Market wrap
ELSTERNWICK
Three shops in the Glen Huntly Road retail strip have sold at auction for $4.6 million on a yield of 3.58 per cent. Five bidders competed for the premises at 388-392 Glen Huntly Road. According to Teska Carson director Michael Ludski, the three older-style, two-storey shops with ground retail space and upstairs storage areas were fully leased at a net annual rental of $165,000.
ST KILDA
A centrally located freehold at 104-106 Acland Street sold at auction for $3.14 million. The property is leased to the one tenant, Rogues Jeanery, for $158,371 per annum plus GST. Rogues has occupied the building since the mid-1980s, said Fitzroys agents Mark Talbot and Geoff Emmett. The sale reflected a land sales rate of $36,000 per square metre, they said.
Leases
BRIGHTON
Fitzroys has recently placed a string of national tenants along the popular retailing strip of Church Street in Brighton. Bedding retailer Sheridan has taken 140 sq m at 50 Church Street, paying $850 per sq m - or 37 per cent more than the previous tenant. At 42A, franchise group Hairhouse Warehouse is paying $900 per sq m for 110 sq m. Kookai has gone into the 124 sq m spot at 82 Church Street for five years on a rent of $806 per sq m. The deals were negotiated by Mark Talbot.
SCORESBY
LED signage manufacturer Omnet has leased an office and warehouse facility at 49-51 Rocco Drive, a modern 1357 sq m building with a
389 sq m office and 968 sq m of warehouse. Savills industrial executive Daniel Kelly said the tenant agreed to a long-term lease. Mr Kelly declined to confirm the rental but it is believed to be about $125,000 net per annum.
SOUTH YARRA
Gersh Investment Partners has replaced commodities traders Louis Dreyfus in the office tower at 650 Chapel Street. The group is paying circa $420 per sq m for a 300 sq m spot. For its part, Louis Dreyfus has moved nearby to level 14 at 644 Chapel Street on a rent of $420
per sq m. The deals were negotiated by Jake Eisen of Kelly & Kelly Property.
Movers
Mark Kelly has joined architecture firm Hassell as a principal. Mr Kelly has 25 years' experience as an architect and designer in Australia and Britain. He was a director with Woods Bagot in Melbourne.
David Bowden has been appointed managing director for Jones Lang LaSalle Victoria after 32 years with the company. He succeeds Andrew Wood, who was in the position for six years.
Submissions to sjohanson@theage.com.au or cvedelago@theage.com.au
Frequently Asked Questions about this Article…
Three two-storey shops at 388-392 Glen Huntly Road in Elsternwick sold at auction for $4.6 million on a yield of 3.58%. Five bidders competed for the fully leased premises, which produce a net annual rental of $165,000.
The centrally located freehold at 104-106 Acland Street in St Kilda sold at auction for $3.14 million. It is leased to Rogues Jeanery for $158,371 per annum plus GST; Rogues has occupied the building since the mid-1980s. The sale reflected a land sales rate of $36,000 per square metre.
Fitzroys placed several national tenants on Church Street, Brighton: bedding retailer Sheridan took 140 sq m at 50 Church Street paying $850 per sq m (about 37% more than the previous tenant); Hairhouse Warehouse signed for 110 sq m at 42A paying $900 per sq m; and Kookai leased 124 sq m at 82 Church Street on a five‑year deal at $806 per sq m. The deals were negotiated by Mark Talbot.
LED signage manufacturer Omnet leased a modern 1,357 sq m office and warehouse at 49-51 Rocco Drive, comprising 389 sq m of office and 968 sq m of warehouse. Savills industrial executive Daniel Kelly said the tenant agreed to a long-term lease; the rental was not confirmed but is believed to be about $125,000 net per annum.
Gersh Investment Partners replaced Louis Dreyfus in the office tower at 650 Chapel Street, taking a circa $420 per sq m lease for a 300 sq m space. Louis Dreyfus moved nearby to level 14 at 644 Chapel Street on a rent of $420 per sq m. Jake Eisen of Kelly & Kelly Property negotiated the deals.
Mark Kelly joined architecture firm Hassell as a principal; he has 25 years' experience and was previously a director with Woods Bagot in Melbourne. David Bowden was appointed managing director for Jones Lang LaSalle Victoria after 32 years with the company, succeeding Andrew Wood.
The article highlights a range of market indicators: the Elsternwick retail sale achieved a 3.58% yield and $165,000 net annual rent; the St Kilda Acland Street freehold sold for $3.14 million with a tenant paying $158,371 p.a.; Brighton retail rents ranged from $806 to $900 per sq m; South Yarra office rents were around $420 per sq m; and the Scoresby industrial lease is believed to be about $125,000 net p.a.
Yes. The Elsternwick auction attracted five bidders for the three-shop holding, and some Brighton retail deals showed rising rents (for example Sheridan paying about 37% more than the previous tenant), indicating active leasing interest in those precincts.
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