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Coptic Church buys Woodend retreat for monastery

MARKET WRAP
Nanjing Night Net

SALES

Woodend

The Coptic Orthodox Diocese of Melbourne has snapped up the historic Campaspe House at 29 Goldies Lane to turn it into the Archangel Michael Monastery for Nuns, as well as a retreat for women. The 7.28-hectare site formerly offered boutique accommodation. Market sources suggest the vendors wanted about $3.5 million. CBRE’s Scott Callow would not confirm sale details.

Melbourne

Another strata office has been sold off the plan in the new Aurora Melbourne Central development on La Trobe Street, at $10,350 per sq m. Colliers International’s Chris Ling, Anthony Kirwan and Oliver Hay sold the 189 sq m workspace to Asia Pacific Education Consultants (APEC) for $1,956,150.

Brighton

Fitzroys’ Mark Talbot and James Lockwood sold 167 Martin Street for $1.55 million under the hammer on an exceptionally tight 2.2 per cent yield. The shop, on a popular strip between Nepean Highway and Gardenvale train station, is leased to Gatto Rosso Trattoria and Pizza.

Port Melbourne

Rigging, flying effects, staging, corporate event and theatre services business Show Tech has bought a multi-level office and warehouse at 210-212 Lorimer Street in an off-market deal for $3.6 million. Nicholas Ott of Ott Properties represented the vendor and CBRE’s Guy Naselli and Jake George negotiated the deal.

Mornington

A fully leased 13-year-old medical centre with eight consulting rooms, two treatment rooms and a separate pathology area at 93-95 Tanti Avenue sold for $3,701,000 CBRE’s Josh Twelftree, Sandro Peluso and Rorey James said. The property sold 33 per cent above reserve to a general practitioner. Meanwhile, Mr Twelftree, Mr Peluso, Lewis Tong and Chao Zhang sold the 3765 sq m Canterbury site of a former aged care facility at 14 Balwyn Road for $6,888,000.

Camberwell

Two adjoining double-storey Victorian-era shops at 766 and 768 Camberwell Road have sold. Both were owned by same family since they were built in the 1930s, Prowse Burns Commercial’s Philip Prowse and Fred Bartlett said. The corner shop at 768 Burke went for $1.75 million on a 2.9 per cent net yield and No. 766 sold for $1.6 million on a 3.7 per cent net yield.

Malvern East

Land rates in Melbourne’s east are rising. Gross Waddell’s Andrew Thorburn and Alex Ham sold a single-level showroom at 608-610 Warrigal Road for $1.6 million, a land rate of $3912 per sq m. The property sold with a permit for an 11-unit development over 5 levels.

Dandenong South

Cameron’s Al Armstrong and Angus Clark have successfully sold a office-warehouse off the plan in the Logis Eco Industrial estate. The 1367 sq m structure at 41 Babbage Drive sold for $2.05 million to a passive investor.

Clifton Hill

Another former East West Link property sold to an owner-occupier, the fourth such sale, all to owner-occupiers, in the past three months, Savills Australia’s Mark Stafford, Julian Heatherich and Nick Peden said. The 50-52 Alexandra Parade property sold privately for $860,000.

Moorabbin

An older-style warehouse with updated office and kitchen facilities at 40-42 Isabella Street sold at auction in front of 35 people for more than $1.32 million. A combined 40 bids from three potential owner-occupiers pushed the price to around $2220 per sq m for the 595 sq m building, Nixon Industrial’s Nikola Drendel said. “We are seeing a lot of interest at the moment from owner-occupiers for quality warehouses.”

Oakleigh

A site at 1370-1372 North Road sold under the hammer for $1,965,000. Rodney King and Chris McKenzie of Crabtrees Real Estate said the former petrol station in an industrial zone had a month-to-month tenancy in place and sold to a local business that intends to build a showroom.

Flemington

Hairdressing salon Ninety Six Degrees in The Shade has sold its premises at 40 Pin Oak Crescent to Metro Chinese Medicine Clinic. The 71 sq m building sold for $834,000, ICR Property Group’s Raff De Luise and Julian Materia said.

Ripponlea

A double-storey building with yoga/pilates downstairs and a two-bedroom dwelling upstairs at 82 Glen Eira Road sold for $1.77 million, Kenny Oliver of Hocking Stuart Commercial said. The net yield of 3 per cent was one of the lowest achieved in the Ripponlea Shopping Village, he said.

South Melbourne

Three bidders vied for a 326 sq m warehouse at 60-66 Gladstone Street, submitting more than 200 bids. The winner paid $2,115,000 or $6487 per sq m on a strong 2.37 per cent yield. The property was leased for a five-year term returning $50,198 a year net, said Mark Smedley and John Pratt of Dixon Kestles & Co.

Windsor

An old two-storey shop and residence on the corner of 9 Chapel Street and Dandenong Road sold via an executor’s auction for $1.1 million. The 130 sq m building generates income from the shop, dwelling and prominent signboard, James Glen from Nichols Crowder said.

Hawthorn

Queensland-based Hello Harry Burgers will open in Shop 1 at 672 Glenferrie Road after leasing 160 sq m for $145,000 per annum. Morley Commercial’s Jonathan Lu said competition for the site was fierce, with a number of national tenants expressing interest.

LEASES

Camberwell

Homemaker brand Sheridan is bedding down at 781-783 Burke Road after signing a long lease at $200,000 per annum. Fitzroys’ Chris James negotiated the 5x5x5-year deal for the 182 sq m ground floor plus first-floor mezzanine. It will house Sheridan’s new Studio format, typically larger than its traditional shops and stock Australian-made furniture and items including sofas, beds, bedding, towels and linen items, side tables, and other homewares.

Northcote

An acupuncture and myotherapy clinic has taken a lease at the Northcote Plaza in a deal brokered by Teska Carson’s Luke Bisset and Fergus Evans. The 56 sq m shop 12, a former Maxibags store, was leased on four-year term with a four-year option for $30,000 per annum net.

Dandenong South

A 2560 sq m building at 88-92 Micro Circuit has been leased for $192,000 on a three-year term to a new tenant Aqua Rush by Cameron’s Al Armstrong and Angus Clark.

Moorabbin

Armstrong’s Foodservice will move to a larger facility, subleasing its 6 Trent Street property (584 sq m) to storage company Brosline. Colliers International’s Richard Wilkinson and James Stott negotiated the three-year lease term between the two suppliers at $82 per sq m. Meanwhile, Winemaking supply store Grapeworks has moved to a new 2342 sq m warehouse at Dingley Village. Mr Stott negotiated the rental at $87 per sq m for four years. Trident Financial Group has moved to 21 Shierlaw Avenue in Canterbury, Colliers International’s Damien Adkins said. He negotiated a five-year lease at $260-$290 per sq m, with options to renew.

Moonee Ponds

A hair salon will move into 127 Puckle Street in a deal brokered by Fitzroys’ Terence Yeh. The 150 sq m space was leased on a seven-year term at $65,000 per annum plus outgoings and GST.

MOVERS

After only one year, Colliers International’s new Lifestyle Estates brand is expanding with the appointment of a manager, Lisa Fraser-Smith, previously from RT Edgar Mornington Peninsula. The Lifestyle brand is a division of Rural & Agribusiness.

Allard Shelton has appointed Jessica Fulton as a sales and leasing executive. Ms Fulton spent time with Asia Pacific Group, Savills and Fletchers Real Estate projects division.

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