A 1337-square-metre property at 24 Encore Avenue sold to an owner occupier looking to increase their footprint in the northern market for $1,736,000. The deal set a strong building rate of $1298 per square metre, said Colliers International’s Mitch Purcell, Nick O’Brien, Corey Vraca and Damian Marinelli.
Shop 5 at 477-479 Burwood Highway sold to an owner occupier with plans to start a laundry service. The 95-square-metre shop, previously occupied by a vet, went for $900,000 in a deal negotiated by GormanKelly’s Glenn Neilson.
Beauty salon Best Nails Ever will move into Shop 1 & 2 at 478 Chapel Street after leasing the 91-square-metre space on a two-year term with a two-year option at $70,000 per annum. Teska Carson’s Reece Israel and Luke Bisset said the tenant was looking for a property with excellent exposure.
Boutique furniture seller It’s Nice Inside has leased a ground-floor shop with a two-bedroom dwelling upstairs in a groovy part of Abbotsford. The building at 250 Johnston Street was leased through GormanKelly’s Will Kelly on a three-year term at starting rent of $34,000 per annum net. It’s Nice Inside’s owners were previously working from home and needed to expand.
A psychotherapy practice has agreed to lease an office in Hawksburn Village in a deal negotiated by Teska Carson’s Reece Israel. The 120-square-metre property at 617 Malvern Road was leased at $35,000 per annum gross on an initial two-year term.
The suite overlooking Little Collins Street fell vacant at the start of the coronavirus lockdown before International IT recruitment firm Logical Resources moved in. The firm leased the 58square-metre space on level 5 of 443 Little Collins Street, paying $600 gross per square metre in a deal brokered by Gorman Commercial’s Nathan May. Rental rates in the building range between $600 and $725 per square metre.
India-based Elite Elevators has leased an office showroom on the ground floor of 65 Southbank Boulevard. Negotiated by Teska Carson’s Reece Israel, the 3-year lease for the 231 square metre premises was set at $85,000 per annum gross plus GST.
Tyre retailer and wholesaler Superior Tyres will open in a 7036-square-metre showroom at 531 Somerville Road. The property, formerly occupied by Tradelink, has three container-height roller doors, a large concrete hardstand and car parking. CBRE’s Tom Murphy, Todd Grima and Ricardo Cappeletti negotiated the 6-year lease at $330,000 plus GST and outgoings. “The onset of COVID-19 caused some delays,” Mr Murphy said.
A mobile phone repairer has leased a 35-square-metre shop at 126 Elizabeth Street on a 5-year term through Gross Waddell’s Tamara Gross. The rent was struck at $86,000 a year net plus GST and included 3.25 per cent option increases. A 3-month incentive was given to the tenant.
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Simon Johanson is a business journalist at The Age and The Sydney Morning Herald.