Sales

CARRUM DOWNS

Two industrial properties have been sold in excess of $2 million, both to investors. Number 3-5 Leah Grove were sold on a 9.5 per cent return for $1,363,000, selling agents Alex Ham and Raoul Salter of Gross Waddell Real Estate said. The other, at No. 7, was sold for $703,500.

PRESTON

Three buildings on a corner site in Preston were sold before auction for $560,000. The properties at 82, 82A Albert Street and 30 Harrow Street were bought by one of the tenants. They are leased to a panel beater, automotive repair workshop and power tools sales business for a combined annual rental income of $42,300, Gray Johnson selling agent Rory White said.

SOUTH MELBOURNE

A property at 57 Park Street in the mixed-use precinct was sold for $840,000. Agents Guy Naselli and Raff De Luise of ICR Property Group said the frontage to Park Street, alternative rear access off Kings Way and split-level rendered facade, partitioned offices and open-plan showroom appealed to buyers.

VARIOUS

Colliers International's Winter 2013 National Auction Portfolio has racked up $29.65 million of sales, including more than $9.2 million for eight properties in Victoria. Highlights included the $1.78 million achieved for a two-level, 141 sq m retail building at 776 Glenferrie Road, Hawthorn. Occupied by long-term tenant Rhodes Hair Studio, it was sold on a yield of 3.48 per cent. In Docklands, an Australia Post outlet at 839 Bourke Street was sold for $902,000 and the premises of a dry cleaners next door for $545,000. The sales were handled by Jeremy Gruzewski, Daniel Wolman and Matthew Stagg.

Leases

CBD

Singapore Airlines will move its Melbourne headquarters to 31 Queen Street, leaving its long-time premises, Singapore Airlines House at 416-420 Collins Street. The group is taking a 416 sq m spot for five years in the recently upgraded building owned by Challenger Diversified Property Group. The deal was negotiated by Marc Mengoni of Colliers International.

Asset management consultancy Assetic is headed into the CBD from the city fringe after taking a 660 sq m space in 257 Collins Street. The four-year deal was negotiated by CBRE's Adam Calleja and Mark Bolis and Gordon Wylie of sub-lessor Cushman & Wakefield.

HAWTHORN EAST

Biotech research and development group Avexa has taken the top floor of the office building at 61-63 Camberwell Road. The five-year deal for the 300 sq m space was negotiated by Jake Eisen of Kelly & Kelly Property on a rent about $350 per sq m.

KEW

Three new lease deals has taken the office complex at 79-83 High Street to full occupancy. Amber Technology has subleased 400 sq m for three years, while LMT Surgical and Unity Health have leased 339 sq m and 190 sq m, respectively, on five-year terms. Jake Eisen of Kelly & Kelly Property said rents in the building were about $270 per sq m.

MULGRAVE

Weber Business Accountants have moved from a building on Nepean Highway, in Frankston, and signed a seven-year lease for an office at 327-333 Police Road in Mulgrave. Knight Frank's Ryan O'Grady brokered the deal for an annual rental of $110,940 plus parking in the building owned by a Sydney-based fund of Calibre Capital. It was the first new lease in the building since a recent refurbishment with the rental equating to $260 per sq m. Car parking was an additional $80 per car space per calendar month.

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