A double-storey retail/office building which is currently leased by two established tenants, has sold to a local investor for $1.35 million.

The property has a frontage of 6.1 metres to Whitehorse Road with a functional footprint of 250 sqm approx.  The property also has rear access off Bank Street (via Garretts Lane).

The existing tenants are Seoulia Korean eatery and an upstairs office occupied by Francis Lim and Associates.

This transaction demonstrates the excellent demand for commercial investments within the inner eastern suburbs.  More particularly, there is strong demand in Box Hill, Balwyn and Camberwell.

For more information, please contact Matt Hoath on 0418 543 714.

The property is zoned ‘Mixed Use’ and has a land area of 1,017 sqm approx with three street frontages.  It boasts an expansive frontage to Hardiman Street of 50 metres.

The site is strategically located close to specialty retail and in close proximity to Kensington rail station.

The property is currently being utilised as a food factory and is leased to ISS Catering at an annual rental of $85,000 pa Net.  The building area is 715 sqm approx.

This sale demonstrates that the owner-occupier market is active.  More especially, for stand-alone buildings in the inner suburbs of North Melboourne and Kensington.

For further details on this transaction, please contact Matt Hoath on 0418 543 714.

The property has a total building area of 850 sqm approx, which includes a well-presented office area and a first floor open plan showroom.

The warehouse is 650 sqm approx and features dual roller door access (container height) clear span design and three phase power.

The property benefits from a prime position (fronting Malvern Street).  Malvern Street is regarded as the premier industrial street in Bayswater.

It also has the added benefit of nine (9) off street carparks.

The property is being offered with vacant possession, with a settlement term of sixty (60) days.

The asking price is $1,050,000 + GST.

Please contact Matt Hoath on 0418 543 714 for further details.

A prominent corner site, strategically located in Fitzroy North, with a permit for a multi-level residential project will be offered for sale at an on-site auction on Thursday 6 October at 12 noon.

The property known as 58 Queens Parade, Fitzroy North is on the north west corner of Napier Street and comprises an existing office/warehouse which is generating a short term holding income.

The land area is approximately 895 square metres with a total street frontage of 45 metres (19 metres to Queens Parade and 26 metres to Napier Street).

The property holds a mixed-use zoning and VCAT has recently directed the City of Yarra to issue a planning permit for the forty-six (46) apartments.

The plans, prepared by David Watson Architects, incorporate 46 apartments over five levels and 37 off-street car spaces spread over two levels of basement.

The site offers a rarely available opportunity of a ready to develop apartment project in Fitzroy North, which is one of the most in-demand city-edge suburbs with its lifestyle and retail appeal, plus several schools, public transport and a diversity of community services.

The 58 Queens Parade site is within walking distance to cosmopolitan Brunswick and Smith Streets as well as Queens Parade whilst the Edinburgh Gardens and the North Fitzroy swimming pool are also within easy reach.

Developers will be very enthusiastic about the opportunity as there is clearly strong demand from owner-occupiers wishing to secure residential property in this readily accessible locality.

Pre-auction expectation is for a selling price in the $3.8 million region with the auction terms of a 10% deposit and 60 or 90 days settlement available.

More information on the Thursday 6 October auction of 58 Queens Parade, Fitzroy North can be obtained from Matt Hoath at GrayJohnson on 0418 543 714 Mark Wizel at CBRE on 0411 694 756.

The site was purchased by a local developer, who intends to consolidate the adjoining property and build residential apartments.

The site consists of 495 sqm approx with a large frontage to Heidelberg Road of 12.60 metres.

The property is zoned Business 1, which provides excellent scope to redevelop.

The sale demonstrates there is strong demand for well-located sites in the inner northern fringe; more particularly, in the Alphington, Fairfield and Northcote area.

We believe this sector is the one to watch in 2011 – 2012 as there is a lack of quality mixed-use developments being constructed.

For more details regarding this transaction, call Matt Hoath or Padraic Ryan.

Completion of new buildings this year will remain low with less than 40,000m² being finalised in the Docklands and CBD.  However, there is more stock in the pipeline with most completions due in 2013.

Interestingly, there is little, if any, stock earmarked for the suburban market where there is significant pent up demand; more especially, in the inner eastern suburbs.

Overall, the market is well placed with an undersupply of quality office accommodation.  Economic forecasters are predicting solid capital appreciation and strong rental growth, which will peak in 2015 – 2016.

Those developers willing to forge ahead and build will benefit over the medium to long term.  Unlike other downturns, there is little chance of the market being oversupplied.

The purchaser is an owner-occupier, a prominent packaging business, who will relocate their operations from their current location in West Melbourne.

The building is on a corner site with Fink Street and comprises a total building area of 3,131 sqm, made up of 760 sqm of ground, first and mezzanine level offices together with a functional warehouse of 2,371 sqm.

The property was offered with vacant possession as the previous occupier – electrical productions group, Moduline, has recently relocated.

This building represented an ideal corporate headquarters with a modern facade and excellent off street parking.

The street frontages are 47.9 metres to the eastern side of Reserve Street and 62.8 metres to Fink Street.

There is a lack of quality Industrial stock to purchase in the inner northern suburbs and this will put an upwards pressure on capital values over the next 6 months.

For more information, please contact Matt Hoath on 0418 543 714 or Ben Evans on 0403 427 678.

The property consists of two retail shops (plus dwellings) and a fully-fitted recording studio, which has a separate frontage to Elgin Place.

The property has a combined rental return of $112,500 pa + outgoings.

The area has undergone a massive transformation with the introduction of several high profile office developments nearby (ie: Sero and Vantage). 

Our office is currently receiving strong inquiry for investor stock in the $1.0 – $2.5 million price bracket.

If you would like further particulars, contact Matt Hoath on 0418 543 714 or mhoath@grayjohnson.com.au

A prominent stand alone industrial freehold located at 20 Reserve Street, Preston is being offered for sale via public auction on Thursday 24 March on site at 12 noon.

The property was previously occupied by Moduline.

20 Reserve Street, Preston has a building area of 3,130 sqm approx on a prime corner site of 2,916 sqm approx.

It has two extensive street frontages to Reserve and Fink Streets.

The land is zoned Industrial 1.

There is separate off street carparking and additional cars can be obtained close by (conditions apply).

The property provides quality office accommodation over two levels plus a high clearance clear span warehouse, which also boasts multiple RSD access points.

This represents an excellent opportunity to acquire a landmark Industrial facility in the inner north.

For further details, please go to www.gjm.com.au/20rese or contact:
Matt Hoath   0418 543 714
mhoath@grayjohnson.com.au

Ben Evans   0403 427 678
bevans@grayjohnson.com.au

The vendor was Abigroup Properties, which is a major construction and infrastructure service provider.  It’s three specialist national businesses include Mining Services, Water and Telco & Energy.

The property was sold to a high profile owner-occupier who intends to occupy the building from May 2011.  The property consists of an architecturally-designed stand alone office building of 1,400m² (over three levels).

The property has the added advantage of a quality fit out, superb natural light and secure carparking for 42 cars.

For more details regarding this transaction, please contact Matt Hoath:

Email: mhoath@grayjohnson.com.au
Mobile: 0418 543 714