Mont Albert’s commercial values jump 35% over 15 months

admin | 苏州桑拿
12 Dec 2018

MARKET WRAP
苏州桑拿会所

SALES

Mont Albert North

A local investor has reaped a 35 per cent increase on two shops bought 15 months ago. The identical shops at 2A and 2B Milne Road transacted for $800,000 in late 2015 and sold again last week for $1.08 million, Stephen Speck from Gorman Commercial said. “The increased demand from owner-occupiers triggered the significant jump in value,” he said.

Frankston

Two investors buried the opposition, purchasing a pair of Allison Monkhouse Funeral Homes in Frankston and Mornington. One at 362-364 Nepean Highway sold for $3.7 million to an owner-occupier. The other at 102 Strachans Road in Mornington on a land area of 2357sq m was snapped up by a developer for $2.8 million, Daniel Philip, John Nockles and Ian Angelico from CVA said.

Malvern

One investor outbid five others, paying $1.32 million for a two-level, freehold shop at 17 Glenferrie Road sold with vacant possession. Teska Carson’s Tom Maule and Adrian Boutsakis said the area was tightly held with the owner having purchased 30 years ago. “Properties on the market within this precinct, when they do become available, always attract a high level of interest from a broad range of buyers and this was no exception,” Mr Maule said.

Notting Hill

Lawson Real Estate’s Mark Spigelman negotiated the sale of three office buildings at 7, 8 and 9 Business Park Drive for a total value of $3.85 million, a land rate of about 2500 per square metre. Low interest rates continue to spur demand for properties in the south-east, he said.

Derrimut

A local private investor paid $2.97 million for a new office warehouse at 74 East Derrimut Crescent. The 2686sq m building is leased on a six-year basis at a net annual rental of $160,000. The sale price reflected a yield of 5.3 per cent, Knight Frank’s Joel Davy and Gab Pascuzzi said.

Laverton North

An owner-occupier has snapped up one of the last remaining development sites in Laverton North. The 5784sq m site at 46-52 Hume Road went for $1,214,640. Joel Davy from Knight Frank said the land had a lot of interest but was secured by a private buyer.

Clifton Hill

Owner-occupiers have also featured prominently in Clifton Hill. Savills ‘s Julian Heatherich, Nick Peden, and Jesse Radisich said a property at 44 Alexandra Parade sold for $910,000. “This is the third property we have sold to an owner-occupier in the last few weeks underlining just how strong the current owner-occupier market is,” Mr Heatherich said.

Dandenong

A shop leased to Hot Bread Bakery, Shop 8 at 236-242 Lonsdale Street, sold for $520,000 in a record-setting deal for the area, Cameron’s John Guastella said. The shop was leased until 2018 with an option to extend, generating a yield of 4.6 per cent.

West Melbourne

Developers continue to target the city fringe. Gross Waddell’s Andrew Thorburn and Andrew Waddell sold a warehouse at 513-521 Victoria Street for $3.672 million. The property was sold with approved plans and permit for 26 apartments and one retail shop in a hotly contested auction, they said.

Canterbury

A corner shop near the railway station at 200 Canterbury Road sold to a local investor keen to get into the market for $885,000. The price reflects a yield of 2.78 per cent. The property was leased to a homewares business on a new three-year lease, Gorman Kelly’s Robert Kelly said.

LEASES

Mulgrave

Expanding business Allison Monkhouse has taken over ANZ’s 650sq m office tenancy at 700 Springvale Road on a five-year lease. The funeral director will occupy level two of the stand-alone five-level building, where a refurbishment was completed in July last year. Colliers International’s Kevin Tutty, Rob Joyes and Travis Myerscough negotiated the deal at $340 per square metre on behalf of Prime Value. Meanwhile, Natural Flooring Concepts has taken up a 1913sq m office/warehouse lease in Dandenong South. Michael Burne negotiated the five-year term at $80 per square metre on behalf of Equaland.

Windsor

Sash Pizza, a new Japanese pizza concept, has leased a 150sq m space at 113 Chapel Street. The property was leased on a six-year basis at a rate of $1000 per square metre, Knight Frank’s Paul Pellegrino said. The deal saw a 70 per cent uplift in rental from the previous deal done only three years ago.

MOVERS

Mornington- based Nichols Crowder agency has formed an alliance with Kevin Wright Real Estate, taking over Wright’s property management business. Wright will retain its sales and leasing divisions. Nichols Crowder’s Richard Wraith said the alliance adds to the “thousands of commercial and industrial properties we currently manage, allowing us to offer more efficient services to landlords and tenants”.

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