SALES

Melbourne

Laneways are still sought after. A developer faced stiff competition at an auction for 22-24 Bennetts Lane before buying it for $2.3 million at a land rate of $15,333 per square metre, according to CBRE's Paul Tzamalis, Josh Rutman and Benson Zhou. Mr Tzamalis said the property's development permit underpinned interest.

Braeside

A prominent ANZ bank at 246 Boundary Road has sold for $1.87 million. Fitzroys' Mark Talbot, Geoff Emmett and Terence Yeh said the 1500 sq m property changed hands on a yield of 5.1 per cent with a five-year lease in place to ANZ returning $97,344 per annum plus outgoings and GST, including land tax.

Mordialloc

A showroom and warehouse at unit 1, 272 Lower Dandenong Road, has sold for $510,000 under the hammer, representing a tight 4.4 per cent yield, said Fitzroys' Mark Talbot and DBRE's James Davie. It sold subject to a new three-year lease returning $22,800 per annum.

Cheltenham

HydroChem sold two industrial properties at auction, getting record prices. Its office/warehouse at 30 Viking Court went for $1.27 million, about $370,000 above reserve. The adjoining property at 32 Viking Court sold for $1.175 million, some $275,000 over reserve, Knight Frank's Stuart Gill and Dean Kimitsis said.

Culcairn

Hard rock can crunch hard cash. An investor has paid $4.5 million for the Hurricane Hill Quarry at Culcairn in NSW, about 50km north of Albury. Ruralco Property's Mike Everard said the Boral-operated quarry produces crushed rock. It was offered with all extractive licences and permits in place.

Cremorne

Investors are putting a premium on boutique offices. An office at 47 Cubitt Street sold for $1.85 million with the lack of stock driving continued strong demand, CBRE's David Minty, Josh Twelftree and Sandro Peluso said. Fashion label White Suede sold the building subject to a two-year leaseback.

Carnegie

A landholding earmarked for residential development at 98-100 Truganini Road sold under the hammer for $3.56 million. The 1465 sq m vacant property was sold by CBRE's Julian White, Ed Wright and Chao Zhang.

Tottenham

Selco Group has snapped up a large 7339 sq m office/warehouse at 100 Olympia Street, leased to Nexans Olex, for $3 million. Colliers International's Stephen Newsham said the private sale resulted in a yield of 7.3 per cent. Meanwhile, Damian Marinelli sold a $400,000 office/warehouse on a 5.7 per cent yield at 1/41 Yellowbox Drive in Craigieburn. A similar property at 9A Poa Court sold for $440,000 on a 6.4 per cent yield.

South Melbourne

A 3-level 559 sq m freestanding office at 3-5 Raglan Street has changed hands for $3 million on a fully let basis, said Mark Smedley from Dixon Kestles.

Glen Iris

A large residential 1293 sq m block at 225 Burke Road sold to a developer for $5 million. "We are seeing a growing demand from both local and overseas developers ... within Melbourne's prestigious suburbs," Gross Waddell's Jonathon McCormack and Alex Ham said.

Mount Waverley

A commercial building with redevelopment upside at 11 Windsor Avenue sold under the hammer for $1.135 million, Ray White Commercial Oakleigh's George Kelepouris said.

Derrimut

A SMSF has purchased a new 891 sq m office/warehouse in the West Park Estate at 86 Australis Drive from Basa Constructions for $1.05 million, Industry Property Group's Stuart Macqueen said. The deal follows a string of transactions: 42 Castro Way, a 8190 sq m land parcel in Paramount Estate, was snapped up by local importer ECT Global purchase for $1.1466 million and an 11,000 sq m land parcel at 19 Chambers Road, Altona North, was bought by Kellett Australia for an undisclosed sum. Meanwhile, at 33 Paraweena Drive in Truganina an investor paid $580,000 for an office/warehouse in the Mangana Estate.

Cranbourne West

An agricultural industry group has landed a new office/warehouse at 13 Whitfield Boulevard for $1.15 million in a deal brokered by Savills Australia's Paul Jones.

Surrey Hills

An investor fought off strong competition to pay $1.5 million for a securely leased shop at 540 Whitehorse Road on a tight 4.16 per cent yield, about $300,000 above expectations, Teska Carson's Anthony Choi and Michael Taylor said. Tenant Triple King Chinese Restaurant is paying $62,400 per annum on a five-year lease with a five-year option.

LEASES

Port Melbourne

Prestige and luxury car dealer  Trade Prestige has leased 550 Williamstown Road in a deal negotiated by CBRE's Guy Naselli and Daniel Eramo. The family-run business took the 500 sq m site on a $40,000 12-month term with options.

St Kilda

It's an eyebrow raising deal! The last of four new retail shops, 102A at 27-33 Inkerman Street, has leased to eyebrow specialist Suzie McIntosh. Dixon Kestles' Mark Smedley said McIntosh signed a three-year lease at $25,800 per annum net with a small fitout contribution and 4 per cent annual increases. Nearby in South Melbourne, suite 101 at 222 Kingsway has been leased for two years at $40,700 per annum gross rental.

Prahran

Developer Peregrine Projects has signed Middletown Cafe to a 198 sq m space at 227 High Street. The cafe, whose design and name was influenced by the Duchess of Cambridge Kate Middleton, opened in September paying rent of $140,000 a year.

Dandenong South

Murray River Organics has leased a modern showroom/warehouse in the Logis Estate at 32 Crompton Way. The food group took a 10-year lease over 4649 sq m for gross face rent of $418,410 per annum. Colliers International's Gordon Code negotiated the deal in conjunction with Angus Clark of Cameron Industrial.

Laverton North

A shortage of industrial assets with hardstand and main road exposure has seen truck cleaning group Elite IBC Cleaning take 2200 sq m at 2-4 Pipe Road on a five-year lease for $22.50 per sq m plus GST and outgoings. The site will be used for large vehicle cleaning, Colliers International's Charlie Woodley and Ashley McIntyre said.

Truganina

Wheadons Freight Management and ERH Refrigerated Transport have secured a purpose-built facility, signing a 10-year lease on a truck depot at 34-36 Banfield Court for $450,000 per annum net rent plus GST. The 5500 sq m facility has a dual workshop with service pits and large high-clearance warehouse, CBRE's Todd Grima said.

MOVERS

The Buchan Group has promoted Mark Kozakiewicz to the position of associate after 18 years with the firm.

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