Leased to Bottlemart Express, a 531 sq m corner block at 82-86 Melville Road sold through Fitzroys’ Chris James and Ervin Niyaz for $1.89 million. The price reflected a tight 4.6 per cent yield. Mr James said the campaign generated more than 70 inquiries, mostly from developers and land bankers.
Unit 9 at 286-288 Maroondah Highway has sold for $1,675,000 on a passing yield of 7 per cent. The 850 sq m concrete tilt panel unit was leased to Ace Space Children’s Play Centre. It recently renewed a five-year lease returning $118,014 per annum, said Cushman & Wakefield’s Robert Colaneri and Jordie Cassidy.
Nick Theodossi, from Nick Theodossi Prestige Cars, has leased a showroom he owns at 50 Lorimer Street, on the corner of Montague Street. The 200 sq m, high-ceiling showroom with one car space was leased through Sutherland Farrelly’s Paul Sutherland for $92,000 per annum, plus GST.
Hungarian patisserie Kurtosh is the latest Sydney eatery to expand into Melbourne. Fitzroys’ Chris James negotiated a straight 10-year lease for Kurtosh over a 112 sq m space in the landmark Lido Cinemas complex on Hawthorn’s Glenferrie Road at $85,000 per annum net.
A fashion retailer has leased a 107 sq m shopfront at 517 Chapel Street. Fitzroys’ James Lockwood and Lewis Waddell negotiated the deal at $570 per sq m net. Mr Waddell said more than 45 inquiries were received for the property. The units are leasing at between $190 to $200 per sq m.
Sumo Sushi Grill has leased a 314 sq m outlet at 662 Burke Road. Sumo signed a five-year lease at net annual rental of $165,000, plus outgoings and GST. Knight Frank’s Paul Lillis and Lewien Gallus negotiated the lease.
Two units in The Bund business park at 580-600 Lorimer Street have leased to Pipecore Industries and CADwalk International. The development has 12 units with nearly half leased, CBRE’s Guy Naselli, Ben Quennell and Jake George said. The units are leasing at between $190 to $200 per sq m.
Digital marketers Tailor Group has moved to new headquarters at 187 Johnston Street in a newly renovated two-level building. It took 240 sq m on a five-year lease paying $60,000 per annum net. Gorman Commercial’s Dean Alexander negotiated the deal.
Two shops at 589-599 Hampton Street have leased on six-year terms to Kids Tudor and Cotton Property Group. Burgess Rawson’s Alex Magliolo said both were leased for $20,000 per annum.
Knight Frank’s occupier services business has recruited tenant advocates Dave Chalmers and John Clarke. The pair have more than 60 years’ combined experience recently heading up PD Corp.
Fitzroys has bolstered its agency division appointing Shawn Luo as senior manager – agency. Mr Luo has six years’ experience in Melbourne’s property market.
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Property Editor at The Age and BusinessDay journalist for Fairfax’s theage.com.au, smh.com.au, watoday.com.au and brisbanetimes.com.au.
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