A WRAP up of rural and commercial property investment sales, as well as leasing transactions across Australia.
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Retail
Burwood, VIC
The former Burwood Police Station in Melbourne’s eastern suburbs will become a tile showroom after selling to an owner occupier for $3.125 million – $790,000 above reserve.
Sixty-three bids were placed for the Crown Land parcel at 64 Burwood Highway. The corner allotment is zoned Commercial 1 and the purchaser plans to capitalise on the prime position and exposure to 29,000 daily passing cars and expand their business at the site.
“The sale result being 34% above reserve is a true reflection that premium property delivers premium results, especially considering the turbulent market conditions we currently seeing,” said Savills’ Julian Heatherich, who sold the property Benson Zhou, Tim Grant and James Latos.
Four groups competed for ownership representing a mixture of local business owners and investors.
“Despite the view of some pundits that the current economic climate is not favourable for smaller businesses, today was an indication that this may not be the case with the most aggressive bidders being occupiers seeking to commence or expand their existing operations,” Latos said.
Spring Hill, QLD
Glen’s Espresso has leased a 16 sqm space in Brisbane’s inner north.
It will pay $15,000 a year gross plus GST in the five-year deal with an option for 196 Wharf Street.
Chase Commercial did the deal.
Office
Melbourne, VIC
Graphic design agency Principals has taken the 345 sqm penthouse at 333 Flinders Lane in the Melbourne CBD.
JLL’s Sam Friend, who negotiated the deal, said Principals had been looking for new creative office space for 12 months. He said they secured the penthouse office within a week of inspection.
Principals are relocating from Hardware Lane.
The five-year lease was struck at a gross face rent of $670 sqm with. The landlord is Geomin Trust.
Rural & Agribusiness
Cracow, QLD
An Injune district grazing family has paid circa $18 million for a highly regarded Dawson Valley cattle property.
The Rockdale and Ten Mile Aggregation in Central Queensland spans 5,930 hectares, and is located about 24 kilometres from Cracow and 72 kilometres from Theodore.
It was put to the market with a $17.95 million asking price through Mike Barry of Shepherdson & Boyd.
There is a balance of predominately gently rolling ridges, flats and hollows of very well-developed Bottle tree, Brigalow, bauhinia softwood scrub country and Ironbark forest country. About 690 hectares is elevated, harder, timbered country. There is Buffel grass, Rhodes grass, native grasses plus numerous medics scattered throughout. Sixty hectares is prepared for oats.
The aggregation typically carries 1,200 head of mixed cattle with over 500 breeders.
Water infrastructure includes four bores, three of which are solar equipped, seasonal watercourses and several dams.
Improvements include a circa 1950s three-bedroom home and newly-constructed workers’ accommodation, with a new machinery/hay shed to be constructed.
