The founder of King Koil mattresses has sold two major industrial properties - 43-45 Parer Road and 49-53 Halsey Road - in the North West Industrial Precinct, formerly the Essendon Airport Industrial Hub. Both properties were sold to owner occupiers in an off market deal, generating a combined total of $2,775,000, ICR Property Group's Raff De Luise and Guy Naselli said. Pet food supplier and distributor Upmarket Pets bought one of the properties, they said.
A showroom warehouse has sold for $1,825,000. Fitzroys agent Dean Alexander said the property at 479 Victoria Street sold to an owner-occupier at auction who outbid another owner-occupier and developers. The 746-square-metre ground-floor showroom, first-floor office and high-clearance warehouse was sold with vacant possession.
A 568-square-metre whole floor office with a new seven-plus-five-year lease has sold for $2,075,000. Level five of 620 Bourke Street on the corner of King Street was sold by Savills Australia's Jesse Radisich and Nick Peden to a Hong Kong-based investor. The property fetched a yield of 8 per cent on a net rental of $166,035 a year.
A new medical clinic will open in South Melbourne after the 260-square-metre building at 230 York Street was bought by an owner occupier. The stand-alone property sold for $1.28 million through Matthew Brown-Greaves of Kelly & Kelly Property.
A Middle Eastern restaurant will open at Unit 3, 305 High Street after taking a lease in the new two-year-old development that has five shopfronts. The five-year lease with two five-year options, arranged by Gray Johnson agent Rory White, starts at an annual rental of $45,000 plus GST. In another deal by Mr White a dance training business has taken a new lease over 420 square metres of vacant ground-floor space at 1 Norfolk Road in Surrey Hills. The lease is for three years with two further three-year options at a starting annual rental of $55,000 net plus GST.
Bank of Melbourne will open a new branch in a prominent spot on Church Street. Parent company Westpac has taken a seven-year lease of 268 square metres spread over two shops at 53 and 55 Church Street, paying about $1000 a square metre in rent. The deal was negotiated by Mark Talbot of Fitzroys.
Local fashion designers Dizingof has taken a new lease at Carlow House in the Flinders Lane retail precinct. The rental for the 71 square metre, ground-floor premises at 289 Flinders Lane was believed to be about $2000 a square metre. Savills Australia retail director, Michael Di Carlo said Dizingof would join other retailers Aesop, Leonards Street and Joe Black at Carlow House.
US-based television production solutions firm Grass Valley has taken an office lease for the fully-fitted property at Ground Suite 1, Building A, 18-24 Ricketts Road. The deal will return $75,000 a year net on a five-year lease with a five-year option to the landlord, Savills Australia leasing agent Daniel Kelly said.