MARKET WRAP
BRAESIDE
An industrial building at 1 Endeavour Way, Braeside has sold at auction with freehold vacant possession. The building was bought by The Wrapping Paper Company in a deal negotiated by Colliers International's Jamie Stuart and Sasan Misaghian. "This property attracted competitive bidding from four local owner-occupiers and achieved a premium price of $1,105,000 under the hammer - $100,000 above reserve," Mr Stuart said. "We are noticing an increase in tenants with options on their existing leases taking the opportunity to acquire their own premises."
TOORONGA
A strata title office - Suite 103 at 1 Crescent Road - has sold for $584,899. Colliers International's Hamish Burgess and Ted Dwyer and Knight Frank's Tim Grant negotiated the sale, which achieved a yield of 7.86 per cent to an overseas investor. The 112 sq m building leased to Best & Less on a five-year term was sold by Stockland. The investor was attracted by the strong covenant of the tenant, long-lease term and lack of vacancy in the Tooronga Commercial complex, Mr Burgess said.
Leases
MULGRAVE
Salta Properties has secured a major new tenant for Nexus Corporate Park in a deal negotiated by Colliers International's Leah Baxter. United Energy and Multinet Gas will relocate part of its team to the 2600 sq m building. "As a result of this lease, Salta Properties will now commence work on the planned multilevel car park which will service the wider Nexus Corporate Park development," Ms Baxter said. Panasonic and Renault recently committed to long-term leases at the park alongside existing tenants ADP, Bristol Myer Squibb, Carlisle Homes, Adidas and WorkSafe.
CAMBERWELL
Franchised national hairdressing chain Blow Dry Bar has taken a 68 sq m space in FKP Property Group's $150 million Camberwell Junction Aerial apartment project. Blow Dry Bar, which has 17 salons nationally, took a three-year lease at a rental believed to be about $750 a sq m per annum. Michael Di Carlo, who brokered the deal with Jeremy Marmur, for Commercial Real Estate, said the hairdresser joined other tenants, Jetts Fitness, B&O, and Meat & Wine Co.
IVANHOE
Gray Johnson director Matt Hoath has negotiated the lease of a large office building at 899 Heidelberg Road to major toy and hobby business Zimbler. The 850 sq m building has two levels of offices and a storage area on the lower ground floor. It sits on a large 3000 sq m corner site with 34 car spaces and will lease for five years from June with annual rental of $82,500. Zimbler also leased a large warehouse building in Rossmoyne Street, Thornbury with an annual rental of $152,000, Mr Hoath said.
MOORABBIN
International logistics heavyweight Transtar International Freight has leased a speculative office/warehouse constructed by Pellicano Builders at 39-47 Sunmore Close in Moorabbin. The 4374 sq m Parkview Estate building is leased for about $100 sq m, in line with market rentals in the area. Andrew Macqueen from Industry Property Group said Transtar was looking to consolidate three smaller properties into one.
Movers
Eight Colliers International agents - Jeremy Gruzewski, Ben Baines, Hamish Burgess, Andrew Ryan, Rob Joyes, Ted Dwyer, Leigh Melbourne and Tony Landrigan - will embark on the walk of their lives this month with the aim of raising more than $10,000 for Oxfam. They will form two teams to participate in the Oxfam Trailwalker challenge. More than 700 teams will walk through the night for 100 kilometres from Wheelers Hill to Wesburn on April 19-21.
Submissions to sjohanson@theage.com.au or cvedelago@theage.com.au
Frequently Asked Questions about this Article…
An industrial building at 1 Endeavour Way, Braeside, sold at auction for $1,105,000 (about $100,000 above reserve). The buyer was The Wrapping Paper Company. Colliers agents Jamie Stuart and Sasan Misaghian said the result reflected competitive bidding from local owner-occupiers and a growing trend of tenants with lease options choosing to buy their premises — a dynamic investors should watch for signs of stronger owner-occupier demand in industrial markets.
A strata office (Suite 103, 1 Crescent Road) of 112 sq m sold for $584,899 and was leased to Best & Less on a five‑year term. The sale, negotiated by Colliers and Knight Frank and sold by Stockland, achieved a yield of 7.86% to an overseas investor. The purchaser was attracted by the tenant covenant, the long lease term and low vacancy in the Tooronga Commercial complex.
Salta Properties secured United Energy and Multinet Gas as a tenant for a 2,600 sq m building at Nexus Corporate Park. That lease will trigger Salta to commence construction of a planned multilevel car park to service the wider development. The park already has recent long‑term commitments from Panasonic and Renault alongside tenants such as ADP, Bristol‑Myer Squibb, Carlisle Homes, Adidas and WorkSafe — a sign of strong leasing momentum for the precinct.
Blow Dry Bar signed a three‑year lease for a 68 sq m retail space in FKP Property Group’s $150 million Camberwell Junction Aerial project. The rental was reported to be about $750 per sq m per annum. Blow Dry Bar joins other centre tenants including Jetts Fitness, B&O and Meat & Wine Co.
Zimbler leased an 850 sq m two‑level office building at 899 Heidelberg Road, Ivanhoe (with lower‑ground storage and 34 car spaces) on a five‑year lease from June at an annual rent of $82,500. Zimbler also leased a large warehouse on Rossmoyne Street, Thornbury, with an annual rent of $152,000. Both deals were negotiated through local brokers.
Transtar International Freight leased a speculative office/warehouse at 39–47 Sunmore Close, Moorabbin (Parkview Estate) totalling 4,374 sq m. The space was leased at about $100 per sq m — described as being in line with market rentals in the area. Transtar is consolidating three smaller properties into this single facility.
The article provides useful benchmarks: the Tooronga strata office sold for about $5,224 per sq m ($584,899 ÷ 112 sq m) and delivered a 7.86% yield; small‑format retail in Camberwell is renting around $750 per sq m p.a.; large office rents in Ivanhoe implied roughly $97 per sq m p.a. ($82,500 ÷ 850 sq m); and industrial/warehouse market rent in Moorabbin was reported at about $100 per sq m. These examples illustrate how yields, price‑per‑sq‑m and rent‑per‑sq‑m can vary sharply by asset type and location.
Eight Colliers International agents (Jeremy Gruzewski, Ben Baines, Hamish Burgess, Andrew Ryan, Rob Joyes, Ted Dwyer, Leigh Melbourne and Tony Landrigan) are participating in the Oxfam Trailwalker challenge to raise more than $10,000 for Oxfam. They will form two teams to walk 100 km from Wheelers Hill to Wesburn on April 19–21.
Call 1300 880 160
Start a chat
Schedule a call
