Market wrap

Sales

BLACKBURN

An industrial property leased to a building supplies firm has sold for $815,000 on a yield of 6.8 per cent. The 400-square-metre industrial building at 16 Cottage Street (below) was bought by a private investor, according to Matt Hoath of Gray Johnson. The annual rent is $54,920.

CARLTON

Strong interest at auction saw the double-storey Victorian terrace at 678 Swanston Street in Carlton sell for $1.45 million - 20 per cent above its reserve. An owner-occupier, a Chinese restaurant, will set up shop in the 150-square-metre property. The campaign was handled by Chris Kombi of Fitzroys.

SUNBURY

A private investor has paid $655,000 for a Sunbury shopfront leased to the RACV. Despite passing in at auction and selling later, the 225-square-metre retail space at 73 O'Shanassy Street achieved a yield of 6.5 per cent thanks to competition between three parties. The RACV has signed a new five-year lease. The sale was handled by Dean Alexander of Fitzroys.

LEASES

CBD

Salta Properties is moving from Port Melbourne to the city in a 10-year leasing deal worth more than $10 million. The family-owned construction firm is leaving its home of 15 years in Lorimer Street, Port Melbourne, after selling the property to GPT early last year. It will occupy level 26 of 35 Collins Street, which is owned by AMP Capital Wholesale Office Fund.

CBD

Keolis, the French company that is contracted to run Yarra Trams, is opening an office in the heart of Melbourne's legal precinct. The group's local subsidiary, KDR Victoria, has taken 190 square metres of space in 451 Little Bourke Street on a three-year lease. The rent is about $440 per square metre net. The landlord is Australian fashion industry player Najee Imam, according to Louise Nicoll of Savills.

MOUNT WAVERLEY

Wire and cable company General Cable is moving premises in Mount Waverley, taking space in a recently completed, speculatively built office complex at 205-211 Forster Road. The 700-square-metre property has been leased for five years on a rent of $250 per square metre. The deal was done by Daniel Kelly of Savills.

ROWVILLE

Electric motor company Techtop Australia has leased an office and warehouse facility at 26 Kingsley Close (below). The company, which is an importer and distributor, has taken 1088 square metres on a rent of $84,000 per annum. The deal was negotiated by Daniel Kelly of Savills.

MOVERS

Michael Tucker has been appointed as the general manger of construction for Devine Group. Mr Tucker was previously the executive general manager of retirement developments for FKP.