A WRAP up of commercial property investment sales, as well as leasing transactions across Australia.
Submit transactions to [email protected], sponsorship opportunities available contact [email protected] or [email protected]
Retail
Dandenong, VIC
Sky Jade has sold the landmark Kia and Nissan car dealership in Dandenong, in Melborune’s south east, $8,888,888.
Burgess Rawson’s Matthew Wright and Zomart He, in conjunction with Cameron’s Ed Cooper and Harry Cooper, sold the property at 46-56 Lonsdale Street via an expressions of interest campaign that attracted seven offers before selling to a local owner occupier.
The 6,466 sqm landholding was offered short-term income of $736,964 with potential for future redevelopment. It is situated in the heart of the car sales precinct with surrounding businesses including Mitsubishi, Hyundai, and Ford and leading automotive retailers.
Currently the property has low site coverage with the existing showroom and warehousing improvements totalling 3,394 sqm.
Dandenong’s booming industrial, logistics and business park precinct has seen local land values surge 225% since 2009.
The site is strategically positioned with easy access to major arterials such as Frankston Dandenong Road, Monash Freeway, South Gippsland Highway/Freeway and Eastlink and well as being within walking distance to Dandenong CBD, Dandenong Plaza and Market and Dandenong Train Station.
Ascot, QLD
Arete Dental Studio has taken out a 10-year lease with options over a 135 sqm retail unit within Ascot Central Shopping Centre.
They will pay $121,500 gross a year for 2A/111 Racecourse Road.
First National Commercial did the deal.
Industrial
Collingwood, VIC
A warehouse presenting as a commercial development opportunity in Melbourne’s city-fringe hotspot Collingwood has changed hands in an off-market deal.
Local owner-occupiers snapped up 121 Langridge Street for $2.060 million just three days after Colliers’ Alex Browne and Matt Knox were appointed to the sell the property. They said they reached out directly to the potential buyer, as they knew they were looking for an asset of this nature.
The sale represented a land rate of $8,583 per sqm. The property was sold with a short-term lease and the new owner plans on moving into the premises and utilising it for their business.
“We continue to receive strong interest from owner occupiers seeking well-located city-fringe properties they currently can occupy while also providing future value-add opportunities,” Knox said, adding that investor interest has slightly softened, and owner-occupiers are currently dominating the Melbourne metro market.
“The city fringe and inner suburban markets are particularly of interest, where we are experiencing a shift as businesses look to rationalise out from the CBD. In contrast, others want to relocate from outer suburban markets to access more amenities,” Knox said.
