Fully leased to Kmart Australia Limited until 2028 and returning annual rent of almost $807,000, the asset includes a 6298 square metre showroom and 494-bay car park on the corner of Saviges and Albert streets, between the Moe Racecourse and supermarket, Coles (which like Kmart, is controlled by Wesfarmers).

The Moe complex underwent a refurbishment after Kmart committed to the long lease which includes a 10-year renewal option.

In Charter Hall's 2015 annual report, the Commercial 1 zoned property, marketed by JLL's Stuart Taylor and Stuart Bolton, had a book value of $10.6 million, based on a yield of 7.25 per cent.

However, numerous regional retail assets have sold this year at returns much lower than that.

Last month, a Chinese investor paid $8 million, reflecting a 6.1 per cent yield, for a small shopping complex anchored by a Supa IGA supermarket in Nagambie.

In Yarrawonga, another Chinese investor paid $11.5 million, a return of less than 5 per cent, for a Bunnings Warehouse leased asset.

The Moe purchase comes some 18 months after developer Fridcorp paid the Henkell family $40 million for an office at 627 Chapel Street, South Yarra.

South Melbourne office sells

Local property investor Brendan O'Sullivan is understood to be paying about $13.5 million for a South Melbourne office near the top of Albert Park Lake.

At 163-165 Eastern Road, and with access to two other streets, the 750sq m block includes a seven-level office and 39-bay basement car park. It also offers postcard views of the CBD, the lake and Port Phillip Bay – a point marketed to developers who might consider replacing the site with something taller.

The precinct has seen high density apartment development over the past decade with some towers rising more than 25 levels.

The Eastern Road office was marketed by CBRE's Melbourne Middle Markets team. Agents Mark Wizel, Kiran Pillai, Josh Rutman and Lewis Tong closed an expressions of interest campaign on October 12.

In May, agency Lemon Baxter listed for sale the 52 Albert Road, a four-level office, part-leased to Seven Nightclub.

Another Coles complex trades

Another suburban retail asset occupied by a Coles supermarket has sold, this time in Lalor.

The busy property on the corner of McKimmies Road and Darebin Drive, about 18 kilometres north of town, includes a 2300sq m building within a complex containing 26 specialty shops and 148 onsite car parks.

Coles has an option to renew its lease at the supermarket for 10 years once its current contract term, for the same period, expires. The retail group pays annual rent of nearly $426,000 for the space. The asset is speculated to be exchanging for about $8.5 million but this could not be confirmed with Gross Waddell selling agents, Alex Ham and Michael Gross.

Last month, it was reported the Coburg North Village Shopping Centre, a new complex majority leased to Coles, also found a buyer following a campaign managed by Savills. Eight kilometres north of town, this 1.8 hectare property with a 6283 square metre shopping centre and 303-bay car park, is speculated to be selling for around $38 million, a yield of 4.94 per cent based on the annual rental return of $1.88 million.

Brunswick factory sells with apartment plans

An enormous factory that occupies one of Brunswick's best positions – overlooking parkland in two directions – is expected to be repurposed after selling for a speculated price of more than $8 million.

The 2323sq m parcel at 395 Albert Street includes a double-storey, 1225sq m building, leased until next April. It was offered with a planning scheme for an eight-level apartment complex potentially capturing CBD views over Gilpin Park, to the south, and further parkland views to the north, over Clifton Park and beyond that, Brunswick Park.

Recent council zoning amendments mean this and many nearby Brunswick factories, which also abut parkland, will be encouraged to make way for residential developments.

Butera and Company directors David Butera and Robert Butera marketed 395 Albert Street.

Ken Biddick's $32m Brighton outlay

With the ink barely dry on a contract to sell a vacant CBD office, Newspaper House, for $23.95 million, horseracing identity Ken Biddick and his wife, Catherine, have paid $32.08 million for a secure, Brighton retail investment.

The Middle Brighton Woolworths complex, at 100 Church Street, at the southern end of the ritzy retail strip, exchanged on a low yield of 3.77 per cent.

Leased until 2040, the 4700sq m land holding contains a 3307sq m freestanding supermarket, which Woolworths pays annual rent of $1.21 million to occupy. A short walk to the Middle Brighton train station, the property, last traded in 1985, abuts a 200-bay council-owned car park.

The sale campaign was managed by CBRE's Justin Dowers, Joseph Du Rieu, Kevin Tong and Mark Wizel.

The agents said a third of the 280 enquiries were from offshore-based investors. Fifteen formal offers were lodged for the 100 Church Street complex. The sale price was the highest paid for a passive supermarket investment, nationally, the agents added.

When it was listed for sale, marketing material suggested yields were between 5 per cent and 6 per cent. On that basis, the Brighton complex carried price expectations of between $20 million and $24 million.

The Biddicks, landlords of several local commercial properties, recently sold the Art Deco building, Newspaper House, to Lian Beng Group, a Singaporean group. Built in 1932 and formerly known as the Sydney International College, the listed Lian Beng plans to retain as a passive investment that six-storey, 2048sq m building on 478sq m at 247 Collins Street.

In 2012, Ken and Catherine Biddick paid $9.25 million ahead of a scheduled auction for a 65sq m ground floor shop at the Manchester United building on one of Melbourne's busiest corners (Collins and Swanston streets).

Ten years ago, Mr Biddick purchased a building from another racing enthusiast, Peter Anastasiou, with whom he forged a business relationship, subsequently co-owning some 20 horses.

Email: marcpallisco@gmail.com

Twitter: @marcpallisco