InvestSMART

Market wrap

Sales

Sales

GLEN WAVERLEY

A private investor has bought the freehold over a residential aged-care facility for more than $4 million following the liquidation of the managed investment scheme Sovereign MF Limited. The 49-bed facility, known as Glen Waverley Private Nursing Home, is leased and operated by Autumn Care. The sale reportedly achieved a yield close to 8 per cent after attracting offers from more than 20 local and offshore buyers. The campaign was run by Josh Rutman and Jamus Campbell of CBRE and John Newman and Phil Kadletz of Cooper Newman.

An industrial property at 47 Myrtle Street is set to become a badminton centre after being purchased by owner occupier Melbourne Star International Group. The 1640 sq m building was bought for $1.75 million or $1067 per sq m in an off-market deal negotiated by Sasan Misaghian and Jamie Stuart of Colliers International.

RICHMOND

A developer has snapped up two adjoining sites in two separate deals on Swan Street, paying $2.58 million for both. The identically sized properties at 308 and 310 Swan Street have a combined site area of 490 sq m and are currently occupied by one and two-storey buildings. The sale was handled by Michael Taylor of Teska Carson.

Leases

CLAYTON

Men's fashion retailer Casual Guy is moving its operations from Hawthorn to Clayton, leasing a 526 sq m office and warehouse facility at 2 Sarton Road. The deal was negotiated on a three-year term at $45,000 per annum by Daniel Kelly of Savills.

DANDENONG

Apollo Bicycles has taken a lease over a 4200 sq m office and warehouse facility at 3/333 Frankston-Dandenong Road. The six-year deal, negotiated by Kosta Filinis and Andrew O'Connell of Jones Lang LaSalle and Ron Williams of Rutherfords Real Estate, was done at a rent of $260,000 per annum. The property comprises a two-level building with an extensive hardstand area.

Promotional products company DEX Group will occupy a 3905 sq m office and warehouse at 28-34 Produce Drive, which is owned by Rossiter Constructions. The five-year lease attracts a rent of $300,000 per annum. Kosta Filinis and Andrew O'Connell of Jones Lang LaSalle and Adrian Garvey of Knight Frank negotiated the deal.

MOUNT WAVERLEY

Electronics recycler Sims E Recycling has taken a three-year lease over an office and warehouse facility at 195-203 Forster Road. The rent for the 6151 sq m building is believed to be around $480,000 per annum. Sims is relocating from Clayton, according to Lynton Williams of Savills.

RAVENHALL

The Royal District Nursing Service is relocating to Pellicano Group's Orbis Business Park. The 472 sq m office at 271-279 Robinsons Road will provide home care services for the city's western suburbs. The five-year deal was negotiated at a rent of $140,000 per annum. Cameron Hunter of Colliers International handled the lease.

Submissions to sjohanson@fairfaxmedia.com.au

cvedelago@fairfaxmedia.com.au

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