Food doyenne sells freehold properties of Gertrude Street restaurant

An investor keen to enter the office market purchased the Burwood Road property through Fitzroys agents David Bourke, Chris James and Shawn Luo.

The 1,855m² four-level building sits on a 1,185m² plot of land, with frontages on both Burwood Road and Lynch Street and 68 parking lots.

It is leased from BIG4 Holiday Parks, the Australian headquarters of fuel systems engineers Leighton O’Brien, Fuse Recruitment and HID Accountants. The average lease term is 4.1 years.

Mr Bourke said the deal was reached within 36 hours of the end of the campaign, with the property selling at a transient net return of 3.4%.

“Hawthorn has become a staple among Melbourne’s shopping markets. It is located in a prime inner suburb area that attracts tenants from central locations and more remote suburbs. The campaign has shown that the reputation extends to local and offshore interests, ”said Bourke.

The Minogue family sold their Church Street offices to South Australian retailer John Charlton, founder of Spendless Shoes, with an estimated return of around 4%.

They paid $ 12.5 million for the 2,368m² building in 2007. It sits on a 1,592m² plot of land and has parking for 70 cars.

Ms Minogue returned to Melbourne this year after 30 years in the UK and spent the tough weeks of lockdown with the rest of us.

Derrimut Agreement

A private investor outsmarted a handful of institutions by spending $ 20.85 million on a Derrimut distribution center and setting a record return of 3.3%.

The value of industrial investments has increased over the past 18 months, reflecting the growing importance of storage and distribution in the new era of internet retailing.

Colliers agents Jack Kelliher, Nick Saunders and Hugh Gilbert handled the deal, which was closed even before a campaign began. Drew Williams of Rutherfords Property has notified the buyer.

The seller, Next Generation Property, paid $ 8.45 million for the property in 2007.

The 9,265 m² distribution center at 20 Calarco Drive is located on a 21,290 m² site and is leased by Cryer Malt, the largest distributor of craft brewing ingredients in Australia and New Zealand.

It suggests a lot of home brewing this summer.

Off-market

The prospective but controversial development of the Preston market begins to create a climate in the slowly gentrifying northern suburbs.

391 High Street, Preston.Credit:

Mark Lo Guidice’s Crawfords group have just made an attractive off-market buy, buying the fire-damaged Westpac bank building at 391 High Street.

The bank is in front of the Cramer Hotel and a furniture store that caught fire in March.

Halfway through the renovation of the corner property, Mr. Lo Guidice made an offer for the 414 m² building.

It is understood that he has a tenant in line for the two-story building for which he paid $ 2.8 million.

Johnston Street

Back in Fitzroy, a block of land at the corner of Napier and Johnston streets is on the market for the first time in over 50 years.

The 1,484m² site at 317-327 Napier Street has ample parking in front of the McCoppins bottle store and a Captain Snooze mattress showroom.

Tenants pay about $ 304,650 per year in rent, and additional five-year leases are scheduled to expire in 2024 and 2022, respectively.

CVA Property Consultants’ JLL agents Josh Rutman, Tim Carr, MingXuan Li and Ian Angelico are processing expressions of interest that end on December 8.

The 1,484 m² site at 317-327 Napier Street has ample parking at the front.

The 1,484 m² site at 317-327 Napier Street has ample parking at the front.Credit:

It is expected to bring in over $ 13.5 million based on sales over the past 12 months.

Any new development could reach 10 levels, depending on the new built form framework of Johnston Street, which gives the site added value.

New developers in the central Fitzroy area include Piccolo, who paid $ 14.275 million for an Australia Post site at 371-385 Gore Street, Beulah International, who bought 430-434 Gore Street for $ 12.5 million. dollars, and Danny Avidan’s Dare Group, based in Sydney, which paid $ 4.6 million for 235 Napier Street.

At low price

The Melbourne City and State Government Storefront Activation Program helps secure retail deals, with low-cost or free space reserved for artists, budding entrepreneurs and artisans.

It’s a reminder of the 1990s after the recession, when CBD rents were cheap and new stores opened and closed every week – a turnover frequency that forced shoppers to scour the back alleys just to see what was happening. ‘there was again.

Fitzroys agents James Lockwood and Rick Berry negotiated leases at No.186 and 148 Little Collins Street on four month terms.

Men’s clothing brand Informale moved to No.186, while mental health organization LIVIN, which uses fashion to start the discussion, praised No.148.

Martin Ginnane of Ginnane & Associates and Richard Jenkins of Plan1 Project Management & Consultancy have also been involved in finding tenants for the program which is designed to jumpstart key areas of the city and get action in all storefronts.

“The owners were happy to enter into the hope of securing long-term leases,” Lockwood said.


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