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.
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, the new lease agreement was negotiated 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.