BRIEFS

A tenanted retail property in the heart of St Kilda has been sold for $670,000. The 90 sq m property at 162A Carlisle Street was sold at auction by Ray White Commercial Oakleigh sales and leasing executive Ryan Amler. The marketing campaign attracted more than 40 inquiries and five bidders. A long-term tenant is paying annual rent of almost $40,000. Mr Amler said the building was close to restaurants, cafes and Balaclava station.

CBD

A building floor, Level 5 at 250 Queen Street, has been sold to a private investor for $1.15 million by Kliger Wood Real Estate. The property comprises a high-quality office area of 220 sq m and an adjoining 111 sq m terrace. The floor is occupied on a lease that expires in February, so the indicative return is 7 per cent. The net annual rent is $83,511, plus GST with building outgoings met by the tenant.

PORT MELBOURNE

Hospitality solutions provider Riva Corporation has bought a 130 sq m office in Port Melbourne, at 11/3 Westside Avenue. The two-storey property is in Portside Business Park and features five onsite car spaces and a modern glazed facade. CBRE's Harry Kalaitzis negotiated the deal at $380,000 on behalf of a private super fund. Mr Kalaitzis said the property's location was a key factor in the sale. "Close proximity to the Melbourne CBD, Westgate Freeway, Tullamarine Freeway and CityLink was of great appeal to Riva Corporation," he said. Riva Corporation is a solutions provider to the hospitality and retail industries, specialising in point of sales hardware and software.

NORTH MELBOURNE

A beautiful two-level terrace at 114 Dryburgh Street, North Melbourne, has been sold for $775,000 by ICR Property Group. Selling agent was Guy Naselli. North-west of Victoria Street and south of Queensberry Street, the property was previously leased for more than 15 years by the same owners and sold as vacant possession. The building area of 230 sq m is made up of ground floor and first floor bedrooms and a bathroom. Zoned mixed use, the site has great rear access from Little Dryburgh Street.

NEWPORT

A shop trading as an IGA supermarket and liquor store in Newport has been sold for $2.725 million by Gross Waddell. The 2-12 Mason Street property was sold by agents Michael Gross, Alex Ham and Daniel Greenlees on a yield of 7.63 per cent. The lease provides for a 10-year term, with further terms of four and five years. The rent is $208,000 a year, plus GST. The gross area is 585 sq m, plus four basement car spaces. The property forms part of a recently completed apartment complex comprising ground floor and three upper levels accommodating 26 apartments.

FUND FINDS A FLOOR

Industry superannuation fund CareSuper will lease a floor at 31 Queen Street. Josh Langdon, Colliers International associate director, office leasing, has negotiated a seven-year lease to CareSuper for 964 sq m on level 18 of the building, which is owned by Challenger Diversified Property Group. CareSuper was based over two floors in a building nearby. Mr Langdon said the company wanted to upgrade and move on to a single floor while remaining in the same area. The lease was struck at a rate of low $400s a square metre. CDI has embarked on an external makeover of the building since taking ownership a year ago, which had taken 31 Queen Street from 15 per cent vacancy to almost 5 per cent. CareSuper, established in 1986, is said to be the largest industry fund specialising in superannuation for people engaged in professional, managerial, administrative and service occupations.