Previously occupied as a Motorola service centre, the property was offered with vacant possession. 

It has a 7.8 metre street frontage, a building area of 365 sqm on a site area of 242 sqm. 

The property offers a retail or showroom space leading through to a warehouse or storage area. 

Importantly, it has rear roller door access from a laneway which runs off Burnley Street. 

Selling agent, Ben Evans says that rarely is a freehold property of this calibre available in Bridge Road’s key retail area that would suit many uses and has potential for residential conversion (STPA).

Category – Prominent Richmond retail for sale sells to local architect.

Located at 93-97 Normanby Road, the property is on the corner with Howleys Road and enjoys a key position in the Monash commercial precinct adjacent to the University, CSIRO and other major business parks.

The property is currently occupied by a specialty glass company, but will be offered with vacant possession at settlement as the current lease is expiring.

The property comprises an elevated office and showroom building of 486 sqm, which allows for 20 car parking spaces underneath, that is adjoined by a large industrial facility of 3,180 sqm.

The buildings include two Demag gantry cranes of five and ten tonne capacity, high capacity power supply and will suit a diverse range of industrial, factory, storage or distribution uses.

There are a further 25 car parking spaces on-grade at the rear of the property.

The corner site land area is a significant 6,066 sqm and it holds a Business 3 zoning.

The buildings are strategically located relevant to major transport connections and infrastructure and would suit an owner-occupier, investor or developer.

We are expecting interest in the region of $3 million.

A unique opportunity to purchase a prominent office warehouse for sale in Notting Hill.

GrayJohnson has sold a unique apartment block in the heart of Canterbury.

The property has enormous scope: an ideal investment, or refurbishment opportunity or a new home site (STPA).

Currently three large apartments consisting of ground floor 18.5 squares and two first floor apartments each of 11.5 squares.

The ground floor apartment boasts a substantial private garden (northern aspect).

The property has a potential income of $53,000 pa approximately.  The site itself consists of 800 sqm approximately.

The property was sold at auction for $2,100,000 to a local investor.

The first three Melbourne suburban strip properties offered at auction have sold for a combined total of $7,825,000.

Two of the three properties hold recently-executed long leases to new tenants.

The first Melbourne suburban property to be offered was 411 Centre Road, Bentleigh. The property consisted of a two level retail and office building of 340 sqm. It sold at auction for $3.8 million.

Located on the corner with Vickery Street it occupies a prime, landmark corner position being only metres from the local Coles Supermarket, abutting the local Council carpark and central to the local retailing and banking precinct.

Offered with vacant possession, its auction presented a rare opportunity to acquire a holding in one of Melbourne’s leading south eastern suburban shopping strips.

The second property located at 38 Portman Street, Oakleigh is in another very strong suburban shopping and services precinct.

It sold for $2,675,000 with the buyer the actual under bidder on the East Bentleigh property only two hours earlier.

Also located on a corner site, the property is a 230 sqm double storey retail building most of which is comprised of the 170 sqm street level area.

The property is leased to a local trader at a commencing annual rental of $65,000 plus GST and outgoings for a five year term which commenced from 13 July 2009 plus one further five year option.

A bonus here is the corner location which is within metres of the entry to the local Centro Shopping Centre.

The indicative yield on the present rental income is about 2.4% so it shows the popularity of suburban strip properties and Portman Street in particular.

Another securely leased retail investment at 452 Sydney Road, Coburg also sold for well in excess of expectations at $1,350,000.

The former Origin Shop is now leased to The Salvation Army (Vic) Property Trust under a five year lease, which commenced from 14 September last year with two further five year options.

The commencing annual rental is $48,000 plus annual reviews of 3.5% and a market review at the exercise of the option.

The property which has an area of 180 sqm behind a glass shopfront with a street exposure of 5.6 metres also has excellent rear access.

It was on the market from the first bid received at $1.1 million and finally was sold for $1,350,000.

Two further former Origin Shop properties in the Ballarat and Geelong CBDs were sold for $1,100,000 and $1,125,000 respectively.

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.

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 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.

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.