MARKET WRAP

Sales

COOLAROO

An industrial property has sold through auction for $900,000 or $350 per sq m. There are two office warehouse buildings totalling 2569 sq m of floor space on a land parcel of 4571 sq m. The property at 41-43 Glenelg Street was bought by a local community group that occupies an adjoining block. The deal was negotiated by Marco Sandrin and Leonardo Cessario of Colliers International.

DERRIMUT

A sizeable industrial property leased to Shell Australia has sold for $2.2 million before being taken to auction. A private investor took the 10,000 sq m allotment at 401-405 Fitzgerald Road, partially occupied by an unmanned Shell Diesel Centre and returns a rent of $90,000 a year. Nathan Bingham and Chris Jones of Colliers International negotiated the sale on behalf of CL & PO Investments.

ELWOOD

A private investor has paid $2.05 million to snap up a small retail spot occupied by Geoff Lindsay's Dandelion restaurant. The 170 sq m building at 133 Ormond Road is leased to the restaurateur for another eight years. The sale, which attracted a yield of 4.54 per cent, was negotiated by Hamish Burgess and Jeremy Gruzewski of Colliers International.

ROWVILLE

Medical group Orthopaedic Appliances has bought an office warehouse at 29 South Corporate Avenue for $4.1 million. OAPL is set to occupy the 3500 sq m property, sold with vacant possession. The deal was negotiated by Andrew O'Connell of Jones Lang LaSalle.

Leases

CAULFIELD

Executive Edge Travel is consolidating two operations into a single premises at 69 Kooyong Road. The boutique corporate travel agency has taken 1000 sq m for seven years in the stand-alone building. The deal was negotiated by Joshua Tebb of Jones Lang LaSalle.

DANDENONG SOUTH

Goodman has leased a sizeable warehouse to Savco Logistics. The transport group will occupy the 7034 sq m property at 43-63 Princes Highway, which includes a 144 sq m office, for 10 years. The rent is estimated at about $58 a sq m. CBRE's James Jorgensen and Michael Hayden negotiated the deal.

DERRIMUT

The Makland Group has leased the 2500 sq m industrial property at 21 Paramount Boulevard. Global Machinery & Racking Systems signed a four-year lease on a rent of $78 per sq m before the building was completed. Nick Saunders, Nathan Bingham and Chris Jones of Colliers International negotiated the deal.

NUNAWADING

Choices Flooring will open a showroom in the 446 sq m building at 339 Whitehorse Road. The rent is $120,000 per annum. The deal was negotiated by CBRE's Scott Littler.

WANTIRNA

The Melbourne School of

Theology has leased an industrial building it owns to audio/visual events production company

CMS Australasia. The five-year deal was done at a rent of about

$64 per sq m. Susan Misaghian and David Kalb of Colliers International arranged the deal for the 2144 sq m property at 5 Burwood Highway.

Movers

Savills Australia has appointed Stefan Miles to the position of senior executive of leasing on its St Kilda Road and City Fringe team. Mr Miles has 15 years' experience in the commercial and residential markets.

Ashley Dean has joined Colliers International as an executive of office leasing after spending four years in the residential market at James Dean Residential in the Brisbane area. Mr Dean will be based in the company's Melbourne East office

in Clayton.