Market wrap

Sales

CARLTON NORTH

A private investor has paid $3.265 million - on a yield of 5 per cent - for a freehold building in the heart of Rathdowne Village. The two-storey property at 633-635 Rathdowne Street has a lettable area of 405 sq m and is occupied by two ground-floor shops and a first-floor gymnasium, which pay $164,836 per annum. The auction sale was handled by Chris Kombi and James Lockwood of Fitzroys.

CAULFIELD SOUTH

The two-storey retail building at 710 Glen Huntly Road sold at auction for $825,000 after attracting interest from four bidders. The 217 sq m property is occupied by a bicycle shop and legal firm, returning a rent of $30,350 per annum and delivering a yield of 3.67 per cent. The campaign was run by Daniel Greenlees and Michael Gross of Gross Waddell.

CBD

Self-managed super funds bought two office suites inside Sullivan Property's building at 517-535 Flinders Lane, known as The Edition. The sales, which totalled $1.35 million, were to owner-occupiers, according to CBRE's Tom Tuxworth.

DOCKLANDS

A private investor has snapped up six office suites in Lend Lease and Stable Group's Lifestyle Working Collins Street development. The suites, with a total area of 437 sq m, fetched $3.1 million. The sales were negotiated by Daniel Wolman of Colliers and Ed Wright and Tom Tuxworth of CBRE.

MENTONE

A childcare centre has sold for $2.3 million to a private investor in a deal negotiated by Beller TBM Commercial. The 1800 sq m property at 37 Blackwood Avenue achieved a yield under 7 per cent.

Leases

SPRINGVALE

A private investor has spent $2.95 million to buy a warehouse and laboratory at 2-4 Westall Road, Springvale. The tenant occupying the 2188 sq m space is ALS Global, a subsidiary of the listed company ALS Limited. The deal was negotiated by Matthew Marenko of Crabtrees.

DERRIMUT

Generator and lighting hire company PremiAir will occupy a new industrial facility in Paramount Industrial Estate, built by Rossiter Constructions. The 2263 sq m warehouse has been leased for five years on a gross rent of $75 per sq m. Nick Saunders of Colliers International handled the deal.

DOCKLANDS

Exchange Enterprises plans to open a pizza restaurant and an organic convenience store at the base of Mirvac's newest Dockland's tower, Yarra Point. The 250 sq m spot has been leased on a 10-year term for a rent believed to be about $530 a sq m net. Jeremy Marmur and Michael Di Carlo of Savills negotiated the deal.

Movers

AMP Capital has appointed Nick McGrath as fund manager of the Wholesale Office Fund. Since 2009, Mr McGrath has been chief executive of the Singapore-listed AIMS AMP Capital Industrial REIT.

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