Developer Neometro has sold a 90 sq m office space with a basement car park in its seven-level Nine Smith Street development at 13 Smith Street. Lewis Waddell and Terence Yeh of Fitzroys, in conjunction with Richard Miglic of Miglic Dean, negotiated the sale for $805,000 to an investor. The space is leased to education operator Plato Project on a three-year lease returning $50,000 per annum plus GST. It sold on a 6.2 per cent yield.

Mordialloc

This is the third transaction this year where a buyer who was previously considering a residential investment, said CBRE’s Rorey James who, with colleagues Nic Hage and JJ Heng, sold Shop 3 at 534 Main Street. The strata titled space leased to nail salon Inchante, transacted on a 5.7 per cent yield for $675,000. The purchaser’s change of mind was largely due to the volatility of the residential market, he said.

Clayton South

A warehouse/office at 17/266 Osbourne Avenue has sold well over reserve for $459,500 under the hammer. The 245 sq m building, marketed by Ray White Commercial Oakleigh’s Theo Karkanis and Paul Rizzo, included a 55 sq m first floor office and was offered with vacant possession in a secure estate with no GST applicable on the purchase.

Camberwell

An offshore investor paid more than $5 million for a shop in the heart of Camberwell Junction at 755 Burke Road. Leased to Riot Art and Craft and Flo Dancewear, the 358 sq m building returns income of $208,000 a year plus GST and outgoings. It sold on a yield above 4 per cent through CBRE’s Rorey James, Nic Hage and JJ Heng.

Keysborough

An older style office/warehouse with a short-term lease until March 2020 at 30-32 Boileau Street has sold for $1.15 million. The $1408 sq m sold off-market through Simple Industrial Commercial’s Tony Aminian.

South Geelong

A 737 sq m warehouse/office at 11 Crown Street with land area of 1505 sq m has sold for $1.09 million through Darcy Jarman’s Simon Jarman and Tim Darcy. The industrial 1 zoned property was offered with vacant possession. In another deal, the pair sold a vacant corner industrial block at 133 Marshalltown Road in Grovedale for $510,000.

Collingwood

Close to bars, cafes and restaurants, 74 Rupert Street sold by auction for $1,215,000 plus GST in a transaction handled by Sutherland Farrelly’s Paul Sutherland and Paul Farrelly. The 218 sq m, two-storey office and warehouse is currently leased on a monthly overholding basis. "The property created a substantial amount of enquiry and was purchased by an owner occupier," they said.

Dandenong South

A 2198 sq m building at 42 Jayco Drive has sold through Cameron’s Al Armstrong and Ben Murphy for $3,075,000. The building was returning $180,000 per annum in rent, they said.

Frankston

Income producing assets are well sought after by investors. Tom Maule from Gorman Commercial has sold 60 Dandenong Road West in an off-market transaction for $950,000. The property was bought by a private investor on a net yield of sub 5 per cent.

Noble Park

Design, engineering and project management company, LGPM, has acquired an office, laboratory and warehouse complex at 47-49 Overseas Drive for $3,289,650 as its new Melbourne headquarters. Fitzroys’ Jordan Ceppi and David Bourke, in conjunction with Andrew Waddell and Michail Shalit from Gross Waddell, negotiated the EoI, which had 85 enquiries and five offers. LGPM will move from their current home in Scoresby, where they are leasing.

Oakleigh

Two freehold warehouse investments have sold to two different buyers for a combined $2,375,000 following campaigns in separate Melbourne suburbs. The tenanted 73 Westminster Street in Oakleigh sold for $1.25 million and 21 Holloway Drive in Bayswater went for $1,125,000 as vacant possession. Both assets were marketed and sold by Ray White Commercial Ferntree Gully’s Paul Waterhouse and Mitch Rosam.

Richmond

An investor paid $1,885,000, at a sharp land rate of $13,962 per sq m, for a shop at 491 Church Street in front of a strong post-election auction crowd. Teska Carson’s George Takis, Fergus Evans and Michael Ludski said the property attracted both investors and owner-occupiers. The two-level, 260 sq m building sold with a short term lease to Pana Chocolate at $119,500 per annum net.

Springvale

Crabtrees Real Estate agents Andrew Loudon and Chris McKenzie sold Units 2 & 3 at 33-35 Smith Road at auction to two separate buyers. Unit 2 with a 976 sq m building sold for $2.01 million, while Unit 3 with a 602 sq m building fetched $1.1 million.

LEASES

Waurn Ponds

Both Supercheap Auto and Bed Shed will move into the Waurn Ponds Homemaker Centre. CRS Commercial’s Ian Robertson negotiated a 10-year lease with Supercheap to take over space left vacant by Toys R Us last year. The 1950 sq m store was subdivided into two spaces of 934 sq m and 1016 sq m. Bed Shed took the second space. The gross rental achieved was $458,000 a year, nearly 5 per cent higher than was previously paid.

South Melbourne

Catalyst Education has secured a 5-year lease at Level 2, 80 Dorcas Street in the Kings Business Park. The 1069 sq m tenancy was negotiated by JLL’s Shane Keogh at a rate of $400 per sq m. Catalyst relocated from Wellington Road in St Kilda.

Springvale

Colliers International’s Harry Larwill and Richard Wilkinson have leased a 1000 sq m warehouse to Infinity Nail and Beauty Supplies just weeks after it was launched to the market. The Churches of Christ-owned building at 7 Newcomen Road was leased for net face rent of $130 per sq m for 3-years with a 3-year option.

Cranbourne West

Crane hire company Gravity Rigging has leased a 689 sq m office/warehouse at 48 Gwen Road while it’s still under construction. The lease, negotiated by Simple Industrial Commercial’s Tony Aminian, was on a 3x3 year basis at $64,766 per annum plus GST and outgoings. After a long search for a number of months and not being able to find a suitable premise, Gravity Rigging came to the conclusion that a custom warehouse would be the best fit, Mr Aminian said.

Keysborough

Cameron’s Al Armstrong has negotiated a lease on retail space at 1/1 Southpark Close. The 530 sq m showroom fronting Springvale Road was leased for $76,000 per annum to Dynamo Fitness.

Hawthorn East

United Healthcare Imaging has leased a new Australian head office at Suite 102, 12-14 Cato Street. The 94 sq m suite was leased for $34,000 per annum, the fourth lease in the building this year, Gorman Commercial’s David Minton said. In Hawthorn, Mr Minton leased Suite 20A, 20-26 Liddiard Street for $22,000 a year. The ground floor boutique 43 sq m office was once occupied by burger chain Grill’d as their head office and will become the new home for LSR Construction. The deal reflected a rental of $512 per sq m.

St Albans

Medical clinic Kripa Pty Ltd has taken a sub-lease on an office at 325a Main Road East that will complement the building’s head tenant Pharmacy 4 Less. Fitzroys’ Ervin Niyaz and Terence Yeh negotiated the 5-year lease of 150 sq m at $50,000 per annum net rent.

MOVERS

Mario Nobrega has joined JLL in the role of office leasing director in the firm’s Glen Waverley office. Mr Nobrega was previously with Gorman Kelly.

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