East Melbourne

A shop in a tightly held retail pocket of East Melbourne has sold for $3.025 million. The 193-square-metre site with a six-metre frontage to Wellington Parade and 28 metres to Simpson Street attracted 120 inquiries, Savills Australia's Nick Peden and Jesse Radisich and MGO Property's Martin O'Halloran said. The two-level building with a shop and office on the ground floor and an office upstairs was fully leased to two tenants at a total income of $95,576 net. "East Melbourne retail in this precinct is relatively scarce and, as such, highly valued and tightly held," Mr Peden said.

Hampton

A two-level shop and residence at the beach end at 390-392 Hampton Street has sold on a low 4.1 per cent yield at auction. On five separate titles, the modern building's five tenancies provide an annual rental income of $112,285, conjunctional agents DBRE and Buxtons said. "The vendor accepted the final bid in the high $2 million range from a local private investor whose intention is to look to redeveloping the upper floors in [the] future," DBRE's James Davie said.

Carlton

A securely leased ground-floor strata shop metres from Lygon Street sold for $1.925 million, representing a tight yield of 4.6 per cent, Morley Commercial's James Lie said. The shop at 186 Faraday Street was leased to Et Al, a prominent Australian fashion company with five stores, for $89,989 per annum, plus GST, he said.

Abbotsford

A local developer outbid offshore buyers to nab a $5.04 million development site in Hoddle Street. The property on the corner at 218-228 Hoddle Street, which had two street frontages, had been used as a showroom, Savills Australia's Nick Peden and Jesse Radisich said. "We were expecting a little over $3.5 million. However, the strong competition from both local and offshore interests put its value at another level, perhaps reflecting some hope that the site may see a residential rezoning in the not too distant future," Mr Peden said. The main portion of the property facing Hoddle Street was sold with vacant possession.

Laverton North

Strengthening demand from owner-occupiers wanting to gain a foothold in Melbourne's western industrial precinct has underpinned more than $12 million in sales over the past two months. Chinese-based consortium Forte Land secured a 7462-square-metre industrial facility at 197-205 Boundary Road in Laverton North for about $6 million with impending occupation for a related entity, CBRE's Harry Kalaitzis and Todd Grima said. In another deal, National Auto Glass Supplies acquired a 4008-square-metre, speculatively built facility at 31 Benn Court within the Westpark Industrial Estate in Derrimut for $3.78 million. Meanwhile, South Melbourne-based business The Car Brokers purchased a 2360-square-metre facility at 2/405 Grieve Parade in Altona North for $2.42 million. The property comprises a modern two-level office/showroom/warehouse, internal clearances of 10 metres and four container-height roller doors.

Ringwood

The last two office suites in the Omnico development at 50 New Street have been sold. The ground-floor conference centre went for $526,000 on a yield of 6 per cent. It was leased to the owners' corporation on a 10 + 10-year lease with 8.5 years remaining and Suite 17, which is leased by Yellow Brick Road Financial Planning, sold for $270,000, Knight Frank's Tim Grant said.

CBD

Fitzroys' Stephen Land and Tom Backay have sold a portion of the iconic Equitable House office building at 343 Little Collins Street on the corner of Elizabeth Street. Suite 907 on Level 9 went to a local investor for $655,000, representing a 6.2 per cent net yield. The 111-square-metre space sold subject to a new three-year term and a three-year option to a government tenant, returning $50,000 per annum, plus GST.

LEASES

Hoppers Crossing

Leo Mancino of CVA Property Consultants has leased 1300 Old Geelong Road site to 99 Bikes, one of Australia's leading bicycle retailers. The 1084-square-metre building was leased for $115,000.00 per annum at a rate of $106.09 per square metre. This will mark 99 Bikes' fifth Victorian location.

Dandenong South

Sydney-based steel fencing provider Budget Metals Aust will open its first Melbourne branch at an industrial facility at 1/64-68 Nissan Drive. The firm took a 1264-square-metre building (including a high-clearance warehouse with a five-tonne gantry crane and a ground-level office, drive around access, secure yard space and on-site parking) on a three-year lease at $89,744 per annum net, Savills Australia's Paul Jones and Kosta Filinis said.

Greensborough

Within a few months of selling for $900,000, on behalf of the Banyule City Council, a shop at 63 Main Street has been leased. A nail and beauty salon operator signed a 5+5-year lease on the 146-square-metre shop, paying a net annual rental of $55,000, Knight Frank's Tim Grant said.

South Yarra

Medpace Australia has relocated from Notting Hill to Como in South Yarra to be closer to the city. Colliers International's Ash Dean said Medpace signed a five-year lease at 650 Chapel Street for net rent of $390 per square metre. "With only a 4 per cent incentive, this deal highlights the strength of this popular city fringe precinct," he said. Meanwhile, Damien Adkins and Mr Dean signed global healthcare company Juno Pharmaceuticals to 500 square metres on Level 2 at 6 Bond Street on face rent of $430 per square metre.

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