Deals of the Week - 9th October 2023

Victoria

DANDENONG SOUTH - $31.5 million

A national private owner-occupier specialising in hardware products has secured a rare institutional-grade freestanding office and warehouse facility in the tightly-held Dandenong South industrial market for $31.5 million. 

Colliers' Gordon Code, James Stott and Daniel Telling negotiated the deal in conjunction with Cameron's James Roux and Angus Clark on behalf of Glasscocks 25. The successful on-market sale campaign was met with significant interest due to the rare opportunity in the tightly held location. 

SOUTH YARRA - $2.416 million

A retail store in South Yarra was sold by a local family, after owning the property for over 40 years.

Purchased by Lulo Investments, the property at 131 Toorak Road sold, reflecting a yield of 3.57% and a building rate of $18,303/sqm. The property has been leased to the same tenant, florist Victoria Whitelaw, for over 20 years.

The sale was orchestrated by Cushman & Wakefield's Karim Ford, George Davies, Jeff Ha, and Eva Ni, in collaboration with Kristian Peatling and Warwick Bramich of Alexander Robertson.

SPRINGVALE - $2.014 million 

A strata industrial investment with an excellent tenancy covenant in a prime southeastern location has sold under the hammer for $2.014 million. 

Private investors traded the property, B12 & B13, 2A Westall Road in Springvale, which was sold through Fitzroys’ Brent Glassford, Marco Sandrin and Lewis Waddell, in conjunction with Patrick O’Callaghan of O & Co. The combined property totals 586 sqm of floor space, with 490 sqm occupied by Ambulance Victoria and the remaining leased to Promotional Clothing. The sale price reflected a yield of 5.25%. 

MONBULK - Undisclosed

A 6,900 sqm freestanding Woolworths in regional Victoria was purchased by a first-time Australian commercial property buyer from China. 

The supermarket has been servicing the region for over 40 years, currently holding a 20-year triple net lease, and recently underwent a refurbishment.

The deal was brokered by CBRE's Nathan Mufale, JJ Heng, Scott Hawthorne and Jaycen Willox.

New South Wales

MERRYLANDS - $2.6 million

A Sydney-based owner-operator has purchased a two-storey commercial building in Merrylands for $2.6 million, the building's first transaction after 45 years of ownership by a local accountant.

Located at 91 Merrylands Road, the 513 sqm building has two tenancies, holding a combined passing income of $111,005. 

CBRE’s Robert Dowdy managed the sale of the property which recently went to auction.

BARGO - Undisclosed 

After over 30 years of ownership, veteran hotelier Lloyd Segerstrom has sold the Hotel Bargo.

The 2,612 sqm block was purchased by Andrew Ingram, who plans to modernise the offering with incremental changes to suit the local community. The Hotel boasts impressive trading fundamentals, including 26 electronic gaming machines, 10 accommodation rooms, an open-plan bistro area, a functional public bar and a modern commercial kitchen.  

The deal was managed by JLL's Greg Jeloudev and Ben McDonald.