SALES

Caroline Springs

The private sale of an Autobarn and Petbarn showroom fetched $5.25 million on a passing yield of 6.9 per cent based on a net income of $364,088, Savills Australia's Chris Jones, Ben Hegerty and Michael Green said. Autobarn's lease on the property had more than six years to run, while Petbarn's 10-year lease was not due to expire until the end of 2023.

Hawthorn

A developer has snapped up 609 Burwood Road for $4.82 million. The site has approved plans for 31 apartments and retail outlets. The 900-square-metre block has dual street frontages to Burwood Road and Queens Avenue. Teska Carson's Tom Maule and Michael Ludski said it received multiple expressions of interest and sold at a very strong rate of $5,355 per square metre of land.

Prahran

A large crowd watched a set of tudor-style shops opposite the Prahran Market sell for $3.375 million. The fully-leased property at 182-184 Commercial Road was sold by Prowse Burns Commercial on a tight 3.76 per cent yield. The building had two ground floor shops and two first floor tenancies which returned total net rent of $127,000. The numerous inspections from prospective buyers showed the current strength of the market, Philip Prowse and Graham Burns said.

CBD

Two strata offices with flexible uses have sold. A 120-square-metre office suite at 102/2 Collins Street went to an owner occupier for $950,000. The office, in Melbourne's first apartment building, Alcaston House, sold for about $7,917 per square metre. Another 180-square-metre suite at Level 10, 1 Elizabeth Street, sold to a private investor for $1.35 million ($7,500 per square metre) reflecting a yield of 5.23 per cent, Knight Frank's Danny Clark and Andrew Hansen said.

Oakleigh

A renovated and refurbished automotive dealership with a 15-year lease to Bayford Group-run South Yarra BMW sold for a market-leading yield in the low 5 per cent range on a triple net basis. The property, at 190-192 Atherton Road, on the corner of Princes Highway and Huntingdale Road, was leased for $615,228 a year plus GST and outgoings, with 3.25 per cent annual increases and two 10-year options, Sutherland Farrelly's Grant Sutherland said. The family-owned Bayford Group has 11 dealerships selling BMW, Volkswagen, Peugeot, Ford, Chrysler, Jeep and Dodge.

Oakleigh South

A local buyer has bought a 730-square-metre modern clear span office/warehouse for $975,000, equating to a price of $1,335 per square metre. The 1,309-square-metre site at 26 Cleeland Road had an electric roller door and sealed hardstand, and is occupied by a monthly tenancy. It was sold by Gross Waddell's Michael Gross and Benjamin Klein with Ryder Commercial's Mark Ryder and Paul O'Connell.

Kensington

An owner occupier beat off two others to buy two adjoining high-clearance warehouses at 38-42 McLennan Drive. The warehouses were on the site of the former Four'N Twenty pie factory subdivided by Banco Group about six years ago. The properties sold for a combined $1.6 million, said Anthony Kelly from Kelly & Kelly Property.

Dandenong South

Cosmetic and healthcare products manufacturer Protak Australia has paid $1.0388 million for a new industrial facility at 101 Fox Drive. The property, within Goodman's Power Park Industrial Estate, has a 736-square-metre office and warehouse with a large concrete hardstand area, said Savills Australia's Chris Telley.

LEASES

Laverton North

Shipping container supplier ANL Container Hire and Sales has leased a large block of land at 169-179 Dohertys Road for five years. The site has a 2000-square-metre shed and about 35,000 square metres of land, Knight Frank's Matt Crofts and Joel Davy said. Rent was undisclosed but the land price equates to about $10 per square metre net.

Burwood East

Publicly-listed H&R Block, global tax accountants incorporated in the United States, have taken a four-year lease on Shop 3, 10-40 Burwood Highway. The 198-square-metre ground floor retail/office was previously occupied by former senator Helen Kroger for many years. Leasing agent Anthony Kelly of Kelly & Kelly Property said H&R Block will pay rental of $65,000 a year.

Altona

Third-party logistics company, Cosmic S & S has recently leased an industrial facility for a three-year term (with up to six years' extension) on an initial annual rental of $75 a square metre net. The brand new 9,077-square-metre property, located at 18-34 Aylesbury Drive, features high-clearance warehouse, large super awning and corporate office space over two levels. CBRE's Todd Grima negotiated the lease on behalf of Australand.

Dandenong

Cbus Property has secured another significant lease at its Estate One business park. Ermha, a community-based mental illness outreach organisation, will join the CFA in Building G. Ermha has consolidated from multiple sites and will pay $305 per square metre net face rent on a seven-year lease for the 1349-square-metre office, Colliers International's Ash Dean said.

Keysborough

Leading print communication business Blue Star Group will lease a new office and warehouse lease at 70-86 Altantic Drive (tenancy A). The property, speculatively built by Australand on its Key Industrial Estate, comprises a 6789-square-metre office and warehouse, Savills Australia's Daniel Kelly said. The long-term lease was for an undisclosed rental, believed to be about  $90 a square metre.

Rowville

Cobalt Marketing have leased a 1670-square-metre office and warehouse at 5 Mosrael Place on a five-year term, with another five-year option, for an undisclosed amount. JLL's Jordie Cassidy, who negotiated the deal for Konya International, said the property had a high, square and clear-span warehouse of 1365 square metres with excellent truck access from Stud Road and 24 onsite carparks.

MOVERS

Melbourne based residential project sales and marketing agent Red23 has appointed Andrew Perkins to its executive team. Mr Perkins, the former head of research at Oliver Hume, will be responsible for underpinning Red23's expansion into northern New South Wales and South East Queensland over the next 12 months.

Tim Hyland has joined Villawood Properties as head of its business development unit. Mr Hyland will move from real estate firm RPM Real Estate Group where he was head of research for more than four years.

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