SALES

Clayton

Investors have gone barking mad over a veterinary surgery. It sold at auction for $2.21 million on a yield of 3.9 per cent – exceeding the reserve price by a whopping 45 per cent, according to CBRE's Sandro Peluso and Josh Twelftree. Southern Eastern Animal Hospital at 1357 Centre Road sold in front of a 75-strong crowd. "These types of investment assets have long been seen as an excellent defensive option because they are less affected by economic cycles than other property assets," Mr Twelftree said.

Paynesville

Chinese property developers have set their sights on Gippsland. LJL Group has snapped up a corner retail/residential development site at 37-43 Esplanade in picturesque Paynesville for $1.2 million. CVA Property Consultants' John Nockles said the land would probably be developed into low maintenance holiday homes with lake views. Meanwhile, Mr Nockles and Daniel Philip sold three Notting Hill units in a small industrial estate for between $565,000 and $755,000. The units at 25 Howleys Road achieved yields of about 6.29 per cent.

Altona

The only café built on the  Access Altona Estate has sold for $1.275 million. The new, fully fitted café sold to a prominent local hospitality operator, said Fitzroys' James Gregson and Michael Ryan.  The high exposure 960 sqm corner site has a two-storey building with an area of 412 sqm, including a first floor function area with balcony. Meanwhile, Fitzroys has sold a prominent corner retail investment at Shop 5, 100 Hazel Glen Drive in Doreen leased to national tenant La Porchetta for $2.9 million, Chris Kombi and Dean Alexander said.

Williamstown

A large 7081 sqm industrial site at 64 Tennyson Street has sold for $2.9 million under the hammer. The site, with a combined frontage of 241 sqm to Fink, Chelmsford and Tennyson streets, sold to a developer said Fitzroys agents Chris Kombi and James Gregson, who handled the sale in conjunction with Grita Angelucci and Sam Nadde from Property Au.

Surrey Hills

An owner-occupier outmuscled investors and developers to grab a standalone office at 276 Canterbury Road.  A local occupier looking to relocate their business nabbed the 235 sqm corner site for $1.31 million, Gorman Commercial's Stephen Speck said. In Box Hill South, Mr Speck sold a strata office at 1C Aisla Street for $1.56 million, on a yield of 5.75 per cent.  The 550 sqm property was fully leased to four separate tenants returning approximately $90,000 per annum.

Blackburn South

A Canterbury Road shop sold for $800,000 at a hotly contested Teska Carson, agents Tom Maule and Matthew Feld said. Five bidders competed driving the final price well past the vendor's reserve, resulting in a land rate of $4255 per sqm for the 80 sqm building.

Moorabbin

A ground floor retail shop  at 6/8 Station Street with development upside, leased to a monthly tenant, was sold to a developer/investor by Ray White Commercial Oakleigh's Ryan Amler for $430,000 on behalf of a private owner. Mr Amler said the property attracted more than 40 inquiries.

Dandenong

Places Victoria has sold a development site at 5-11 Abbott Street to a developer for $1.65 million, at a land rate of $628 per sqm. Knight Frank's Andrew Greenway and Tim Grant brokered the deal. In Sunshine, Tilt Constructions has purchased a 10,620 sqm parcel of industrial land at 75 Endeavour Way from a private investor. Matt Crofts said the sale price equated to a rate of $180 per square metre. The buyer intends to develop a number of warehouses on the site, he said.

Preston

The Jam Hut recording studio hit a high note with a local buyer who paid $1.1 million two weeks before auction for a 460 sqm property at 569-571 High Street occupied by the music studio. The price was 40 per cent above the vendor's expectations, CBRE's Sandro Peluso, Josh Twelftree and Chris Game said. Jam Hut has called the Preston address home since 1978. The vendor owned the property for more than 40 years.

Warrnambool

Alex Ham and Jamie Stuart from Gross Waddell have sold 58-60 Mortlake Road, a 4,500 sqm investment property next to the Northpoint Shopping Centre, for $2.15 million to the Salvation Army.

LEASES

Windsor

In an off-market deal, Gross Waddell's Tamara Gross has leased the ex-Spud Bar at 147 Chapel Street to a new chicken bar. The two-level, 277sqm building was leased for $118,000 per annum on a 6+6 year term. Ms Gross has also found a tenant for a little shop in the elegant Tudor style building at 433 Toorak Road, Toorak. The  42 sqm space was leased for $39,000 a year net. In other deals, an 87 sqm shop at 327 Glenhuntly Road, Elsternwick found a tenant for  $37,000 per annum net while a brand new 542 sqm office at level 1, 134 Toorak Road in South Yarra was leased to In2Property Group at a rate of more than $400 per square metre net, Ms Gross said.

Port Melbourne

Emirates Leisure Retail has moved into 650 sqm of refurbished space at PodCo's 187 Todd Road in a deal negotiated by Colliers International's Ben McKendry and Matt Cosgrave. Mr McKendry said the building offered a full "turn-key" solution. The net face rent was about $200-$300 per sqm on a six-year term. Meanwhile, 360 Property Group will occupy 650 sqm at 170 Dorcas Street on a short-term sublease negotiated Matt Cosgrave and Vincent Tran for a similar amount of rent. Out west in Somerton, a Spanish firm producing Silestone quartz surfaces, Cosentino, will set up their first facility at 27 Transport Drive in a 2,180 sqm warehouse leased for $75 per sqm, Brent Glassford and Marco Sandrin said.

Port Melbourne

CBRE has released the former headquarters of Urban Products, a 580 sqm office warehouse at 5/11 Salmon Street, for $85,000 per annum. Daniel Eramo and Guy Naselli negotiated the lease on behalf of a private owner.

Braeside

John Nockles and Seamus Bolst of CVA Property Consultants leased an office/warehouse at 10-12 Canterbury Road to Indosoul for $127,308 per annum net, at a rate of $107 per sqm. "It was an exceptionally strong rate per square metre for a circa 1000 sqm industrial property in Braeside," Mr Bolst said.

Oakleigh

Making the move away from Braeside, Blue Sky Windows has signed a three-year lease with a three-year option for a 1,150sqm factory at 10-14 Manton Road, in a deal coordinated by Crabtrees Real Estate's Steven Salopek. "Blue Sky Windows saw the growth potential by moving their business to Oakleigh, and with a three-year lease with a three-year option at $60,000 + GST + outgoings," he said.

Dandenong South

Specialist wine storage and distribution firm Quality Wine Logistics has taken a lease on an office/warehouse lease at 197-203 Ordish Road. The 3,818 sqm property has a 468 sqm two-level office and a 3350 sqm of high-clearance warehouse, said Savills Australia's Paul Jones, who negotiated the five-year lease at a rental of $270,000 per annum net.

Hawthorn

GormanKelly has leased a standalone office at 266 Auburn Road to Adroit Insurance Group on a 5+5 year deal starting at $172,740 net per annum. The landlord had renovated the 35-year old building and included full signage rights. Time on market was about three months after the renovation, Mario Nobrega said.

MOVERS

Savills Australia's Melbourne office leasing division has appointed former Asian Pacific Group staffer Jessica Fulton as associate director office leasing. In line with its strategic national approach, the firm appointed Chris Jones and Ben Hegerty as national directors of the industrial investments division.

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