MARKET WRAP

Sales

BURWOOD

A two-storey brick building at 275 Burwood Highway has sold before auction for $710,000 through Fitzroys. It was the first time in 30 years the 188 sq m building had been put to market and the sale delivered a yield of 3.5 per cent. The agent was James Lockwood.

CBD

Drapac has sold an office suite in its 140 EAST strata development to a local accountant for $1 million. The 194 sq m space is in 140 Bourke Street. The agents were Tom Tuxworth, Ed Wright and Chris Pharr of CBRE.

HAWTHORN

A medical group has bought a double-fronted Victorian property in Hawthorn East which has long been used as a medical centre. The residential-zoned property at 759 Burwood Road, which offers 800 sq m of space, fetched $2.7 million at auction. The sale was handled by Scott Orchard, Jamus Campbell and Mark Wizel of CBRE and Andrew Macmillan and Steven Abbott of Jellis Craig.

WEST MELBOURNE

A two-storey office warehouse leased to AHI Carrier has sold for about $2.6 million. The 745 sq m property at 14-20 Roden Street delivers an annual rent of about $109,909 on a lease that expires in November 2014. Raff De Luise and Guy Naselli of ICR Property Group negotiated the sale.

ROWVILLE

Developer C&R Momentum has sold five boutique office warehouse units in the first week of the sales campaign for its Momentum Business Park project. The units at 5 Enterprise Drive have asking prices of $382,000 to $497,000. The sales were negotiated by Luke Pitcher and Grant Tishler of Crabtrees Real Estate.

Leases

ALTONA NORTH

Salta Properties has achieved full occupancy at its industrial estate after signing a three-year lease deal with South African furniture importer Weylandts. The group has taken 2640 sq m warehouse facility at 421-439 Grieve Parade ahead of opening a retail outlet in Melbourne. Nick Saunders of Colliers International said the rent was $55 per sq m.

BROOKLYN

Stockland has leased a warehouse facility inside its 40,000 sq m distribution centre. The tenant is logistics company the Fashion Movers, which has taken a 6429 sq m building on a three-year term. The net face rent is $50 per sq m and the deal was negotiated by Nathan Bingham of Colliers International.

DOCKLANDS

New Quay will be home to a new entertainment venue called Aria Bar & Events. The 500 sq m property, formerly occupied by BlueFire Charrascaria Grill, offers waterfront views. The three-year deal was negotiated by Michael Di Carlo and Jeremy Marmur of Savills. The asking rent for the property was about $550 per sq m.

RAVENHALL

Savills has signed two new tenants to industrial buildings at rents between $77 and $80 per sq m. A data electrical company and a fitness industry player signed three-year deals for 60-62 Rebecca Drive and 47-51 Rebecca Drive, according to Luke Jesson and Tim Casanelia.

RICHMOND

UK-based foodie brand Symington's will open an office at 582 Swan Street after winning a contract to supply products to Coles. The 230 sq m space was leased for four years on a rent of $330 per sq m. Leah Baxter of Colliers International arranged the deal.