ASL Securities has sold an industrial building in Airport West for $1.01 million in a hotly contested auction. A private investor bought the 308-square-metre building at 99 and 99A Matthews Avenue, which is occupied by Greg Heffernan Motors. The five-year lease on the 1022 sq m site returns $63,000 a year net. The sale was handled by Robert Butera and Andrew Briffa of Jones Lang LaSalle and Bernard Corser of Corser Property.
Ellis Air Conditioning will move to Dingley from Keysborough after buying a $1.3 million office/warehouse in the Redwood Gardens Estate. The 1650 sq m building, which includes 300 sq m of office space, is at 3 Chestnut Drive. Daniel Kelly of Savills and Crabtrees negotiated the deal.
Global fashion accessory retailer Lovisa has taken a three-year lease over a 1506 sq m warehouse at 47-51 Camberwell Road. Jake Eisen at Kelly & Kelly Property said previous tenant Adairs had moved to a 8000 sq m site in Scoresby's Caribbean Business Park. In another deal at the Hawthorn spot, Kula Yoga has rented a 350 sq m office for four years.
Knight Frank has sold five industrial units in Port Melbourne in a series of deals that highlights the growing influence of self-managed super funds in the industry. Associate director Ben Hackworthy said small investors spent nearly $4 million on the transactions, in which the facilities will be leased back to their own businesses. Located in high-tech precincts along Sabre Drive, Wirraway Road, Wharf Road and Rocklea Drive, the properties achieved $2500-$2703 a sq m for sizes from 252 sq m to 419 sq m.
Electronics maker McVan Instruments has paid $1.53 million for a 1425 sq m office/warehouse on a 2000 sq m site at Scoresby. The Mulgrave-based operation bought the property 8-10 Keith Campbell Court after leasing for 23 years. The deal was negotiated by Daniel Kelly of Savills and Lawson Real Estate.
Private investor Richard Leaper has paid $4.6 million for the Magnolia Court Boutique Hotel at 95-101 Powlett Street. The refurbished 26-room hotel returns $301,394 a year net on a lease until 2018, delivering a yield of 6.55 per cent. The 920 sq m property is zoned Residential 1 and offers three street frontages. Chris Mulcahy and Ann Magee of Mulcahy & Co and Mark Wizel and Josh Rutman of CBRE were responsible for the deal.
Serviced and virtual office company Servcorp has doubled the size of its operations in 101 Collins Street, taking out a second floor in the Commonwealth Superannuation Corporation building. The global operator said increased teleworking and offshoring, economic uncertainty and the high start-up and running costs associated with traditional offices was driving demand from multinationals and SMEs for new space.