Demand for retail assets has risen this year, says Teska Carson’s Luke Bisset and Larry Takis. A syndicate paid $1.55 million for a shop at 54 & 56 Rosstown Road on a 5.14 per cent yield. On the ground level of a 17-unit apartment, the 57 sq m and 63 sq m tenancies sold in one line, with leases returning $80,000 a year net.
A site at 99-121 Carinish Road with a permit for a nine-level retail, childcare and office development has sold through Gross Waddell’s Danny Clark and Andrew Waddell for $11.2 million. The site attracted local and offshore developers looking to either build or convert the existing permit.
Offers for 8 Hamilton Street closed on Christmas Eve. A gifted buyer purchased the 112 sq m shop sold for $825,000. It has a long-standing tenant, Mont Albert Interiors, paying $21,300 annual rent plus GST and outgoings, Gray Johnson’s Rory White said.
Chapel Street’s high vacancy rate hasn’t deterred a Mitre 10 hardware franchise from opening at No. 356. The new tenant, a private company, signed a 5+5 year lease at annual rent of $60,000 plus GST, Gray Johnson’s Rory White said. In some stretches, one in six typical retail shops are vacant along Chapel Street.
Suppliers to $2 shop Kontact Pty Ltd have upgraded their warehouse from Lexton Road to 6/11 Clarice Road in Box Hill, leasing a 225 sq m factory for $25,000. “11 Clarice Road has multiple commercial tenancies and is now 100 per cent occupied,” said Gorman Commercial’s Dean Alexander.
A main road showroom at 388 Heidelberg Road has leased to Collingwood-based furniture store Cobra Cane. CVA’s Craig McKellar said the furniture retailer will move into a store recently vacated by Beds for Backs on a 10-year lease at rent of $89,000 a year net.
A former Bendigo Bank at 1036 Main Road has leased to Southern Cross Medical Imaging, their fifth clinic. The 162 sq m property was leased on a 5+5 year term at $65,000 a year plus GST and outgoings, Gorman Commercial’s Dean Alexander said.
Previously occupied by Henry Bucks, one of Toorak Village’s most recognisable buildings at 478 Toorak Road has leased to Welner Lawyers. Morley Commercial’s Tom Larwill said the rent was set at $85,000 a year net.
JLL has appointed Sam Friend, formerly of Fitzroys, to its CBD office leasing team as an associate.
Submissions to email@example.com
Simon Johanson is a business journalist at The Age and The Sydney Morning Herald.