InvestSMART

Market wrap

Sales

Sales

CLAYTON SOUTH

The industrial building at 6 Meriton Place in Clayton South sold under the hammer for $683,000 to an investor. The 536 sq m property is occupied by Torino Motors on a five-year lease. The yield was 6.9 per cent, according to Dean Alexander of Fitzroys.

FITZROY

A two-storey Victorian terrace close to the medical precinct of the inner northern suburbs sold before auction for $1.285 million. The property at 165 Victoria Parade has a building area of 180 sq m, according to Raff De Luise of ICR Property Group.

SOUTH YARRA

An interstate investor paid $7610 a square metre for an office suite in Fridcorp's lilli development in Claremont Street. The space is leased to estate agency Jellis Craig Corporate on a five-year term. The yield is 6.09 per cent, said Chao Zhang of Knight Frank.

Leases

ALBERT PARK

Estate agents Marshall White are moving into the former premises of competitors Kay & Burton at 101 Dundas Place. The firm has taken 325 sq m on a six-year term at a rent of about $350 a sq m, according to Tom Backay of Fitzroys.

BLACKBURN

The Salvation Army has subleased its offices at 91-93 Railway Road to workplace wellbeing consultancy Cultivate Sanitarium. The ground-floor office of 250 sq m will be taken for a four-year term at $280 a sq m. The deal was negotiated by Damien Adkins of Colliers International.

BURWOOD

Manufacturer Dexion will move its Victorian headquarters from Mount Waverley to 159 Highbury Road in a deal negotiated by Daniel Kelly of Savills. Dexion has taken a 700 sq m office. The long-term lease attracts a rent of $220 a sq m.

CBD

Corporate consultancy and investment firm M&A Partners has taken over a full floor in the Richard Allen & Son building in the city. The 200 sq m space in 164-170 Flinders Lane has been taken on a four-year term. Louise Nicoll of Savills declined to comment on the rent, but comparable properties attract about $355 a sq m.

Gifts and homewares retailer Melbournalia has leased the spot on the corner of Bourke and Liverpool streets, near Parliament House. The 65 sq m space attracts a rent of $1000 a sq m. The deal was negotiated by Zelman Ainsworth and Cam Taranto of CBRE and Pat Barnes of Allard Shelton.

Industry lobby group the Australian Retailers Association has subleased a fitted and furnished office on part of level 10 at 136 Exhibition Street in the city. The b-grade, 125 sq m space has been taken by research firm Regnan for two years on a rent of $380 a sq m. Adam Davy of Colliers International organised the lease.

Telco services provider Teleus is upgrading from St Kilda Road to the CBD after taking space at 165 Flinders Lane. The rent for the 95 sq m space is believed to be about $415 a sq m. Louise Nicoll of Savills negotiated the deal.

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