Commercial hammer prices

By Larry Schlesinger
Thursday, 28 June 2012

How much Savills Australia is seeking for a prime corner development site at Carrum Downs in Melbourne’s south-east. The site is located at the intersection of Frankston-Dandenong Road and Hall Road and covers 7,539 square metres. It is ideally suited to service station, convenience store, car wash, fast food, medical or residential development, according to marketing agents Rod Neville and Joseph Catanese. The property is for sale by expressions of interest closing July 12.

The price per square metre plus GST being sought for a parcel of industrial land totalling more than 30,000 square metres, subdivided into four allotments, at FKP’s Metrolink Business Park at Campbellfield in Melbourne’s northern industrial precinct. The properties are for sale by private sale closing July. The properties – 54, 56, 58 and 61-63 Metrolink Circuit – range in size from 3,921 to 16,261 square metres and are ideally suited to logistics, warehousing and distribution tenants They are being marketed by Savills industrial directors Michael Green and Greg Jensz.

The expected sale price for a large, inner-city industrial distribution site in Melbourne’s western industrial precinct. Nick Saunders from Colliers has been appointed to sell the site a 5-7 Alick Road in Tottenham, which comprises a 2,096-square-metre building with canopy, plus a 1,625-square-metre adjoining block of land at the rear. The building is equipped with coolrooms and chillers, which the owners are offering as optional with the purchase of the property. This property is being offered on a short-term lease-back arrangement.

The price paid for a B-grade office building at 2-6 Bowes Street in Philips in the ACT. Penrhyn House was sold by Michael Heather from Colliers International under instructions from receivers McGrath Nicol. The sale price equates to a yield of 11%. The building measures 12,622 square metres on land measuring 4,366 square metres. The building was purchased by Quintessential Equities. The building is tenanted by Department of Human Services until November 2013.

The price paid by GIC Real Estate (Government of Singapore Investment Corporation) for Dexus property group’s newly completed industrial park at Erskine Park. The property is located at 94-106 Lenore Drive. The sale was negotiated off-market reflecting a capitalisation rate of 8.15%. In March Dexus secured DB Schenker as the tenant at the industrial park.

The price paid by a private investor from Hope Island for an industrial property located in the Brisbane-Gold Coast corridor and leased to a Fortune Global 500 company. The property stands at 55 Blanck Street in Ormeau. It was sold by former owner-occupier SFL Piletech, which is now leasing a property nearby. The deal was negotiated by Troy Whalan and Adam Wills of Colliers International. The 10,000-square-metre site houses a 5,081-square-metre building made up of warehouse space and office space. It is leased by Beko, the international household appliances brand of Arçelik Group, on a five-year lease with a five-year option, paying a net rent of $584,315 per year plus GST and outgoings, with annual reviews.