The Intelligent Investor Growth Fund is listing on the ASX. Initial Offer closes Friday.





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.


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.


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.



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.


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.


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.


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.


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.


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.

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