Richmond Warehouse Sells Off Market on Super Low Yield
Posted on Feb 13, 2014 by Matt Hoath.
Melbourne’s city fringe commercial market is off to a strong start with increased activity from prospective tenants and buyers.
GrayJohnson has recently negotiated an off market sale of 46 North Street, Richmond (corner Vaughan Street) for $715,000.
The property has a site area of 156 sqm approx and building area of 210 sqm approx.
The property is currently leased for $27,500 pa (this represents a sharp yield of 3.9%).
We anticipate this trend will continue with buyer demand outstripping supply as business confidence returns. The suburbs to watch closely are Alphington, Collingwood and Richmond.
If you would like further details, please contact Matt Hoath on 0418 543 714.
Supreme Brunswick East Investment Opportunity
Posted on Feb 12, 2014 by Rory White.
A multi-faceted investment with upside at 483 Lygon Street, Brunswick East is being offered for sale via public auction on Wednesday 26 February @ 2 pm on-site.
The property is fully leased to three tenants with a combined income of $80,000 pa approx.
The tenants include Wholefoods Pty Ltd – organic food retailer, art studio and Telstra – infrastructure hut and roof mounted mono pole.
The property has a building area of 840 sqm approx and a land area of 510 sqm approx. It has a fabulous frontage to Lygon Street of 15 metres approx and natural light/access to three sides.
The property has a flexible zoning of Commercial 1 and excellent long term development potential.
The price expectation is in excess of $1,050,000.
Kew East Auction Delivers A Strong Result – $140,000 Above Reserve
Posted on Nov 08, 2013 by Matt Hoath.
GrayJohnson has recently sold 643 High Street, Kew East for $860,000. This was $140,000 above our vendor’s reserve.
Our auction generated two offers prior to auction and fierce competition at the auction – 3 bidders competing to buy the property.
The property was sold with vacant possession and was purchased by a local owner-occupier, who intends to refurbish and move in within the short term.
If you are interested in more details or would like to know what your commercial property is worth, please call Matt or Scott on 9654 3022.
10 Stand Out Opportunities
Posted on Nov 06, 2013 by Matt Hoath.
GrayJohnson has been appointed to market and sell 10 stand out opportunities at 15 Edgars Road, Thomastown.
The properties are being offered for sale via Expressions of Interest closing on Wednesday 4 December @ 2pm.
On offer is six vacant land sites.
- A high calibre office investment leased to Saint Gobain – publicly listed French multinational.
- Two vacant office buildings.
- One vacant substantial industrial facility.
High Profile Land Opportunities For Sale
- Three unique sites with expansive frontage to Edgars Road (combined frontage 121 metres)
- Areas from 1,365 – 4,900 sqm approx.
- Suit a variety of commercial uses, including express retail, showroom, medical & storage STPA
Also other individual land sites available for sale
- Ranging from 1,440 – 2,029 sqm approx.
- Suit brand new office/warehouse development (STPA)
All vacant blocks have power, water, sewage, stormwater and telephone connections.
(Lots 1, 2, 4, 5, 7 & 11)
Price expectations are in the vicinity of $340,000+ for each block.
Three Quality Vacant Commercial & Industrial Buildings For Sale
- Impressive two-storey commercial property (ex-Lab + offices)
- Area 2,090 sqm approx. Suit training facility, serviced offices, medical, educational/training facility or self storage (STPA)
- It also has the added benefit of carparking for 45 cars
A well presented stand alone office of 1,350 sqm approx.
It provides partitioned offices and generous boardroom plus 20 off street carparks.
Suit a multitude of uses (STPA).
Substantial industrial facility of 3,160 sqm approx featuring:
- 2 gantry cranes
- Separate offices
- High clearance warehouse of 9 metres approx plus multiple roller door access points
- It also has the added advantage of two extensive street frontages and a large land holding of 6,220m2 approx.
High Calibre Commercial Investment (Lot 6)
Leased to a leading publicly listed multinational corporation – Saint Gobain.
Saint Gobain is a leading producer of construction products, high performance materials (abrasives, ceramics, high performance plastics and reinforcements), flat glass and glass containers. One of the top 100 industrial companies of the world, it employs 19,000 staff in US and Canada and has 165 global manufacturing facilities.
It has the added advantage of on-grade carparking for 50 cars.
> Lease term: Five (5) years from February 2011 + options to renew.
> Tenant pays all outgoings including Land Tax
> Rental: $242,662 pa Net
> Bank Guarantee – equivalent to six (6) months’ rental
> Two extensive street frontages:
Comalco Court: 47.50 metres approx.
Wall Street: 49.60 metres approx.
> Substantial land component: 2,564 sqm approx.
Other features include:
> Well-maintained office building with quality fit out
> Superb natural light to four (4) sides
The price expectation is in the vicinity of a 10% yield ($2,400,000).
Value Add Opportunity in High Street, Kew East
Posted on Oct 04, 2013 by Scott Ashby.
GrayJohnson has been appointed to sell a prime (but raw) shop & dwelling at 643 High Street, Kew East.
The property is positioned on the northern side of High Street and is currently occupied by the Epilepsy Foundation who will vacate the premises on October 30th.
The property has a 6.5 metre street frontage with a period style building of 144 sqm on a substantial land holding of 280 sqm. The property also has rear access via Westbrook Street.
There is significant scope to add value to the building footprint by increasing the retail area or building a contemporary apartment or townhouse (STPA).
This section of High Street in Kew abuts a strong residential zone and the property is only a short distance east of the Harp Road junction landmark.
The property will appeal to owner-occupiers, investors and developers.
The property is scheduled to be auctioned on Tuesday 29 October @ 3 pm.
Invest in the Best – Prime East Melbourne Investment
Posted on Sep 27, 2013 by Matt Hoath.
GrayJohnson has been appointed to sell a high calibre retail investment leased to Laurent Bakery.
Laurent is a privately owned company with 15 outlets operating throughout Melbourne.
Laurent specialises in producing affordable top quality bread and baked goods in French tradition and has been trading since 1993.
The property is leased on the following terms:
Secure lease: Five (5) + five (5) years
Lease commenced: 1 July 2012
Rental: $81,752 pa Net
Annual Reviews: To CPI, market value at the option
The subject property is ideally positioned on the north-west corner of Powlett Street & Wellington Parade.
It is strategically located being in close proximity to Fitzroy and Treasury Gardens, MCG and directly opposite Jolimont rail station.
It enjoys an enviable position only minutes’ walk to the Paris end of the CBD.
It also has the added advantage of one (1) off street (secure) carpark. It also features 2 expansive street frontages.
This is a remarkable opportunity to purchase a blue chip investment in Melbourne’s premier suburb.
The property is to be auctioned on Wednesday 23rd October @ 2 pm on-site.
For further details, please click on the link below to view the online video.
Hot Demand For Development Sites
Posted on Jul 22, 2013 by Matt Hoath.
8 premium development sites have been sold by GrayJohnson.
The properties were offered to the open sale market via an Expression of Interest campaign. A majority of the sites are zoned Residential 1 with development schemes provided by Ae Architects and Fieldwork.
The sites range from 250 sqm – 700 sqm approximately with a combined realisation in the vicinity of $5.0 million.
The properties sold included:
2 Greenaway Street, Bulleen
8-12 Flinders Street, Bulleen
2-4 Bright Street, Camberwell
61 Tennyson Street, Elwood
313-315 Ascot Vale Road, Moonee Ponds
2 Normanby Road, Kew
70 Camberwell Road, Hawthorn East
535 Springvale Road, Glen Waverley
This campaign demonstrated that there is strong pent up demand for well located development sites in the inner and eastern suburbs. More particularly, those that can accommodate townhouse and apartment projects.
For further details, please contact Matt Hoath on 0418 543 714 or Scott Ashby on 0438 133 865.
Substantial Industrial Investment in Preston Expected to Sell on Circa 9% Return
Posted on Jul 18, 2013 by Matt Hoath.
An imposing Industrial investment on a long lease is for sale by Expressions of Interest, closing 15th August at 2 pm.
The property is located at 22 Reserve Street, Preston (corner Fink Street).
The site area consists of a substantial 4,916 sqm approximately with a building area of 3,564 sqm made up of 379 sqm of ground floor offices, another 283 sqm on the first level, adjoined by 2,873 sqm of warehouse space. The property also has the benefit of secure on-grade carparking.
The property is zoned Industrial 1.
The lease commenced in June 2008 for ten years with the current annual rental of $416,352 plus outgoings including Land Tax. The tenant has two further 10-year options to renew.
The property is leased to a wholly-owned subsidiary of a global packaging group listed on the New York Stock Exchange.
The property has two massive street frontages, including 47.2 metres to Reserve Street and 86.5 metres to Fink Street.
The building is of brick construction with a steel deck roof interspersed with skylights which afford excellent internal natural light. It also features high clearance clear span warehousing to a maximum height of 9.5 metres internal clearance. *Note: Multiple RSD access points.
Further property information is available on request to GrayJohnson on 9654 3022 or agents Matt Hoath on 0418 543 714 or Scott Ashby on 0438 133 865.
Melbourne CBD Offices Back in Demand
Posted on Jul 16, 2013 by Rory White.
Lavender Communications Group (LCG), an award winning creative technology agency is relocating its Melbourne office to a larger office space within the character building at 67-73 Hardware Lane in the city.
Lavender Communications Group initially leased 100 sqm on Level 2 of the building when it established its Melbourne office in 2011.
With business growing, LCG is moving to a larger 182 sqm office on Level 3 from July 1.
The leasing deal consisted of a new 2-year lease at $505 psm gross with minimal rental free.
For more details, please contact Rory White.
Inner Northern Investment Sells Prior to Auction
Posted on Jul 09, 2013 by Matt Hoath.
Three attached buildings on a corner site position in Preston have been sold by GrayJohnson for $560,000 ($20,000 above the Vendor’s reserve).
The property has a building area of 413 sqm on a site area of 560 sqm approx.
The property has two street frontages – 15 metres to Albert Street and 34 metres to Harrow Street.
Three tenancies in place are to a panel beater, an automotive repair workshop and a power tools sales and service business.
The leases have a variety of expiry dates and currently offer a combined annual rental income of $42,300.
These properties hold an Industrial 3 zoning and offer significant street exposure as the location is close to the major Albert Street and Bell Street main road intersection.
If you would like to hear more about our low cost marketing strategy, please call Matt Hoath for an obligation free discussion.
Unrivalled Eastern Freehold For Sale
Posted on Jun 13, 2013 by Matt Hoath.
A high profile corner industrial freehold property closely situated amongst an automotive sales and trade precinct at the junction of Rooks Road and Thornton Crescent in Mitcham is to be offered for auction on Wednesday 3 July at 3 pm.
The property is situated adjacent to a strip of automotive dealerships located along the Maroondah Highway and in the immediate vicinity of the Thornton Crescent complex of workshops, servicing and automotive trades. It is located on the south west corner of Rooks Road and Thornton Crescent.
The property has a 20 metre frontage and the building is a 400 sqm clear span warehouse.
The site area is 550 sqm, which affords a large area of off street parking at the front of the site.
The building is subject to a short term tenancy, which expires in January 2015 at a rental rate of $35,360 pa net.
The property is central to one of the largest concentrations of automotive sales and servicing facilities in Melbourne’s eastern suburbs.
Rooks Road affords a major flow through from the Maroondah Highway to Canterbury Road and the Mitcham railway station is within walking distance.
There is also easy access to the major retailing and bulky goods businesses also situated along Maroondah Higway that include Harvey Norman, Drummonds Golf, JB Hi Fi and many others in addition to the multiple showroom properties of leading automotive brands.
For further particulars, contact Matt Hoath on 0418 543 714 or Rory White on 0439 655 504.
9 Suburban Sites for Sale by Expressions of Interest
Posted on May 23, 2013 by Matt Hoath.
A portfolio of nine largely vacant sites within notable residential suburbs of Melbourne is to be offered for individual sale by agents GrayJohnson, in conjunction with Beller TBM.
The sites will be offered for sale by Expressions of Interest closing Wednesday 5 June at 2 pm, starting from $350,000 + GST.
Considered primarily suitable for residential development (predominantly zoned Residential 1) and in some instances, multi-dwelling or townhouse style projects (STCA). The properties by suburb are:
Elwood – Part 61 Tennyson Street – a site of 604 sqm approx with a Residential 1 zoning and a street frontage of some 12.1 metres. (A potential apartment project site).
Kew – Cotham Road, with a frontage of 17 metres approx, a site area of some 534 sqm and zoned Residential 1.
Glen Waverley – Kerferd Road, which boasts a frontage of 28.5 metres approx, an area of 737 sqm approx and zoned Residential 1.
East Bentleigh – Part 129-133 Mackie Road, with a land area of 691 sqm approx, a frontage of 11.5 metres and zoned Residential 1.
Moonee Ponds – Part 313-315 Ascot Vale Road, comprises a corner site with a land area of 552 sqm approx, a street frontage of 6.5 metres approx to Ascot Vale Road and 38 metres approx to Gladstone Street and zoned Residential 1. (Note: Three street frontages).
Bulleen – Part 8-12 Flinders Street, with a land area of 709 sqm approx, a street frontage of some 18 metres and zoned Residential 3.
Bulleen – 2 Greenaway Street, with a land area of some 557 sqm and a building area of 445 sqm approx, provides a frontage to Greenaway Street of 15.2 metres approx and zoned Industrial 1. Sale subject to a leaseback for a mobile phone tower and associated compound.
Camberwell – corner Bright & George Streets, with an area of 419 sqm approx. Frontages are 32 metres to Bright Street and 10 metres to George Street. There is an existing building of 250 sqm approx on the site.
Hawthorn East – Roseberry Street, the property has a site area of 249 sqm approx and a Business 2 zoning. This site is considered suitable for a caretaker’s house, home occupation, as offices or a single building permit may be obtainable subject to the planning approvals. The site provides a frontage to Roseberry Street of 10 metres approx.
We anticipate the sites will be evaluated for their future potential as building sites by both private parties and developers.
The sites are all set at affordable price points given the relative scarcity of residential building sites available in these areas.
Concept development plans are also available for all sites considered suitable for residential development.
A detailed IM, which includes details of all 9 sites on offer is available via the following link:
Capital Health Ltd Doubles Up in 81 Lorimer Street, Docklands Occupancy
Posted on May 15, 2013 by Matt Hoath.
ASX listed medical diagnostic imaging business, Capital Health Limited (ASX:CSJ) has expanded its occupancy in the high quality four level office building at 81 Lorimer Street, Docklands.
The four level building with floor plates of 1,070 sqm was built by WA headquartered builder, Boutique Homes, who occupies the first two levels of the building.
Midway through last year, Capital Health originally leased a part floor area on Level 3 of 326 sqm plus a car parking entitlement for eight vehicles as their head office.
The lease negotiated was for five years plus a further five year option at a commencing net annual rental of $73,500 plus GST with annual rental increases provided.
Capital Health has now increased its occupancy by a further adjoining 300 sqm making it an effective half floor plate tenancy under a new lease.
The new three year lease includes a further five on-site car parking entitlements and is at a commencing annual rental of $81,000 net.
The 81 Lorimer Street building is in an easily accessible segment of Docklands and is in close proximity to the planned residential development of the sector formerly known as Fishermans Bend.
With Capital Health’s expanded tenancy this building is now effectively fully let.
For more information, please contact Matt Hoath on 9654 3022 or 0418 543 714.
Strong Interest in Eastern Industrial Assets
Posted on Apr 22, 2013 by Rory White.
A stand alone industrial freehold of 370 sqm on a site area of 460 sqm at 29A Metropolitan Avenue in Nunawading has been sold by GrayJohnson agent Rory White for $652,000 + GST.
Previously owner-occupied, the property has been purchased by a catering business proposing to relocate from their current premises in Bulleen.
The property has a high internal clearance building with a double storey office component and on-site car parking for three vehicles.
The building in Metropolitan Avenue is only 200 metres south of the Whitehorse Road bulky goods retail strip with its numerous major brand occupancies.
This is a tightly held precinct of Nunawading where properties are rarely available and this sale has been effected on a 45-day settlement.
The property is within easy reach and major arterial road linkages nearby include Whitehorse Road, Middleborough Road & EastLink.
Our budget sale campaign realised a strong result on behalf of our client within 30 days.
For more information, contact Rory White on 0439 655 504.
Two Major Leasing Deals in the Inner North
Posted on Apr 16, 2013 by Matt Hoath.
GrayJohnson has negotiated two substantial commercial leasings in Melbourne’s inner north. Both leasings are to the fourth generation family-owned importing and trading business, Zimbler Pty Ltd.
Zimbler is a major player in the Australian toy and hobby products market acting as an agent for a number of imported brands and products.
Currently based in Fairfield, the company has taken leases over two properties in virtually adjoining suburbs.
The first property is at 899 Heidelberg Road in Ivanhoe, which is a stand alone office building on a corner site with a building area of 850 sqm and a land area of 3,000 sqm.
There is vehicular access from Willowbank Grove on the side to thirty four on site car spaces.
It was recently the head office of SICK International.
The lease is for a five year period from June at a commencing annual rental of $82,500 with annual rental reviews.
Zimbler has also leased a large currently vacant warehouse building at 369-371 Rossmoyne Street in Thornbury.
The building formerly occupied by paper distributor AR Neil is a large portal frame clear span structure with an area of 3,000 sqm.
With a high internal clearance of 7.5 metres, the building offers a high cubic capacity for distribution or storage.
The property has dual street frontages – about 42 metres to both Rossmoyne Street and Mansfield Street at the rear.
Zimbler has leased the Rossmoyne Street property under a new five year lease commencing from June at an annual rental of $152,000 net with annual increases included.
For more information on these off market lease transactions, please contact Matt Hoath direct on 9654 3022.