Market wrap

Sales

FERNTREE GULLY

A private investor has paid $2.91 million after auction to secure the location of a KFC outlet along Burwood Highway. The fast-food franchise has signed on for an 11-year term with options that could extend the lease to 2032. The yield on the sale was 6.9 per cent, according to Stephen Bolton and Stuart Taylor of Jones Lang LaSalle.

MALVERN

Teska Carson has sold two properties for a combined $2.65 million. The 365 sq m retail space at 229 Glenferrie Road fetched $1.7 million and returns a rent of $100,800 a year. A 543 sq m showroom at 669 Dandenong Road sold at auction for $950,00 and returns a rent of $60,000 a year. The sales were negotiated by Tom Maule and Michael Ludski.

SUNSHINE

Investment group Fife Capital has spent $6.18 million to buy an industrial facility that is occupied by logistics group Lindsay Australia. The property at 28-40 Vella Drive comprises a two-storey office and three warehouses with a total floor space of 4321 sq m. Ben Hegerty and Graham Hemingway of Savills said Lindsay Australia was on a 10-year lease that returned a rent of $540,800 a year.

TOORAK

A retail and office complex in the heart of Toorak village has sold at auction for $7.425 million. The property, which consists of two Rothe Lowman-designed buildings, is leased to marquee tenants Max Mara, Marina Rinaldi and architect Nicholas Day, and achieved a yield of 5.25 per cent. An offshore investor bought 454 Toorak Road and 1 Carters Avenue, said Fitzroys' Michael Ryan, David Bourke and Charles Emmett.

WILLIAMSTOWN

A two-storey shop and apartment has sold under the hammer for $1.4 million, achieving a price $230,000 over its reserve. The 183 sq m building at 227 Nelson Place was sold with vacant possession by James Gregson and Andrew Hewett of Fitzroys.

Leases

ALTONA NORTH

Gray's Fitness is consolidating its operations from four warehouses into a single facility at 91-93 Dohertys Road. The 2633 sq m warehouse has been taken on a three-year lease that returns a rent of $75 per sq m. The deal was negotiated by Nick Saunders of Colliers International.

CBD

Fitness training group Recomp is opening a gymnasium in the basement of 51 Queen Street. The 375 sq m spot has been leased for five years on a rent of about $120,000 a year. The deal was negotiated by Mathew Kent and Louise Nicholl of Savills.

LAVERTON NORTH

Logistics group Express Direct Services is upgrading to larger premises, signing a six-year lease for a 4110 sq m warehouse at 28-50 Cyanamid Street. The property, which is owned by the South Australian government group the Motor Accident Commission, attracts a rent of $75 per sq m. The deal was negotiated by Andrew Macqueen of Industry Property Group. EDS was previously in Altona.

Movers

Vantage Property Investments has appointed Andy Bata, formerly of Jones Lang LaSalle, to the position of senior property manager. Vantage, a property syndicator and investment manager, controls a portfolio worth in excess of $180 million.

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