Prince Patrick St, Richmond Sells Quickly On 7% Return
Posted on Mar 01, 2010 by Ben Evans.
A striking architecturally significant investment property located at 5 Prince Patrick Street Richmond, just off Church Street, has been sold for $1,285,000.
The contemporary stand alone building purchased by a private investor has a building area of 340 sqm over its two levels and holds off street parking for 6 cars.
It sits on a land area of 235 sqm with a street exposure of 9.4 metres.
It has a long term tenant in health group Cardiac Science Australia Pty Ltd, who initially occupied the building on its completion under a five year plus five year option lease.
After exercising the option, the lease now runs for a further two and a half years until expiry with fixed annual four percent rental increases.
The current annual rental after a recent four percent annual increase on 1 June will be $89, 980 plus GST and building outgoings, so the property has sold on an indicative yield of seven percent.
“We are seeing significant demand for commercial investment properties with investors readily switching from other investment mediums or prepared to commit cash or other liquid funds to these types of quality building opportunities.”
“City fringe buildings hold a particular appeal.”
“The sale of 5 Prince Patrick Street was negotiated in only two and a half weeks from listing the property and commencing our marketing campaign.”
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 Ben Evans.
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.
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 Ben Evans.
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.
The new lease was negotiated on behalf of Drums Pty Ltd.
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.