Saturday , July 11 2020
Home / Business / Interstate retailers make border crossings

Interstate retailers make border crossings

Another fashion retailer crossing the border, from Sydney, is Vanessa Solomon’s Ballet Emporium which recently purchased new digs at 849 Burke Road for $1.675 million.

The other new kid on the Burke Road block is Telstra. The national telco paid $4.28 million for 628 Burke Road, next door to the shoe shop, where it plans to fit it out as a new flagship store.

It comes as Telstra sells off swags of suburban properties. Despite vacancies, Burke Road is still considered good value by investors. Commonwealth and ANZ bank branches on the strip have fetched $12.06 million and $16.5 million this year.

Don’t tell

Punjabi-born chef Jessi Singh, who is behind a swag of local and international restaurants, including Daughter in Law, Mrs Singh, BabuJi and Don’t Tell Aunty has leased a four-level space in South Melbourne.

343 Clarendon Street.

343 Clarendon Street.Credit:

Mr Singh is poised to open a new restaurant, Mr Brownie Rooftop Hotel, in the space previously occupied by Fishers Craft Beer at 343 Clarendon Street, on the corner of Park Street.

CBRE agents Zelman Ainsworth and Jason Orenbuch crunched the off-market deal and Rorey James, Nic Hage and Jing Jun Heng are set to sell the building.

Records show Alan Fisher and Sarah Richardson, who were behind the craft beer venture, bought the building in 2015 for $2.61m.

Agents are expecting more than $4m. Mr Singh signed up for a five-year lease paying $165,000 a year.

Pricey excavation

A Sydney-based Asian developer has snapped up a Glen Iris building site, paying $5.68 million for a 1700 square metre hole in the ground at 1542-1544 High Street.

The property is part of a portfolio of developments controlled by financial planner Ray Werden’s Werden Property Group.

Records show its owner, WPG High Street, has a long list of shareholders, mostly self-managed superannuation funds, and is currently under external administration.

CBRE agents David Minty, Nathan Mufale, Alex Brierley and Dylan Kilner negotiated the deal, directed by the mortgagee-in-possession.

The property had a permit for a 22-unit apartment building and sold on a short 30 day settlement.

Mr Minty said there were 14 bids, including international buyers.

“Notably, buyers from China, Malaysia, Singapore and Hong Kong all participated in the EOI process,” Mr Minty said.

Show room

But controls on foreign buyers snapping up commercial property during Covid-19 has cost one campaign in East Kew, a bidder.

Gorman Commercial director Stephen Gorman, who sold 15 Station Street for $3.05 million, said one of the top bidders in the first round of the expressions of interest campaign had to be eliminated.

New Covid-19 restrictions imposed on non-residents buying leased meant a conditional offer for the office-showroom, was knocked out.

There was plenty of interest from local investors and owner-occupiers for the 545 sq m property which is on a 840 sq m parcel of land and it sold on a 2.7 per cent yield.

Zheng & Fu

Meanwhile a local business owner is planning to shift a few blocks in Collingwood having splashed out $8.4 million on a warehouse behind Collingwood College.

The 1200 sq m older style property at 163-165 Islington Street includes a commercial kitchen and exposed saw tooth timber trusses.

Grey Johnson agent Brett Simpson, who did the deal, said “Owner-occupiers are the busiest in the market right now.”

Records show the vendor Zheng & Fu Investment, bought the property in 2007 for $2.028 million.

Green Street

The vendor who made good on his family’s 70 years ownership at 273 Swanston Street back in March has turned around and pumped his inheritance into a Cremorne warehouse.

The Green Street warehouse in Cremorne.

The Green Street warehouse in Cremorne.Credit:

The Swanston Street shop settled last week for $9.2 million and the vendor turned around and bought 81 Green Street with plans to turn it into a two-level office.

The 320 sq m warehouse is on a 245 sq m parcel of land and fetched around $11,000 a sq m – or about $2.7 million.

The off-market deal was negotiated by CBRE David Minty, Nathan Mufale and Alex Brierly on a 24-day settlement. The vendor was toy distributor Tony Oates.

Further north in Richmond, the owner of the former McCann Auctions warehouse at 426 Burnley Street has put the property on the market.

McCann Auctions moved to bigger premises in Abbotsford earlier in the year after 10 years at Burnley Street and nearly 90 years in Richmond.

Most Viewed in Business

Loading

About admin

Check Also

Qantas is creating an army of zombie pilots

However, in recognition that it could be more than a year before long haul international …