Investor snaps up Vermont apartment complex for $5.9m

The combination of five ground level shops, four upstairs apartments and rooftop commercial premises in a near-new two-storey building at 580-584 Canterbury Road in Vermont prompted an investor to pay $5.9 million for the complex. Photo: LEE SANDERS 18 Oliver Lane in Melbourne. Photo: supplied
Nanjing Night Net

Investors took a serve of Italian pizza when they paid $1.625 million for a slice of real esate at 38 Jackson Court. Photo: supplied

SALES

Vermont

The combination of five ground-level shops, four upstairs apartments and rooftop commercial premises in a near-new two-storey building at 580-584 Canterbury Road prompted an investor to pay $5.9 million for the complex. CVA’s Ian Angelico and Jarrod Moran said the shops were anchored by Subway and Australia Post. The 5 per cent yield was “only slightly lower than the expected sales result if the 10 individual tenancies were sold separately,” they said.

Box Hill

Fitzroys has sold a strategic landholding at 107 Severn Street for $3.9 million under the hammer. Michael Ryan, Martin Huang and James Gregson said the double-storey rooming facility with seven bedrooms, three bathrooms and caretakers’ residence netted the vendors a 100 per cent lift in value since they bought the site in 2014 for $1.95 million.

Berwick

Multiple buyers helped bid up a building with blue-chip tenant Bendigo Bank at 43-45 High Street when it sold at auction for $3.225 million. Gross Waddell’s Jonathon McCormack and Andrew Waddell said the secure cash flow from tenants Bendigo Bank and Handprint Design represented a yield of 3.9 per cent.

Hawthorn

A blue-chip development site has sold under the hammer for $2.839 million, a land rate of $5655 per sq m and passing yield of 2.1 per cent. Six groups placed bids on 21 Queens Avenue, a modest, single-level warehouse leased until April 2018. CBRE’s Ed Wright, Sandro Paluso and Chao Zhang handled the sale.

Doncaster East

Investors took a serve of Italian pizza when they paid $1.625 million for a slice of real estate at 38 Jackson Court. The shop leased to a popular Italian restaurant Pompeos for more than 40 years was sold at auction by Ray White Commercial’s Brett Diston on a 2.9 per cent yield. Pompeo’s is on three-year lease paying net rent of $48,000 per annum. In another deal, Ryan Amler sold a hairdressing salon at 4/37-39 Station Road in Cheltenham for $382,000.

Bentleigh

A shop leased to Brighton Flooring at 819 Nepean Highway has sold for $790,000. The 137 sq m showroom sold with a five-year lease plus five-year option in place, returning annual rent of $34,000 net, said Crabtrees Real Estate’s Matthew Marenko and Chris McKenzie.

Oakleigh South

John Nockles and Seamus Bolst from CVA have sold two properties, unit nine and  unit 18 at 19-23 Clarinda Road, to local investors. Unit nine changed hands for $635,000. It was returning $38,000 pa net equating to a yield of 5.98 per cent. Unit 18 went for $661,500, on a 4.93 per cent yield.

Cheltenham

A standalone warehouse at 20 Bricker Street was sold to a private investor by Ray White Commercial Oakleigh’s Ryan Amler for $720,000 on a yield of 6.3 per cent. Mr Amler said the warehouse was leased by long term tenant Revamp Refinishing for $45,600 per annum who had recently exercised a three-year option.

Mulgrave

An owner-occupier in the home decoration sector has paid $580,000 for a strata-titled office and warehouse facility at 29 Glenvale Crescent in Enterprise Park. Savills Australia’s Daniel Kelly said the price of $1812 a sq m was a benchmark for this type of strata property.

LEASES

Clayton South

Propertylink Group has secured a 15-year lease for 71-93 Whiteside Road and 84 Main Road, significantly reducing leasing risk and improving the expiry profile across its investment portfolio. Propertylink signed Premoso, a member of the Walkinshaw Automotive Group, for 28,195 sq m in a deal negotiated by CBRE’s Stephen Adgemis and David Aiello.

Richmond

StreetKitchenCo has leased a 171 sq m cafe in Botanicca Business Park in Swan Street on a 5+5-year basis at $75,000 per annum, equating to $438 per sq m. Knight Frank’s Paul Pellegrino said David Jones’ recent announcement it would take office space there made it an attractive move. Landlord Zig Inge group has put the entire building up for sale.

Melbourne

Global marketing company Signal has secured a new home at 18 Oliver Lane. CBRE’s Scott McGlone negotiated the 440 sq m lease for the Chicago-headquartered firm. Signal will move into a fully fitted out premises with high ceilings and polished timber floors on a three-year lease negotiated with landlord M.H. Kremlin.

Mulgrave

Kitchen appliance manufacturer Schweigen has taken on a new office and warehouse lease at unit eight, 3-4 Anzed Court in a deal brokered by Savills Australia’s Daniel Kelly. The 600 sq m office/warehouse was leased for five years at $100,000 per annum net.

MOVERS

Savills Australia’s national valuation and advisory division has promoted three individuals in Sydney and Melbourne. In Sydney Sandra Peachey takes the role of national director, mortgage valuations. In Melbourne Ross Smillie becomes national director – industrial valuations and Joe Phegan is state director Victoria.

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