Market wrap

Sales

Abbotsford

Six out of 10 prime riverfront offices have been sold with a combined value of $2.25 million in Hamton's Eden and Haven mixed-use development. Morley Commercial director James Lie said the prices were in excess of $6500 a square metre, a record for the city-fringe suburb.

Camberwell

A historic building converted to a shop at Camberwell junction has been sold at auction for $3.6 million. The sale attracted more than 70 bids before the red-brick property on the corner of Burke and Riversdale roads was sold on a 4.56 per cent yield for a third above its reserve price, Savills Australia's Nick Peden said. The two-level, 250 sq m building returned yearly rent of $164,117.

East Melbourne

A modern office suite at level 2, 182 Victoria Parade was sold to an owner-occupier for $695,000. The fitted-out 190 sq m office included two offices, a meeting room, boardroom, reception and open-plan space. Gray Johnson agent Rory White said it had a 60-day settlement and no GST payable.

Richmond

Two adjoining sites in Swan Street have been sold for $2,580,000. Sold separately, they were bought by a development company for a potential mixed-use development. Both sites of 245 sq m had combined frontage to Swan Street of 21 metres on a total land area 490 sq m. Teska Carson's Michael Taylor said the street was favoured by tenants because rents were up to 30 per cent lower than in Church Street.

Leases

CBD

Melbourne law firm Aitken Partners has agreed to a new lease in the 140 William Street tower. Savills Australia's Nicholas Farley and Mathew Kent brokered the 10-year term for 1250 sq m on level 28. The lessor was the retail employees superannuation trust, REST Industry Super. Neither agent would comment on the rate but industry sources suggest it was in the low $500s per square metre net.

Southbank

Colliers International's Mike Crittenden has secured the first retail tenant for Evolve Development's recently completed Southbank project, the Guilfoyle, settling a 10-year lease with Degani cafe. Degani will occupy 241 sq m on the ground floor at a gross face rent of about $758 a sq m.

Surrey Hills

A new division of Harcourts estate agents called Luxury Property Selection has leased 400 sq m at 390 Canterbury Road. The building was formally known as Masterplan house but it will be rebranded with the Harcourts name. Kelly & Kelly's Matt Brown-Greaves said the rents achieved were about $220 a sq m.

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