Sales

MT WAVERLEY

Anglo Italian Concrete has purchased a vacant commercial building at 20 Lionel Road for $2.15 million. Lawson Real Estate agent Mark Spigelman and Stockdale Property's Stephen Stockdale negotiated the sale of the 1527 sq m property, located in one of Mt Waverley's best commercial locations.

ELTHAM

Three retail locations at 10-16 Arthur Street have been sold to a private investor for $1.72 million. Knight Frank's Michael Hede and Tim Grant held the auction, which resulted in a yield of 4.9 per cent. The properties, totalling 198 sq m are leased by NAB on a 4+4+4 year basis with an annual net rental of $84,615.

ARMADALE

An owner-occupier has bought a boutique freehold at 781 High Street for $850,000. Fitzroys agents Chris Kombi and James Lockwood handled the sale of the single-level, solid brick building of 75 sq m in the popular shopping precinct. The purchaser plans to convert the premises into a gallery space.

RICHMOND

A two-storey office space at 1a Somerset Street has been sold for $800,000. The 185 sq m dual-occupancy building on separate titles with two car spaces was purchased by an owner-occupier. The deal was negotiated by Nic Bennison from Morley Commercial and the sale equates to $4324 per square metre.

SOUTH YARRA

Four office investment suites in Fridcorp's "lilli" development at 12-14 Claremont Street were sold for $2.12 million. The suites, from 85 sqm to 96 sq m, sold for between $400,000 and $710,000. The deals were brokered by Knight Frank's Chao Zhang and Tim Grant. The best yield came from suite 512, occupied by real estate agents Jellis Craig, at 6.67 per cent, achieving a sale rate of $7365 per square metre. The average price per square metre was $6213.

ST ALBANS

A market at 3 St Albans Road has sold to a private Victorian investor at a hotly contested auction for $8.11 million. The sale of 6242 sq m property, home to Sam's St Albans Market, translated to a passing yield of 5.58 per cent and a building rate of $6048 per square metre.  The sale was brokered by CBRE retail investment agents Mark Wizel, Justin Dowers and Rorey James.

COLLINGWOOD

An overseas investor has purchased a 225 sq m property at 300 Smith Street for $2.45 million, more than $700,000 above the reserve. CBREs Rorey James said the sale price reflected an extremely tight yield of 3.2 per cent. The property is tenanted by the award-winning Saint Crispin restaurant.

CLAYTON

Melbourne developers Virtus Property Group has bought a redevelopment site at Audsley Street for $2.4 million. The 6400 sq m site zoned industrial one will be redeveloped into a 24-unit office and factory estate. The sale was brokered by Savills associate director of industrial, Daniel Kelly.

BURWOOD EAST

A retail property in the Burwood Heights Shopping Centre has been sold to a private investor for $660,000, representing a 5.7 per cent yield. The 70 sq m premise at Shop 14, 2 Burwood Highway, is tenanted by a podiatry clinic and returns $38,210 a year with 3 per cent annual increases. Teska Carson director George Takis said strong bidding from three potential investors pushed the price well above reserve.

Leases

MELBOURNE

An Indian takeaway restaurant has secured a seven-year lease in the popular Goldsborough Lane district. The terms of the 90 sq m premises have not been disclosed but the average rental rates in the area are $1000 per square metre a year net. The deal was brokered by Savills Victorian retail director Michael Di Carlo.

RICHMOND

Children's charity the Starlight Foundation is moving to an office space at Building 2, 658 Church Street. The terms of the lease of the approximately 400 sq m space were not disclosed but rents in the area average above $300 per square metre a year net. The deal was negotiated by Travis Myerscough and Ash Dean from Colliers International.

RICHMOND

A retail space at 543 Bridge Road has been leased to Melbourne Hand Surgery. The 150 sq m property was leased for a net face rent of $400 per square metre after Richmond Medical relocated last year. Ash Dean from Colliers International negotiated the five-year lease term and said the rental rate secured was proof the Bridge Road retail market was improving.

DERRIMUT

An industrial property at Unit 2, 32 East Derrimut Crescent was leased to logistics company Tri-Star Global for a two-year term for a rental return rate of $84 per square metre. The 345 sq m space has a brand new office space above and a warehouse downstairs. Stephen Ryan from Colliers International said the property was ideally located close to Melbourne’s western arterials.

RESERVOIR

A railway-works company has leased a corporate office and warehouse space at 31 Lakeside Avenue for $84,000 a year net on a three-year plus option for three further terms of three years. ICR Property Group's Guy Naselli and Raff De Luise negotiated the lease of the two-level, 1793 sq m property to Railway Works Products & Services Pty Ltd.

MALVERN

A medical centre next to Cabrini Hospital at 167 Wattletree Road has been leased for $50,000 a year. The 160 sq m property was leased to a group of psychologists and Nic Bennison from Morley Commercial negotiated the terms.

Movers

Savills Australia has appointed Shammi Liang as an analyst at the company's William Street office. Ms Liang has a master of property from Melbourne University and previously worked in property management for investment company Ironfish.