Seven bidders pushed the price of a telecom tower to more than double its reserve. Teska Carson’s George Takis said the tower at 6 Whitehall Street on a 43.9 sq m sold for $990,000, more than $500,000 over on a 7 per cent yield. The tower sold with a 20-year lease to wireless provider Axicom at rental of $70,917 per annum – paid 12 months in advance – with 6 per cent annual increases.
“It was .. a highly passive investment. In the current climate that is almost irresistible,” Mr Takis said.
Leased to a picture framing business, 60 Glenferrie Road sold at auction for $1.7 million on a 3.73 per cent yield. Seven bidders vied for the property, selling agents Jonathon McCormack and Nathan May from Gorman Commercial said.
After more than 70 enquiries, Gorman Commercial’s Tom Maule and Andrew Prowse negotiated the sale of Shop 1B at 7 Yarra Street in a private campaign. The shop went for $900,000 at a building rate of $13,433 per sq m.
A high-profile corner site at 733 High Street and 2 Clyde Street has sold for $4.3 million. Kelly & Kelly Property’s Anthony Kelly said the vendors had owned the 1000 sq m parcel for almost 100 years. The High Street frontage is occupied by Canoes Plus, with the weatherboard house behind in Clyde Street.
A crowd of more than 50 watched two bidders slug it out for 45 Porter Street, which eventually sold for $3,314,000, well above expectations. Gross Waddell ICR’s Andrew Greenway and Andrew Waddell said the property achieved a land rate of $8497 per sq m.
Investors looking to shore up income stream have swooped on four strata-titled shops. Fitzroys’ Chris Kombi and Ervin Niyaz said the shops in Mosaic Village, at 53 Mosaic Drive, went for a combined $2.6 million. The properties range in floor area from 54 sq m to 101 sq m and sold at an average yield of around 5 per cent. They include: Shop 2 leased to Old Socks Laundrette, Shop 9 leased to Fatwraps, Shop 3 leased to Lord of Dough, and Shop 6 leased Mosaic Convenience Store.
A former Indian restaurant at 537 Warrigal Road has leased to an American burger operator on a 5-year term at $35,000 per annum. The property includes a small commercial kitchen and 50 sq m retail area plus a two bedroom residence. Gorman Commercial’s Dean Alexander also leased another property next door at 539 Warrigal Road to a beauty/massage business at $28,000 per annum.
A shop located opposite The Strand Arcade at 219b Elizabeth Street has leased at annual rent of $135,000. Ainsworth Property’s Tan Thach, Zelman Ainsworth and Josh Luftig negotiated a 5+5 year lease with City Phones for the 50 sq m space at $2,700 per sq m per annum gross.
Morgan’s Stockbroking will move into a warehouse/showroom at 822 Glenferrie Road in a deal negotiated by Gorman Commercial’s Tom Maule. The firm took the 290 sq m space at $130,000 per annum net on a 5-year lease at a rental rate of $450 per sq m. Mr Maule said the lack of transactions in 2020 was driving a resurgence in suburban office leasing.
Medical device company NuVasive has leased part of the ground floor at Botanicca 9, at 588 Swan Street, a building owned by Garda Capital. The 400 sq m office was leased at $500 per sq m, JLL’s Matt Brown-Greaves said. NuVasive will join Fuji Xerox in the building.
A home entertainment business leased 16-18 Hall Street off market before any campaign launch. The 837 sq m warehouse/showroom leased for 5 years at $185,000 a year net through Gorman Commercial’s Andrew Prowse.
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