The Garden State Hotel at 95-101 Flinders Lane.
While listed pub large Australian Venue Co runs the favored lodge, data present the fund’s authentic head lease on the property had a 2301 expiry date. Quite a long-term imaginative and prescient.
Values on the block of Flinders Lane behind 101 Collins Street are skewed by makes an attempt by the tower’s proprietor, the Commonwealth Superannuation Fund, to manage any potential developments that would obscure its views.
The fund has already clipped the peak potential of the Garden State Hotel at 95–101 Flinders Lane which might restrict a peak worth. Last month, an workplace at No.107-109 bought for $14.8 million, simply shy of the $15 million the fund paid for it in 2015.
The same worth is anticipated for the newly listed 103-105 Flinders Lane. However, none of them are pubs which may run on completely totally different metrics. Records present the Zagames paid $5 million in 2007. The former manufacturing facility was become a restaurant within the late Nineteen Eighties.
Old Salvos’ suburban hang-out shines
A rich Liechtenstein household has snapped up the previous Salvos headquarters in Mont Albert in a recent signal of renewed investor curiosity within the metropolis’s workplace market.
Venncap, performing for the Hilti Family Office, is paying $24.5 million for the three-storey workplace at 3-7 Hamilton Street.
The absolutely leased 3508-square metre workplace returns $1.75 million a yr in revenue and is the primary main workplace to vary arms with out stamp obligation underneath the Victorian authorities’s new Commercial and Industrial Property Tax.
3-7 Hamilton Street, Mont Albert.
The levy will substitute upfront stamp obligation with an annual 1 per cent land value-based tax beginning 10 years after the acquisition date. The expressions of curiosity marketing campaign, run by Lemon Baxter’s Thomas Blencowe, Paul O’Sullivan and Hans Fan, attracted six bids.
Local funding home Forza had paid $15.5 million for the empty workplace in July 2024, instantly after the introduction of the brand new scheme. The then vendor, the Hargrave household’s Larkfield, had paid $27.85 million in 2021.
Offices again in play
At close by Camberwell Junction, the Lemon Baxter staff, underneath directions from Advise Transact, is promoting 695 Burke Road for Dealcorp, an workplace it has held for 30 years.
Records present Dealcorp boss David Kobritz paid $1.6 million for the workplace at a time when the property market was in a deep trough.
695 Burke Road, Camberwell.
The 3500-square metre constructing is on a 1115-square metre website and is 80 per cent leased. It returns about $925,000 a yr and will fetch greater than $20 million.
Closer to town, an empty Richmond workplace is again in the marketplace. The three-level constructing at 1 Salisbury Street was beforehand leased to youngsters’s companies charity, Berry Street.
It final modified arms for $7 million in 2010 and hit the market in 2023 with an asking of $13 million, lately lowered to $9 million.
The 1873-square metre property was in-built 2003. It’s on 1418 sq. metres of land off Church Street, between Highett and Victoria streets.
1 Salisbury Street, Richmond.
Gorman Commercial brokers Peter Bremner and Jonathon McCormack have the itemizing, together with LDB Property’s Owen Day and Scott Raglus.
Development websites galore
In the Dandenong foothills, a 7.55-hectare parcel of land at 29 Norvel Road, Ferntree Gully, is in the marketplace with its Chinese distributors anticipating a $60 million payday.
The property has a allow for 138 tons. Cushman & Wakefield’s Joe Kairouz, Hamish Burgess and Leon Ma are promoting the previous quarry website which final modified arms in 2016, reportedly for $40 million.
29 Norvel Road, Ferntree Gully.
In Northcote, Cushmans and Four Leaves Property’s Linda Sharky and Max Mahoney are additionally advertising a RetailerLocal self-storage centre at 150 Arthurton Road close to the Darebin Creek.
The 5190-square metre website comes with an accepted plan for a seven-level undertaking. The vendor, EG Funds, paid $13.45 million in 2016 and is anticipating about $20 million.
150 Arthurton Road, Northcote.
In South Melbourne, entrepreneur Matt Bailey, from The Bailey Boys, is promoting a website owned by his household for greater than 20 years. The properties at 214-226 Park Street cowl 2432 sq. metres on the nook of Palmer Street.
214–220 & 222–226 Park Street, South Melbourne.
Colliers brokers Tim Storey, Jozef Dickinson, Philip Heberling and Aaron Choong have the itemizing and predict greater than $30 million.
In bayside Brighton, the homeowners of a 2547-square metre growth website at 11-13 Black Street are hoping for about $20 million. Close to the Church Street strip, the positioning has a allow for 23 “outsized” flats designed by Bruce Henderson Architects. Gross Waddell ICR’s Danny Clark, Andrew Greenway and Glenn Ye are working the marketing campaign.
Hawthorn prize
Four bidders competed for 556-558 Glenferrie Road in Hawthorn, with the $2.45 million sale worth reflecting a decent 3.8 per cent yield.
The purchaser was a neighborhood personal investor including to their portfolio. The two adjoining properties on the nook of Henrietta Street have been provided for the primary time in 50 years.
They are on 372 sq. metres within the block south of Glenferrie railway station between Burwood and Riversdale roads.
556-558 Glenferrie Road, Hawthorn.
Fitzroys’ Ben Liu, Chris James and David Bourke managed the public sale marketing campaign.
Over the river, one other personal investor purchased a strata-titled store within the Toorak Village for about $1.1 million after it handed in at public sale. Fitzroys’ Lewis Waddell and Chris Kombi bought 525 Toorak Road for a neighborhood household. The 74-square metre store got here with a three-year lease to wellness retailer Nutrition Shark.
