The Masterchef Australia warehouse cooking premises in Alexandria has been sold for $5.5 million.
The sale preceded the decision by Network Ten and Shine Australia to relocate their major television series to the Melbourne, arguably Australia's food capital, where the fifth season of the cooking reality show will be filmed at the Melbourne Showgrounds.
Interests associated with the Maribondo-Aspden family, which is Havaiana's Australian distributor for Havaiana thongs , were the warehouse buyers. It's expected the business might open at the Doody Street showroom premises.
In the meantime a small 185-square-metre space with polished timber hardwood floors within the complex has been put up for lease through Mark Furneaux at Durrant Furneaux Mascot. No leasing price has been offered.
The widely popular reality cooking challenge series had leased the 1925 warehouse since its 2009 inaugural season.
Masterchef’s producers were attracted to the building after its 2009 refurbishment, which reputedly set a new benchmark for the city fringe industrial suburb.
No expense had been spared to furnish it – especially its mezzanine perimeter overlooking a central, open-plan, light-filled ground floor area with polished timber floors and formal entry via twin doors.
The net lettable building with brick walls and high exposed timber ceilings totals about 1,500 square metres plus a private courtyard. The property also offers 20 car spaces.
The neighbouring warehouse at Alexandria has also been recently sold for $7.42 million to the Haikin family, owners of the Australian franchise of the Max Brenner chocolate shop, which has lodged plans for its workplace.
Colliers International Industrial recently noted in its first half 2012 South Sydney industrial report that vacancy levels continued to remain tight as tenant confidence slowly returned.
It noted lease transaction volumes continued to remain low due to a lack of space available for tenants to relocate or enter the market, with only 10 buildings over 4,000 square metres for lease in the South Sydney market – of which four were under negotiations.
Prime grade net face rents continue to range from $130 to $160 square metre per annum, while secondary grade rents average between $100 to $120 a square metre per annum.
Colliers International forecasts that face rents will begin to show signs of growth in the South Sydney industrial market over the course of 2012, as tenant confidence continues to increase and availability remains tight.
The sub-1,000-square-metre sales market within Sydney’s South has continued to record robust levels of sales transactions occur.
The majority of sales activity remains in the sub-$10 million price range, with owner-occupiers, private investor and those looking to purchase for their self managed super funds dominating transactions.