Fifteen shops in Altona have sold for a total of $7.29 million. The shops at 90-118 Millers Road in Altona North were sold on behalf of a Melbourne family by Alex Ham and Daniel Greenlees of Gross Waddell in conjunction with Vinci Carbone. The properties were sold individually with a total sale value of $7,291,000, representing an average yield of 5.9 per cent. Sales ranged between $420,000 and $1,050,000 and were to investors across Melbourne on yields from 5.45 per cent to 6.65 per cent. The properties were offered for sale late last year by expressions of interest, with all but three properties selling. The remaining three shops sold at auction on May 31.
A new bar will open in Docklands. Operators have signed a new 10-year lease for 311 sq m at New Quay Promenade. Jones Lang LaSalle's retail leasing director, Jaycen Willox, negotiated the lease of the former Lounge Bar, previously owned by former AFL footballer Nick Daffy, within two weeks of it being on the market. The new bar will be known as The New Quay Hotel.
Keating Freight Lines, a family business from Shepparton specialising in heavy and light carriers, industrial transport, and cargo freight containers has bought an industrial site at 36-38 Glenbarry Road for $2 million. Keating will move its existing transport depot in the area to the new location. The property comprises an office-warehouse, two overhead cranes and a renovated office. Building area totals 2317 sq m and the land 6760 sq m. The sale was brokered by ICR Property Group director Raff De Luise. He said that the building-land ratio was unusual: 38 per cent building, 62 per cent land, offering potential to expand.
An industrial property in Mitcham has sold for $6.7 million to a local private superannuation fund. CVA Property Consultants sold the investment, located at Building 9, 621 Whitehorse Road, on a yield of 8.7 per cent. The building is leased to Frost Merchandising on a term of 10 plus five plus five years with a current rental return of $584,866.11 a year. Frost Merchandising specialises in creative promotional product solutions.