MARKET WRAP
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.
Frequently Asked Questions about this Article…
An industrial property at 41–43 Glenelg Street in Coolaroo sold at auction for $900,000 (about $350 per sq m). The two office-warehouse buildings (2,569 sq m floor space on a 4,571 sq m land parcel) were bought by a local community group that occupies an adjoining block. The sale was negotiated by Marco Sandrin and Leonardo Cessario of Colliers International.
A sizeable Derrimut industrial allotment at 401–405 Fitzgerald Road, partially occupied by an unmanned Shell Diesel Centre, sold for $2.2 million before going to auction. The 10,000 sq m site was bought by a private investor and returns $90,000 a year in rent. Nathan Bingham and Chris Jones of Colliers International negotiated the sale for the vendor CL & PO Investments.
A private investor paid $2.05 million for the 170 sq m building at 133 Ormond Road in Elwood, which is leased to Geoff Lindsay’s Dandelion restaurant for another eight years. The sale attracted a yield of 4.54% and was negotiated by Hamish Burgess and Jeremy Gruzewski of Colliers International.
Medical group Orthopaedic Appliances (OAPL) bought an office-warehouse at 29 South Corporate Avenue, Rowville, for $4.1 million. OAPL is set to occupy the 3,500 sq m property, which was sold with vacant possession. The deal was negotiated by Andrew O'Connell of Jones Lang LaSalle.
Several notable leases were reported: Executive Edge Travel took 1,000 sq m at 69 Kooyong Road, Caulfield, on a seven-year deal; Goodman leased a 7,034 sq m warehouse at 43–63 Princes Highway, Dandenong South, to Savco Logistics for 10 years (including a 144 sq m office); Makland Group leased a 2,500 sq m industrial property at 21 Paramount Boulevard, Derrimut, to Global Machinery & Racking Systems on a four-year lease; and Choices Flooring will open a 446 sq m showroom at 339 Whitehorse Road, Nunawading (rent $120,000 pa).
The article reports a range of rents: the Makland Group/Derrimut deal was at $78 per sq m; the Wantirna lease to CMS Australasia was about $64 per sq m for a 2,144 sq m property at 5 Burwood Highway (five-year deal); and the Dandenong South warehouse to Savco Logistics is estimated at about $58 per sq m. Choices Flooring’s Nunawading showroom rent was reported as $120,000 per annum.
Multiple brokers and firms handled the transactions: Colliers International (Marco Sandrin, Leonardo Cessario, Nathan Bingham, Chris Jones, Hamish Burgess, Jeremy Gruzewski, Nick Saunders, Joshua Tebb, Susan Misaghian, David Kalb), Jones Lang LaSalle (Andrew O'Connell, Joshua Tebb also noted), CBRE (James Jorgensen, Michael Hayden, Scott Littler), and Goodman acted as a landlord in the Dandenong South lease.
Yes. Savills Australia appointed Stefan Miles as senior executive of leasing for its St Kilda Road and City Fringe team; Mr Miles has 15 years' experience in commercial and residential markets. Also, Ashley Dean joined Colliers International as an executive of office leasing, moving from four years in the residential market at James Dean Residential in Brisbane; he will be based in Colliers’ Melbourne East office in Clayton.
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