St Kilda office sells for $1,075,000
Posted on Jan 14, 2010 by Ben Evans.
A St Kilda office suite at 102 Chapel Street (corner Carlisle Street) has been sold to an advertising & marketing company for $1,075,000.
The self contained first floor office of approximately 315m2, is extensively partitioned and boasts an exclusive foyer entry. It also has the added benefit of six off street car parks at the rear of the property.
Immediately adjacent are all the lifestyle attractions of Carlisle Street including specialty retail, cafes and bars. It is also on the door step to all modes of public transport.
GrayJohnson is currently receiving strong demand for offices to purchase of 200-500m2 within the inner bayside suburbs.
$2.1 Million Deal in South Yarra
Posted on Dec 24, 2009 by Matt Hoath.
The property with a building area of 278m2, which is currently tenanted, has been purchased by an established residential developer for $2.1 million, who proposes to develop a new residential project on the site.
Located adjacent to South Yarra station and only metres from Toorak Road, the 16-metre frontage property is considered the last available development site in Yarra Street.
The transaction also reflects the prominent role which we at GrayJohnson have played in the sale and lease of properties in the South Yarra precinct.
Strong Demand for Abbotsford
Posted on Nov 30, 2009 by Matt Hoath.
A quality stand alone office warehouse at 8-12 Greenwood Street has sold to a local owner-occupier at auction for $640,000.
The property consists of a building area of 270 m2 and was leased on a monthly tenancy for $31,500 pa Net.
It was in a Business 3 zone on a site of 394 m2 approximately with carparking for three - four cars.
During our auction campaign, we experienced strong demand from owner-occupiers and investors looking to acquire commercial property in Abbotsford, Collingwood and Richmond.
GrayJohnson Marketing Projects Win Awards
Posted on Nov 02, 2009 by Matt Hoath.
Two highly-successful marketing campaigns for the sale and lease of commercial properties were recognized in the 2009 Commercial Property Marketing Awards, conducted by the Real Estate Institute of Victoria (REIV).
Both GrayJohnson projects; the lease of a boutique design studio at 18 Prince Patrick Street, Richmond and the sale of a small single-storey office building at 29 Cremorne Street, Cremorne received Highly Commended Awards.
Both projects involved only modest marketing budgets, which made significant use of the internet and website direct marketing. These were executed promptly and received strong results in a short timeframe.
For instance, the refurbished Prince Patrick Street studio space was tenanted within four weeks of being available for lease and at a higher rental than the owner sought.
The Cremorne property was sold by private treaty after conducting an open for inspection whereby 5 parties viewed the property.
GrayJohnson subsequently negotiated with two separate buyers, with the successful bid being in excess of the vendor’s benchmark of $3,000 psm.
Both transactions reflect GrayJohnson’s active role in the sale and leasing of commercial properties within the inner eastern city-fringe, including Cremorne, Richmond, Hawthorn and South Yarra.
Hot property in Cremorne
Posted on Jul 16, 2009 by Ben Evans.
29 Cremorne Street, Cremorne was sold to a high profile IT company based in East Malvern and was actually sold within 2 weeks. Our office orchestrated a targeted off market campaign which generated three qualified interested parties.
The building consisted of 155m2 with a total land area of 207m2 approx. It also has the added benefit of 3-4 off street carparks at the front of the property. There is enormous owner-occupier demand for offices within Cremorne, Richmond and South Yarra.
The small business sector has remained resilient in the current volatile climate and is continuing to invest in well located commercial property. The lack of stock is creating significant pent-up demand.
Leasing market showing signs of strength
Posted on Jul 16, 2009 by Matt Hoath.
The strength of the leasing market has been further demonstrated by the leasing of a stand alone office building located at 366 Nicholson Street, North Fitzroy.
The property will now be occupied by large employment agency: Service to Youth Council. SYC – supports and assists young people to obtain suitable accommodation and employment opportunities. SYC has taken a three-year lease plus a three-year option over 431m2 at a commencing annual rental of $105,000 plus GST and outgoings.
The lease provides for fixed annual increases, plus a market review at the option. The property was architecturally-designed by ClarkeHopkins Clarke who formerly occupied the building. It has excellent natural light throughout and has the added advantage of off street parking for 12 cars.
I negotiated the new lease on behalf of Drums Pty Ltd.
Eastern Honda has a new home
Posted on Jul 16, 2009 by Matt Hoath.
Eastern Honda has relocated to a brand new showroom on the corner of Hoddle and Langridge Streets, Collingwood.
A Suzuki/Hyundai franchise has taken a long-term lease in Johnston Street over 700m2 at a commencing rental of $135,000 pa. The lease provides for CPI reviews on an annual basis and a market review at the option period.
Since there is strong demand for well-located office showrooms within the City of Yarra, I negotiated the new lease agreement on behalf of the building owner.
Botanicca Richmond Project
Posted on Jul 16, 2009 by Matt Hoath.
A securely leased retail investment located within the major Botanicca commercial office development at 572-576 Swan Street Richmond has been sold to a private investor for $800,000.
The property, known as Shop 4 in the Botanicca Corporate Park comprises the upmarket Nashi café, has an area of 98 sqm and is occupied under a seven year lease with a further seven year option.
The current net annual rental payable is $56,784 but the lease provides for four percent annual increases.
The return to the investor is 7.0% but the sale price represents a strong $8,163 per square metre of building area.
A key appeal of the investment is that the tenant Nashi which operates six cafes throughout the CBD and inner suburbs from a central kitchen in Bourke Street in the CBD, has a captive market in the form of the circa 1,500 people who work on site within the Botanicca development.
Botanicca was originally developed by R Corporation and features the major GE occupancy plus a new office development by the Investa group.
The sale also indicates the investment appeal and strong investor interest in property opportunities in the City fringe suburbs in the east including Richmond and South Yarra.
We have strong demand for quality commercial investment properties with a good lease currency and strong tenant profile and investors recognise that the returns on offer from these properties are currently very attractive compared to alternatives.
Richmond Office-Showroom Project Finalised
Posted on Jul 15, 2009 by Ben Evans.
The last office unit in distinctive Richmond Office-Showroom project has sold for $1.5m
The last remaining unit (Unit 3) of five in a striking new office-showroom development recently completed at 2-8 Harvey Street, Richmond, just off Swan Street east of Church Street, has sold to an owner-occupier through agents GrayJohnson for $1,050,000.
The sale in this instance to an owner-occupier – an insurance brokerage who will relocate from Toorak – brings the total realised value of the project to almost $7 million.
The unit with a total area of 335 sqm with an additional 73 sqm of terrace area has an entitlement to six off street car spaces and is within a Business 2 zoning.
There is still strong owner-occupier demand for this type of self contained building in Melbourne’s city fringe suburbs. Demand is good around the $1 million mark and for office or warehouse developments with a high standard of finishes and services.