Commercial buyers, undeterred by the Reserve Bank of Australia’s exchange rate hike last week, are bidding big at other local auctions.
A 120 square meter 7-Eleven stratum at the foot of the Chevron building on St Kilda Road has fetched $3 million after a five-part bid – yielding 4.85% and a construction rate of $25,000 per square meter .
Stonebridge Property Group agents Rorey James, Nic Hage and Sarah Xi handled the auction.
Xi said five of the bidders, including the top three, were selected by Stonebridge’s practice team in Asia.
“We have seen an increase in the number of Asian investors purchasing titled properties in leased strata, largely due to intense yield compression for freehold investments,” she said.
Speed enthusiast and former AMX boss Rod Hunter has sold another AMX leased property in Keilor Park under the hammer for $3.13 million.
The 812 sq m property on Keilor Park Drive attracted eight bidders and sold with a yield of 3.6%.
Mornington Retail
A slab of large format showrooms in Mornington hit the market. The property at 189-209 Mornington-Tyabb Road includes 14 separate showrooms, leased to Chemist Warehouse, F45 Fitness and Salvation Army tenants.
They sit on 9,372m² of land near the Peninsula Link, Mornington Racecourse and the Main Street shopping district.
Rent is $1.04 million a year, bringing the likely sale price to over $25 million.
CBRE agents Jaycen Willox, Nathan Mufale, Scott Hawthonre and JJ Heng are processing expressions of interest.
Bay Property
Developer Goldfields has returned to its development roots and reclaimed 13 hectares of beachfront land in Grantville on the Bass Coast.
The company paid $17.8 million for the site on Tatiara Drive, which is southeast of the Bass Highway overlooking Western Port Bay.
This is Goldfields’ third residential purchase outside a capital city this year, following recent acquisitions in Margaret River and Shepparton, and the developer is planning a 160-lot estate for the site.
Goldfields’ 24-storey tower at 627 Chapel Street, South Yarra is now 80% let.
Toto’s pizzeria
The home of Melbourne’s oldest pizzeria, Toto’s Pizza House, is up for rent and is under new ownership.
Mark Wizel and Lewis Tong’s investment fund, Monash Commercial Property Holdings, recently purchased the two-level building at 99-101 Lygon Street for around $2 million.
Paul Jones of Jones Real Estate is leading the rental campaign. The 250 sqm Toto’s Pizza House closed in 2020 due to the pandemic – a year before its 50th anniversary.
The home of Melbourne’s oldest pizzeria, Toto’s Pizza House, is up for rent.Credit:
The lack of students attending nearby RMIT and Melbourne universities, not to mention the tourists who once flocked to Lygon Street, contributed to its demise.
Toto’s Pizza House was the second pizzeria to be inducted into the World Pizza Hall of Fame in New York in 2007.
“Before 2020, people were just coming to find out about the location,” Jones said.
All future tenants would end up among DOC, Donnini’s, Criniti’s, Brunetti’s, San Churro and Grill’d.
“A world-famous showcase deserves the attention and applause it has had for decades,” he said.
Furniture store
The owners of Jardan Furniture have sold a long-standing office building, showroom and warehouse in the industrial district of Ricketts Road, Mount Waverley.
The 4,039 square meter building at 62-66 Ricketts Road attracted 10 bids and sold for $11.6 million.
It is on a plot of land of 7060 m², which gives the business a land rate of $1700 per m² – a record for the region.
The deal was brokered by Mark Spigelman of Lawson Real Estate and David Aiello and Sasan Misaghian of CBRE.
Jardan, established in 1987 by the Garnham family, moved its operations to a purpose-built 16,000m² factory in Scoresby.
Holocaust Center
Vulcan Wealth Property Group has listed the Jewish Holocaust Center in East Malvern.
The two-level office building was previously the headquarters of the Australian Motor Sports Confederation, but they moved in 2017 after selling the property for $8million.
Vulcan has obtained planning approval for a 44-unit, eight-level mixed-use development at the 851-853 Dandenong Road site. It sits on a 974m² plot of land on the corner of Clarence Street, opposite the Caulfield campus of Monash University.
Colliers agents Andrew Ryan and Hamish Burgess are processing expressions of interest and are expecting around $9 million.
The Holocaust Center’s lease expires in November.
thoughts, prayers
The United Church continues to dispose of unused church buildings as declining numbers of congregations result in strengthened parishes.
The former Presbyterian Church at 7-15 Rossmoyne Street, just off the High Street in Thornbury, is the latest to come up for sale.
The Uniting Church continues to dispose of unused religious buildings.Credit:
There are three buildings on the 1,780 square meter site – two heritage-listed churches and a four-bedroom house rented at $43,940 per year.
Last month, the church put its historic Hawthorn West place of worship on the market. It was also a former Presbyterian church, acquired in 1980 after the United Church was formed from the union of three churches: the Congregational Union, the Methodists, and the Presbyterians.
CVA agent David Napoleone is handling the listing and is expecting more than $2.9 million. He has sold two other churches for the Uniting Congregation in the past two years – Highview Road Church, Preston went to another church organization and a property in Montmorency was purchased by a local organization which funded their purchase.