ASX-listed financial services company Thorn Group will move to a newly leased office at 577 Church Street, Richmond, in Melbourne, paying a net annual rent of $500 a square metre for the 300-square-metre space.
A national doughnut store in Richmond has seen its asking rental increase dramatically. Doughnut Time at 174 Swan Street will now pay a 36 per cent premium on the asking rental, following increased competition on the retail strip.
The inner-eastern Melbourne fringe suburb of Cremorne is in high demand from commercial tenants with six new leases in the last eight weeks and more in the pipeline, according to Teska Carson’s Fergus Evans.
Prahran Owners Team Up For $11.35 Million Windfall
Two Melbourne commercial property owners have consolidated their sites to take a windfall profit with a Melbourne-based developer paying $11.35 million for the Prahran development site, a price estimated to be more than 30 per cent above individual site expectations.
Malaysian investor Creative Wealth (Aust) has flipped the Fletcher Jones corner development site in Queen Street to a syndicate associated with a well-known Melbourne developer for an estimated $18 million.
Seven bidders from a 120-strong crowd have pushed the price of 90-92 Cochranes Road, a two-level 3300 sqm office and warehouse, to $4.01 million - believed to be a record price of $820 a square metre and more than 25% above the vendor's reserve.
As a tale of two suburban shopping streets they couldn't be more different. The Cremorne-end of Church Street in Melbourne's hip inner-suburb of Richmond has zero vacancies while its neighbour Bridge Road struggles with empty stores in the double digits.
A Melbourne developer has paid $4.82 million for a mixed use development site in Hawthorn. Located at 609 Burwood Road, about seven kilometres south-east of the Melbourne CBD, the 900-square-metre site has dual street frontages to Burwood Road and Queens Avenue and was sold by Expressions of Interest.
A local investor/developer and a tenant outbid rivals in two hotly contested auctions setting CBD-like yields of just 1.49 and 2.89 per cent and exceeding the vendor's expectations by a combined $500,000.
A Melbourne-based private investror has paid $2,31 million - $500,000 over the reserve - for a freehold retail property in Malvern at a Teska Carson auction. The property was sold with vacant possession. According to marketing agents Matthew Feld and Andrew Thorburn, six bidders from a 40-plus crowd created a strong competition for the property.
A local developer and a local investor have paid a total of circa $9 million for three adjoining properties at Cremorne/East Richmond as the former industrial suburb continues in its gentrification trend.
Australian Financial Review: Wednesday, 11 March 2015
Investors snapping up boutique blocks
Investors and developers have spent more thant $22 million on boutique apartment blocks in Melbourne's inner eastern suburbs since November, with the sales struck on an average yield of just 3.7 per cent.
89 Levanswell Road, Moorabbin - $705,000 A private investor has paid $705,000 on a 5.1 per cent yield for a purpose-built cafe property at 89 Levanswell Road, Moorabbin, at an auction conducted by Teska Carson.
5-7 Nepean Highway, Elsternwick - $4,600,000 A Melbourne-based developer has paid $4.6 million for a residential development site comprising two adjoining properties on the Nepean Highway, Elsternwick, in a deal brokered by Teska Carson.
121 Dover Street, Richmond $1,450,000 A Melbourne-based investor has paid $1.45 million at auction for a stand-alone office building at Richmond in Melbourne's inner-eastern suburbs. According to selling agents, Teska Carson's Matthew Feld and Larry Takis, the four bidders from the well attended auction reflected the exceptionally strong market for these kind of buildings.
Australian Financial Review: Thursday, 25 September 2014
Coburg frenzy The Coburg retail property market took off after a Melbourne private investor paid $1.11 million on a 6.36% yield for two adjoining shops at Coburg. The shops, at 451-459 Sydney Road, sold at auction.
Shop 14, Burwood Highway, Burwood A private investor has paid $660,000 on a 5.7 per cent yield for a retail investment property at Burwood East in Melbourne's eastern suburbs at a hotly contested TeskaCarson auction.
47 Stephenson Street, Richmond A Melbourne accountancy firm has paid $1.615 million for an ultra-modern office building in the Cremorne district of Richmond at a TeskaCarson auction in front of a strong crowd dominated by owner-occupiers.
The Age Business Day: Wednesday, 10 September 2014
Richmond TeskaCarson's Tom Maule and Michael Ludski brokered the sale of 14 Harvey Street. An owner-occupier paid $1.23 million for the 366 sq m, three-storey property, which includes a rooftop deck and six undercover car parks.
17 Stephenson Street, Richmond A local Richmond investor has paid $905,000, or a record $6000 per square metre, for a boutique warehouse property in the Cremorne section of Richmond at a Teska Carson auction that drew a 50-strong crowd.
Richmond A well-known Melbourne chef has leased 142 Bridge Road for $70,000 a year. Brokering agents Tom Maule and Matt Feld of Teska Carson said the chef intends to open his first restaurant there. The 150 sq m property consists of two levels and was leased on a three-year term, with options to extend.
South Melbourne An owner-occupier has bought a 307 sq m commercial building at 141 Cecil Street for $1.85 million. The converted office consists of a two-level building on 172 sq m land area. Teska Carson's Tom Maule and Michael Taylor said the property was sold subject to two short-term leases, and sold for $6000 a sq m.
Australian Financial Review: Wednesday, 28 May 2014
Forza pedals plans $80million development in inner-city Melbourne Forza capital is cranking up plans for an $80 million residential development in inner-city Melbourne, after putting together a boutique syndicate to acquire a Richmond site.
The Melbourne-based syndicator, led by Adam Murchie and Ashley Wain, have put their foot on a 2325-square-metre site at 9-15 David Street in Richmond.
Richmond An owner occupier has paid $2.9million for an office and retail showroom at 427-429 Church Street. The 700 sq m space consists of ground-floor showroom and office space. Teska Carson's Michael Taylor and Tom Maule said the property was sold subject to a first-floor lease worth $72,000 a year.
Showroom Sale, 556 Swan Street, Richmond, Melbourne A SHOWROOM in the inner-city Melbourne suburb Richmond has sold to a private investor for more than $4 million. The building is leased to furniture retailer Hermon & Hermon and incorporates an office and space for nine cars.
Moonee Ponds T&J Cafe Company has agreed to terms on a new lease for Shop 9-11, 15 Puckle Street. The 78 sq m property was leased for five years at annual rental of $53,000 plus GST. Tom Maule and Adrian Boutsakis of Teska Carson said the property was owned by a Melbourne investor.
2/457-459 Chapel Street, South Yarra A Melbourne-based private investor has paid $1.61 million on a 6.2 per cent yield for a retail outlet in one of Melbourne's best known shopping and hospitality strips, at an auction conducted by Teska Carson.
202 Little Lonsdale Street, Melbourne Melbourne Central owner GPT has paid $4.51 million for a three-level building in one of the Melbourne CBD's most popular retailing precincts at a hotly contested auction conducted by Teska Carson.
1 & 1A Railway Place, Hawthorn A Melbourne-based developer has paid $2 million for the former Mayfield Lamp Factory property, in a prestigious area of Melbourne's inner-eastern suburbs, following a hotly contested auction conducted by Teska Carson.
Richmond An owner-occupier has bought a 1000 sq m warehouse at 148 Murphy Street for $2.02million. Teska Carson's Tom Maule and Michael Taylor said the site, including an 850 sq m warehouse and 80 sq m of office space, was previously owned and occupied by Ace Heat Treaters.
Carlton A Lygon Street property leased to national retailer Moss River sold at auction for $2,480,000. It was the first time 346 Lygon Street had been offered for sale since 1921, said Teska Carson's Michael Ludski.
Richmond Tom Maule and Michael Taylor from Teska Carson leased a 1300 sqm warehouse space at 144 Murphy Street in Richmond for $137,500 per annum. Mr Maule recently leased 160 sqm at 216 Glenferrie Road in Malvern to the Etto Pasta Bar at $80,000 net per annum.
Record for Richmond A member of the consortium that recently paid Amcor $120 million for its Alphington site has bought an inner-city block in Richmond. Len Warson, chief executive of the Glenvill Group, has paid $3.5 million for a 559-square-metre block at 480-482 Church Street, just south of the Swan Street intersection.
The Australian Financial Review: Thursday, 7 November 2013
Magnet draws $1.95m A showroom and office building in Melbourne's Richmond has sold for $1.95 million. Located two kilometres from the CBD, 130 Cremorne Street has a net lettable area of 484 square metres and 10 car parks. It is leased until May 2014.
Shops 4&5, 378 Glenhuntly Rd, Elsternwick Securely leased to Optus and boasting a coveted corner position, this property comprises two shops with a total area of 66 square metres. Optus occupies both shops on a five-year basis and pays a net annual rental of $109,887.
Malvern Teska Carson has sold two properties for a combined $2.65 million. The 365 sq m retail space at 229 Glenferrie Road fetched $1.7 million and returns a rent of $100,800 a year. A 543 sq m showroom at 669 Dandenong Road sold at auction for $950,000 and returns a rent of $60,000 a year. The sales were negotiated by Tom Maule and Michael Ludski.
44 Gwynne Street, Richmond An industrial site located at 44 Gwynne Street in Richmond has been sold for $1.2 million. Teska Carson selling agent Matthew Feld said the site is siutated in the heart of the Cremorne precinct, which has seen continuous upsurge due to numerous developments and high profile tenancies.
Malvern East A shop at 324 Waverley road in Malvern East has sold for $670,000. Teska Carson's Tom Maule said the 284 sq m site was bought by an owner-occupier with the intention of redeveloping the property.
South Melbourne A private investor has snapped up 129-131 Market Street in South Melbourne for $1,725,000. The sale represents 3.5 per cent passing yield, Teska Carson agents Carlo Faganello and George Takis said. The 450-square-metre building is tenanted to the Pedders Shock Absorbers chain.
Richmond Plus-size clothing retailer PS14 Plus is opening a new shop along the popular Bridge Road shopping precinct. The six-year lease over the 154 sq m shop at 211 Bridge Road returns a rent of $107,000 per annum. The lease was negotiated by Matthew Feld of Teska Carson.
87 Rokeby Street, Collingwood TeskaCarson have sold a warehouse at 87 Rokeby Street, Collingwood, for $500,000. The property was bought with vacant possession and the sale price reflects a rate of $2,800 per square metre of building area.
220 Johnston Street, Fitzroy A modern three-storey building at 220 Johnston Street, Fitzroy close to Brunswick and Smith Streets, has been sold for $650,000 before auction, by Teska Carson's Gideon Marcus and Larry Takis on behalf of the mortgagee.
Northcote Two shops in the Northcote Plaza Shopping Centre has been sold on yields of 5 per cent and 6 per cent respectively. TeskaCarson's Adrian Boustakis and Michael Ludski sold the retail outlets at auction.
Malvern East Teska Carson has sold a second property in Waverley Road, Malvern East, in seven weeks. The 453-square-metre site at 290 Waverley Road was sold by Tom Maule for an undisclosed price, believed to be more than $1.3 million.
South Yarra An office warehouse in the heart of South Yarra has been sold for $1.6 million. The versatile office warehouse at 15 Wilson Street is near the Chapel Street shops. The sale was made by TeskaCarson's Matthew Feld.
12 Queens Avenue, Hawthorn - $1,880,000 A standalone office located within walking distance of the popular Auburn Village shops and train station has sold at auction for $1.88 million. Teska Carson's Michael Taylor brokered the sale of the modern building, which has an area of 400 square metres on land of about 454 square metres, at 12 Queens Avenue, Hawthorn. Secure on-site parking is provided for 13 cars.
2-8 Bangs Street, Prahran - $2,110,000 A development site in Prahran, close to bustling Chapel Street, has been sold at auction by agents of TeskaCarson for $2.11 million. The property consists of an older style warehouse of brick construction, situated on land of approximately 345 square metres, zoned Business 2.
Prahran - $2.11m Record Set A development site close to Chapel Street has sold for a record price in the area. Teska Carson sold 2-8 Bangs Street at auction for $2,110,000. The 345-square-metre site has dual street frontages and was sold with existing monthly tenants. The result represents a record price of more than $6100 per sq m. Teska Carson also sold a retail outlet at 261 Swan Street, Richmond, at auction for $1 million.
VACCHO to move into Collingwood A peak body representing 24 Aboriginal health organisations has paid $4.45 million for a three-level building in Collingwood. The Victorian Aboriginal Community Controlled Health Organisation bought the 17-23 Sackville Street building in a private sale negotiated by Teska Carson agent Andrew Morley.
527 Chapel Street, South Yarra $9,550,000 An Asian investor has paid $9,550,000 for a modern two-level building at 527 CHapel Street, on the corner of Arthur Street, in South Yarra, together with an adjoining parcel of land that is currently used for car parking, at 62 Arthur Street. The ground floor of the building is leased to Footlocker, whilst the first floor, which is accessed via Davidson Place at the rear, is leased to Gorgeous Cosmetics.
Should be so lucky The Minogue family will be watching with interest what becomes of a double-storey B-grade Hawthorn office building for sale across the road from an A-grade office they bought last year.
Trendy Chapel Street Resists Retail Gloom Once a grungy strip of fish-and-chip shops, Melbourne's Chapel Street is today a modern fashion mecca that attracts significant investment from retailers despite declining consumer confidence.
Position Still the Major Drawcard Teska Carson held its first Richmond auction for the year at 77 Bridge Rd, for a ground floor shop leased to clothing store American Republic, and an office/showroom above it.
Steel outfit takes a shine to Bayswater Aluminium manufacturer Confoil has bought a Bayswater industrial property for $10.2 million. Built in 1983, the property consists of two buildings currently leased to Creeks Metal Industries, a subsidiary of Stramit Corp.
Chapel Street proves trendy as shop tops $2.6M A private investor has paid $2.66 million for a Chapel Street shop, bringing the value of shops sold in the popular retail strip recently to almost $20 million.
Sportsgirl sale netts $7 million The last in a set of shops in Melbourne's Chapel Street has sold for $7 million. Teska Carson selling agent Andrew Morley said the property at 516 Chapel Street was bought by a local investor and reflected a yield of 5%.