Around the corner at the foot of the EQ Tower at 137 A’Beckett Street, Chinese restaurant Nambawan Hot Pot & Grill has taken the 500 sq m space previously occupied by the HWKR restaurant. They’ve signed a 10 year lease, paying $410,000 a year.
The four owners of a warehouse conversion at 23 Coromandel Place in the CBD have sold their 1990s-era digs for $6.9 million.
An owner-occupier, with office plans, snapped up the laneway property which overlooks the Kelvin Club.
Colliers International agents Oliver Hay, Chris Ling, Leon Ma and Daniel Woman did the deal.
Mr Hay said there is “an insatiable amount of capital for well-located CBD assets. We fielded over 170 enquires and received multiple unconditional contracts at the close of the campaign.”
He flagged the possibility of more CBD properties coming to market as vendors group together and sell amalgamated sites.
“This is becoming increasingly popular as we are clearly witnessing a shortage of developable land in the CBD.”
The warehouse was converted during the early 1990s recession just as the city-living and laneway bar culture kicked off. Proof there’s always the potential for renaissance after disaster.
A new generation of towers is poised for the precinct. Golden Age is planning an office tower on the former Uniting Church headquarters to the south and demolition looms for the old Theosophical Building to the west.
Way out east at the foot of the hills, the Beaconsfield Hub shopping centre at 52-62 Old Princes Highway, is on the market.
The 1883 sq m nine-shop complex is fully-leased and sits on 4600 sq m of land which could be further developed. It returns more than $600,000 a year in rent.
CBRE agents Rorey James, Nic Hage and JJ Heng are handling the expressions of interest campaign which closes in early September.
Records show the convenience-based centre was purchased by Adam and Isabelle Worthy in 2014 for $7.4 million. It’s expected to fetch more than $8.5 million this year.
The dry zone of North Balwyn makes any bottle shop a sure thing and six bidders slugged it out for the new BWS bottle-o at 76-78 Doncaster Road, paying $1.755 million for the 152 sq m space.
A locally-based Taiwanese investor bought the property, which is at the foot of the new four-level 46-unit Noba apartment building. It has replaced an old bank branch originally built for the State Bank of Victoria, but more recently occupied by the Commonwealth Bank and then a video store.
The deal reflected a 4.7 per cent yield and an $11,546 a sq m building rate – a potential North Balwyn record.
Colliers agent George Davies, who did the deal with Mr Wolman, Mr Ma, and Alex Browne, said “We were blown away by the response.”
An auction campaign was switched to an expressions of interest process as COVID-19 restrictions came into play.
The Woolworths-owned BWS has a new five year lease, with options to 2045 and pays $82,426 a year in rent.
Late last year, Savills sold the neighbouring supermarket, before auction for $3.6 million.
Nicole Lindsay is a property reporter at The Age.