Market wrap




Teska Carson has sold a 490-square-metre stand-alone office/warehouse in 20 Hill Street, Cremorne, for $1,730,000. The property, sought after by owner occupiers, sold at more than $3500 a sq m for land and building, said Teska Carson's Tom Maule and Michael Taylor.


Sutherland Farrelly's Michael Major, acting under mortgagee's instructions, sold two showrooms at 1029 and 1029A Burwood Highway for $726,000 and $970,000 respectively. They were offered with vacant possession, and are zoned Commercial 1 under the Knox planning scheme, he said.



The 7-Eleven group has consolidated multiple office and warehouse facilities into a 1192-sq-m office and 536-sq-m warehouse space in the Goodman Group's Ferntree Business Park. The off-market five by five-year lease deal achieved a net rent of $175 per sq m, said Colliers International's Sasan Misaghian and David Kalb. 7-Eleven kept its head office at 357 Ferntree Gully Road in Mount Waverley but needed to consolidate to a space that offered more parking within walking distance of the head office, they said.


First Health Medical will open a new medical centre at 1091 Stud Road. Crabtrees leasing agent Luke Pitcher said First Health took a retail shop-front unit under a 10-year lease with a further 10-year option over the 258-sq-metre space. Commencing annual rental was $400 a square metre, or $103,200 per annum net with annual three per cent rental increases, he said. The business also took another 10-year-lease over 87 sq m of the first-level with a commencing rental of $500 a square metre or $43,500 per annum net.


Telecommunications service provider Pacnet has taken the last space at CITIC House, 99 King Street, leasing 590 sq m on level 2 in a seven-year deal negotiated by Jones Lang LaSalle's Simon Dick and Matthew Collins. "Recent refurbishment and various upgrades throughout the building attracted Pacnet to the tenancy," Mr Dick said.


Vehicle branding company Label Concepts has leased an office and warehouse facility at 79 Industrial Drive. The property has a 600-sq-m building with 70-sq-m of office and 530-sq-m of warehouse space. Savills Australia's Chris Telley said Label Concepts took a two-year lease. Mr Telley would not be drawn on rent details but it was believed to be more than $43,000 per annum net.


The family-owned Flawless Construction Group has taken a new lease at 44-46 Berkshire Road. The structural steel products group leased a 3937-sq-m corner warehouse with multiple roller doors, front offices and car parking, ICR Property Group's Guy Naselli said. The three-year lease will return net rental of $175,000 per annum plus outgoings.


Colliers International has expanded its office leasing and corporate solutions teams appointing Vincent Tran as "executive office leasing" and Jonty Lamb as "associate director industrial tenant representation." Both will be Melbourne-based.

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