Commercial property: Market wrap

Brighton property sells for $3.2 million. Photo: Jessica ShapiroSales
Nanjing Night Net

BRIGHTON

A retail freehold in a blue-ribbon Brighton shopping strip has sold at auction for $3.2 million on an extremely sharp yield of 2.6 per cent. The fiercely contested auction by Fitzroys associate Mark Talbot of 46A Church Street attracted seven bidders. The sale may set a record for the highest amount paid for a single-fronted property in the street and may be the lowest yield so far this year for a shop in one of Melbourne’s major retail strips. The property is leased to established multistore tenant Browns Bakery on a three-year deal returning $86,357 plus outgoings and GST. Mr Talbot said several shops of a comparable size within the immediate vicinity were currently returning rents of about $120,000 per annum plus outgoings and GST, which helped underpin the value of the offering.

FAIRFIELD

A private investor paid $925,000 for shops 1 and 2 at 83 Station Street. Part of the retail/commercial strip on the north-eastern corner of Station Street and Railway Place, the shops sold for a yield of 6.8 per cent, according to ICR Property Group agents Guy Naselli and Raff De Luise. Both buildings, covering about 150 sq m, were together but with two separate titles. They return a combined rental income of $63,000 per annum net from long-established tenants and leases.

HAWTHORN

A three-level, free-standing brick Victorian building at 64 Burwood Road sold after auction for $1.8 million. Gross Waddell sold the property on a yield of 5.62 per cent. Part of the building is used as accommodation but the ground floor is leased to Japanese Restaurant Ocha 2 Go. Rental for the 363 sq m building is about $101, 236 per annum.

BRIGHTON EAST

A former bank premises at 765D Hawthorn Road has sold for $850,000. The property was sold with vacant possession by Gross Waddell. The ground floor has a contemporary office with reception, boardroom, three separate offices and a strongroom. The first floor has two offices and a kitchen.Leases

PRAHRAN

Hip hamburger venue Huxtaburger is set to open a new store at 201 High Street. CBRE retail services team Zelman Ainsworth and Max Cookes negotiated an eight-year lease for a third instalment of the popular eatery in a 90 sq m shop at the foot of Caydon’s latest residential development Trilogi. Earlier this year Huxtaburger II opened at Fulham Place in the CBD following the success of its original store in Collingwood.

SPRINGVALE

A timber flooring wholesaler has agreed to terms on a new lease at 863 Princes Highway, 500 metres from a new IKEA/Harvey Norman megacentre. The property includes a showroom, warehouse and office in a modern 600 sq m building with significant exposure to a main road frontage. Savills Australia’s Daniel Kelly said the tenant took a five-year lease at a rental of $65,000 per annum net. The lessor was a private investor.Movers

The Australian Property Institute has appointed Tony Gorman as its new national president. Mr Gorman replaces Phil Western, who held the position for two years. Mr Gorman, from the API’s WA Division, has held positions on several API boards and committees.

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