus mezzanine, a 114sqm first floor, and a second floor of 40sqm plus a 52sqm roof terrace.
According to the City of Melbourne’s Melbourne Planning Scheme, The Shakespeare Hotel had its origins in the late 1860s at a time in which this northern part of the CBD was a “region known for its prostitutes, criminals and cheap lodgings,” and The Shakespeare Hotel, “illustrates this phase, its painted advertising for Rooms at 3p still visible on a side wall.
NDIS approved provider leased property sold for $3.75 million
677 Boronia Road in Wantirna, Victoria, has been transacted for $3,750,000, representing a 5.65 per cent yield.
The property is currently leased to Morcare Services, one of 22 approved National Disability Insurance Scheme (NDIS) providers in Victoria.
JLL Healthcare & Life Science agent Mark Stafford commented: “The healthcare sector continues to be one of the most in-demand asset classes in the market, with investors drawn to the stability of these assets and their operators
