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South Melbourne shop canters out the door

A 300 sq m strata office on level 1 at 10 Yarra Street sold for $2.83 million. The office sold to an owner occupier with vacant possession through Colliers International’s Raphael Favas.

Bulleen

An older suburban office sold at a building rate of $5838 per sq m at the “upper end” of the price range for similar space. The property, G2 at 79 Manningham Road, sold for $870,000 on a yield, if it was tenanted, of 5.5 per cent. “The vendor saw a $140,000 uplift from his purchase price three years ago,” Gorman Commercial’s Tom Maule said.

Prahran

A single storey brick house and carport with plans for 15 apartments at 13 High Street has sold privately for $3.3 million. The development site fetched a per sq m rate of $4635 through Melbourne Acquisitions’ Dominic Gibson and James Latos.

Ravenhall

An 80 sq m industrial unit at 12/55 Barretta Road sold to a private syndicate for $200,000 or $2500 per sq m. The property previously changed hands three years ago for $150,000 and achieved 10 per cent annual growth when it resold, JLL’s Blake Grewar said.

LEASES

South Yarra

Cleaning company Cirka has taken a 300 sq m office at level 2, 141 Osborne Street. The firm will move in on a six-year lease valued at more than $150,000 per annum, said JLL’s Matt Szakiel and Matt Brown-Greaves. The building has recently been fully refurbished.

Sunshine North

A large warehouse, building 4 at 82-86 Berkshire Road, has leased through CVA Property’s Leo Mancino for $363,510 net per annum on a 5+5+5 year term. The building boasts three street frontages to Berkshire Road, Steers and Ayton streets, he said.

Bulleen

An IT firm has leased suite G9, a ground-floor 109 sq m office at the Bulleen Corporate Centre at 79 Manningham Road. The deal was struck on starting rent of $26,500 a year, with no incentive given. Another suite at G2 is on the market through Gorman Commercial’s Tom Maule and is expected to sell on a 5.5 per cent yield.

Camberwell

Shop 1, a 126 sq m space at 1414 Toorak Road, has leased to a carpet business as a showroom on a gross rental of $44,000 per annum with 3 per cent annual rental increases. The shop is beside the Commonwealth Bank and opposite the local IGA Supermarket, Gorman Kelly’s Manny Galanos said.

MOVERS

With big changes in the supply chain and logistics market across the Asia-Pacific, TM Insight has expanded its team in Singapore adding James Christopher and Holger Schaurig. Mr Christopher was previously director of projects with the firm and is now the new president of TM Insight Asia and Holger Schaurig is the executive vice president of supply chain Asia.

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