SALES
Sunshine
An interstate service station operator has purchased a former fuel stop at 147-151 Devonshire Road for $3 million. CVA’s Leo Mancino said the property’s current use could be upgraded or, alternatively, converted to residential units under its favourable NRZ1 Zoning.
Northcote
A small shop at 525 High Street packed a big punch. The 100 sq m building on 230 sq m of land sold via expressions of interest for $930,000. NSL Property Group’s Guy Naselli said the vendor was a local family who owned it for 20 years. “We got enquiries from owner occupiers, developers and investors looking to rework the asset, given its proximity to the busy Bell Street and bustling High Street retail,” he said.
Campbellfield
An owner-occupier paid $2,075,000 for a brand new industrial property at 44 Metrolink Circuit. Colliers International’s Mitch Purcell and Corey Vraca negotiated the deal at trend-setting building rate for the area of $1712 sq m.
West Footscray
An industrial office/warehouse, Unit 18 at 46 Graingers Road, has sold for $538,000 on a building rate of $3000 per sq m. “There are genuine buyers out there with specific interest in tightly held areas,” CVA’s Leo Mancino said.
Nunawading
An industrial unit at 6/41-49 Norcal Road has sold at an above-market rate after multiple offers, Colliers International’s Harry Larwill and Andrew Chrapot. Zstar Cleaning Pty Ltd snapped up the 350 sq m building for $935,000. “This property was sold after being taken off the market during Melbourne’s second stage 4 lockdown,” Mr Larwill said.
Dromana
A high-clearance warehouse and 325 sq m office at 28 Collins Road sold at auction hours before the last lockdown, Nichols Crowder’s Jamie Stuart said. The property went for $1.16 million.
LEASES
Keysborough
Two industrial properties at 205 Atlantic Drive and 217 Atlantic Drive have leased to different tenants: Engineered Solutions Asia Pacific and Club Assist. Engineered signed a 10-year lease and Club for 5.5 years for a combined lease value of above $4 million net, Colliers Internationals’ Sam Hibbins and Luke Lowden said. “Both properties were developed and managed by Elite Property Group who now have zero vacancy within their Keysborough Industrial Estate,” Mr Hibbins said.
Dandenong South
Developer Pellicano has struck four new leases – three industrial and one commercial. Industrial leases are being bolstered by consumer demand for sustainable products and the e-commerce surge, it said. Techtronic Industries took a 10,930 sq m office/warehouse at M2 Industry Park in Dandenong South on a 7-year term at $1.1 million per annum. KG Electronic Pty Ltd signed for 8,680 sq m in Parkview Estate, Moorabbin on a 3-year term at $80 per sq m. Opal Packaging Australia will move into 4,679 sq m at 76 Carroll Road, Oakleigh South. Como Homes Pty Ltd will occupy a 421 sq m commercial office at M1 Industry Park on a 5-year term at $96,000 per annum.
Glen Waverley
PSW Pty Ltd will move into a recently refurbished industrial property at 2/342-350 Springvale Road on a 7-year lease in a deal facilitated by Colliers’ Harry Larwill, Jonathan Mercuri and Richard Wilkinson. Rent was struck at $150 per sq m for the 1414 sq m property after 15 inspections and five offers.
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Extracted from The Sydney Morning Herald