Commercial hammer prices

The amount a local investor has paid an office and warehouse property at Bayswater in Melbourne’s outer-eastern suburbs, in a deal negotiated by Ben Hegerty of Savills Australia. The 15 Brunsdon Street property comprises a single-level office/warehouse building with a net lettable area of 974 square metres (217-square-metre office) and a lockable storage yard and ample parking on the 2,020-square-metre site. Hegerty said the property attracted a good level of interest from owner-occupiers, developers and particularly investors, “in a market starved of investment opportunities”. The property was sold with vacant possession by a private syndicate.

The initial yield achieved on the Marketland Shopping Centre in Penrith in Sydney’s western suburbs following its sale for $4.5 million. The neighbourhood shopping centre is anchored by Franklins and Celebrations Liquor. It was to a private investor in a deal negotiated by Ben Stewart from Savills NSW retail sales, on behalf of Charlotte Street Belmore Pty Ltd. The property is located at 11 Caloola Avenue, Penrith and features a total lettable area of 2,144 square metres. Car parking is also provided for some 65 vehicles on a 0.65-hectare site. The sale was underpinned by a long lease to Franklins until 2024. The shopping centre last sold for $4.05 million in November 2005.

The amount an owner-occupier has paid for a modern office/warehouse property at Braeside in Melbourne’s south east. The 41 Woodlands Drive property comprises a 4,340-square-metre building including office, showroom, training rooms and boardroom and a clear span warehouse. The deal was negotiated by Savills Australia’s Lynton Williams, in conjunction with Gorman Kelly’s Mario Nobrega. The property was purchased with vacant possession by a stair manufacturing company. The property was recently vacated by diesel and natural gas engine supplier Deutz Australia Pty Ltd, which relocated to Springvale.  The vendor was a local private investor.  

The amount diversified property group GPT Group will pay to acquire the Citiport industrial park in Port Melbourne, as it reported annual net profit, down $246.2 million from $707.3 million the previous year. The 2.55-hectare park was jointly marketed by Knight Frank agents James Templeton and Paul Henley in conjunction with Colliers International agents Tony Iuliano and Rob Joyes. It features a five-level office building and high-tech office/warehouse units with total building area of 28,000 square metres.

The sales price achieved on a stand-alone office / warehouse in the Moorabbin industrial precinct in Melbourne’s south east sold by Ryan Amler from Ray White Commercial Oakleigh. The warehouse was purchased by a locally based business that intends to be an owner-occupier. It was sold as a vacant possession by a former owner-occupier. The two-storey warehouse/office is on a land area of approximately 770 square metres with a building of approximately 710 square metres.