MARKET WRAP

Sales

CBD

More than 90 people turned out to watch a three-storey building sell under the hammer for $2.203 million after competitive bidding from five parties. A local owner occupier took 62-64 Little La Trobe Street, which offers about 368 sq m of floor space. With vacant possession, it was sold by Josh Rutman, Ed Wright and Mark Wizel of CBRE.

CLAYTON SOUTH

Virtus Property Group has bought a sizeable industrial property for $7.2 million, delivering a yield of almost 8.5 per cent. The 8741 sq m building is leased to Toll Transport. The new owner is planning to build two 2050 sq m buildings on the 30,730 sq m property. The deal was negotiated by Knight Frank's Dane Nichols and Lynton Williams of Savills. The site at 86-102 Whiteside Road had been purchased for $8.69 million in early 2008.

WEST FOOTSCRAY

All Metal Recyclers has paid nearly $900,000 for an office/warehouse facility. The older 1300 sq m building at 379 Somerville Road was owned by a Victoria-based investment syndicate. Luke Jesson and Ben Hegerty of Savills negotiated the sale.

Leases

FERNTREE GULLY

Pet, garden and pool supplier City Farmers is opening a 1253 sq m showroom at the bulk goods centre at 794 Burwood Highway. Rents are believed to be around $170 per sq m. The lease was negotiated by Keith Kooloos of Savills.

MOUNT WAVERLEY

Communications industry association InfoComm International is moving from Oakleigh to a 261 sq m office suite at 7/14 Lionel Road on a three-year term for about $57,000 per annum. Daniel Kelly of Savills negotiated the deal.

PRAHRAN

Charter Security is moving its headquarters from South Melbourne to 466 Malvern Road in a five-year deal for 500 sq m in a two-storey building, according to Jason Burmistrow and Michael Simonds of Jones Lang LaSalle.

SOUTHBANK

International restaurant chain TGI Friday's has continued its expansion in Melbourne, taking a prominent spot at the bottom of Freshwater Place. The 621 sq m spot in the popular foodie precinct was occupied by Korean restaurant YAR. CBRE's Zelman Ainsworth said TGI's signed a 10-year lease. The rent is about $400,000-$500,000 a year. The Southbank outlet is the sixth Melbourne restaurant for the American eatery, which arrived in Australia in 1995. Another is expected to open in Doncaster.

TULLAMARINE

Direct Couriers is moving to a modern warehouse close to the airport in a 10-year lease deal. The company is believed to be paying about $110 per sq m for the 6117 sq m building at 103-121 Western Avenue. Marco Sandrin of Colliers International negotiated the deal.

Movers

Cam Taranto has joined CBRE as a senior negotiator in the retail services team.

Correction: Last week, the name of Colliers International agent Sasan Misaghian was misspelt as Susan.