MARKET WRAP

Launches

HIGHPOINT

GPT will launch its $300 million refurbishment of Highpoint on Thursday, with the property group saying the transformation will turn the ageing shopping centre into a new retail destination. The 30,000 square metre expansion has drawn in David Jones, Woolworths, Zara and Topshop among the 100 new speciality stores. GPT says only one retail space is left to rent. Megan Gale will be on hand for the launch.

Sales

MOORABBIN

A large office-warehouse at 67-73 Cochranes Road in Moorabbin has sold for $4 million. The building's lower-floor warehouse is 3,175 square metres. It also houses a 1,325 square-metre office over two levels, with the upper level leased to home builder Hotondo Homes at a gross annual rental of $135,588 (including GST and outgoings). Crabtrees Real Estate director Chris McKenzie said the property was bought by a long-established privately owned family importing company.

UPPER BEACONSFIELD

A local general store in Upper Beaconsfield has sold for $745,000 on a yield of 5.77 per cent. The 370 square-metre property, rebuilt after the 1983 Ash Wednesday fires, is leased to Thrifty-Link of the Woolworths buying group. The sale of 1/39-47 Beaconsfield Emerald Road was negotiated by Graham Kendall and Matt Rice of Facey Industrial Commercial.

Leasing

DOCKLANDS

Fitzroys agent Andrew Hewett has leased 759 Bourke Street in Docklands (right) to hair and beauty salon Blow Dry Bar at a rate of around $700 per square metre. It includes a fitted ground-floor office with the new business expected to open in April. The owner is a private investor.

Movers

Josh Langdon has left Colliers International to join Project Control Group, becoming a tenant representative with the Melbourne branch of the workplace consultancy.

Correction

Last week, Market Wrap incorrectly reported that Southern Health was moving to Malvern. Victoria's largest health services provider is moving to 122 Thomas Street, Dandenong, turning the building into a health services hub as part of the state government's revitalising Central Dandenong initiative. Jones Lang LaSalle's Joshua Tebb negotiated the 15-year lease.

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