Market wrap
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.
Submissions to sjohanson@fairfaxmedia.com.au or cvedelago@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
Six of 10 prime riverfront offices in Hamton's Eden and Haven mixed‑use development in Abbotsford sold for a combined $2.25 million. Morley Commercial said prices were in excess of $6,500 per square metre, a record for the city‑fringe suburb.
A historic red‑brick building at Camberwell Junction sold at auction for $3.6 million after more than 70 bids. The two‑level, 250 sq m shop was sold on a 4.56% yield and returned annual rent of $164,117.
A fitted‑out office suite (190 sq m) at Level 2, 182 Victoria Parade sold to an owner‑occupier for $695,000. The sale included a 60‑day settlement and no GST was payable.
Two adjoining Swan Street sites (245 sq m each, combined land area 490 sq m and 21 m frontage) were sold for $2,580,000. They were bought by a development company for potential mixed‑use development; Swan Street is popular with tenants because rents can be up to 30% lower than nearby Church Street.
Melbourne law firm Aitken Partners signed a 10‑year lease for 1,250 sq m on level 28 of 140 William Street. The lessor was REST Industry Super. Agents did not disclose the rent, but industry sources suggested it was in the low $500s per square metre net.
Degani café signed the first retail lease at Evolve Development's Guilfoyle in Southbank. It agreed to a 10‑year lease for 241 sq m on the ground floor at a gross face rent of about $758 per sq m.
A new Harcourts division, Luxury Property Selection, leased 400 sq m at 390 Canterbury Road (formerly Masterplan House). Agents reported rents achieved were about $220 per sq m.
The article provides concrete metrics—sale prices per sq m (e.g. >$6,500/sq m in Abbotsford), yields (4.56% for the Camberwell shop) and rents per sq m (e.g. ~$758 gross in Southbank, low $500s net in the CBD). Everyday investors can use these comparable figures to benchmark local market pricing, compare expected income (rents) versus capital cost (price/sq m) and evaluate whether returns meet their investment criteria.
Call 1300 880 160
Start a chat
Schedule a call
