SALES

Coburg

Creative and co-working spaces are spreading from the city centre into smaller, hip suburbs. An industrial facility previously occupied by Ernest Hillier at 9-11 Hocking Street will now be used as a creative hub after Big House Arts bought the 1064-square-metre asset in December. Colliers International's Damian Marinelli negotiated the sale for $1.175 million.

Ravenhall

A front seat location in MAB's Orbis Business Park proved a key driver in the sale of a large 16,095sq m development site which sold in just 19 days. The land at Lot 401 & 402, 165-211 Robinsons Road sold for $4,104,255, a land rate of $255 per sq m, CVA's John Nockles and Leo Mancino said. The site was well suited to retail/showrooms, supermarket or medical uses, they said.

Dandenong South

Cameron Commercial's Angus Clark and Al Armstrong have sold 15 Johnston Court to offshore investors for $2.968 million. Built in 2005, the property transacted after being on the market for eight weeks. It represents a strong yield of 6.9 for a B-grade property.

Williamstown North

A large 1200sq m office warehouse at 6 Ganton Court has been snapped up by City Circle Group for $1.5 million just a week after first visiting the site. The office/warehouse was sold by Colliers International's Ashley McIntyre and Charlie Woodley who said they had been working with the demolition and recycling specialists for some time to find a suitable site.

Oakleigh East

The price of shops and other retail asset are still rising with an IGA-leased store at 2 Macrina Street selling on a 2.84 per cent yield. The property sold under the hammer to a private investor for $905,000, George Kelepouris of Ray White Commercial Oakleigh said. The supermarket had a long lease and was returning net income of $25,729 per annum.

Highett

Two warehouses, one vacant and one tenanted, have traded hands at auction for $1.32 million, about $140,000 above the reserve, Nichols Crowder's James Glen said. The industrial pocket was at No. 6 and 8 Commercial Road. "It's unusual to get two standalone warehouses within this area, hence the strong pricing," Mr Glen said.

Moorabbin

Nixon Industrial's David Garfield has negotiated the sale of Industrial Zone 1 land at 660B South Road to an owner occupier for $1.5 million. The 1784sq m site included a secure yard and display showroom near Dingley Bypass. "This was one of the last remaining sites in the Moorabbin industrial estate," Mr Garfield said.

Coolaroo

A 988sq m vacant site that formed a component of a much larger commercial development at the north-east corner of Barry Road and Pascoe Vale Road was sold by Gray Johnson's agent Rory White for $1.225 million. Lot A at 1350 Pascoe Vale Road was brought by registered training college Eminent College of Education.

Malvern

A building 667 Dandenong Road occupied by a medical centre on a short, 2-year lease returning $42,000 net rent has sold for $1.5 million,  Prowse Burns Commercial's Philip Prowse said.

LEASES

Melbourne

Western House at 460 Collins Street has reached full occupancy after Austin Education signed a lease for 170sq m on level two. Fitzroys' Stephen Land negotiated the 3-year deal for $63,750 per annum gross plus GST. Nine-level Western House is anchored by National Australia Bank on the ground floor.

Melbourne

Global aviation and airport planning firm Landrum & Brown has secured the top two floors of the recently redeveloped 114 Flinders Street building. Colliers International's Adam Spencer-Shirley negotiated the five-year lease on behalf of Cavehall Propriety at a rate of $575 per sq m for the 525sq m office. The unique tenancy includes a mezzanine level with floor-to-ceiling windows overlooking Birrarung Marr and Federation Square. Meanwhile, HR Legal has taken premises in South Yarra, moving into Zoo Advertising's former office at 32 Garden Street. Damien Adkins and Chris Meehan negotiated the five-year lease term at a rate of $385 per sq m.

Narre Warren

National furniture and homewares retailer Oz Design Furniture has signed a lease for a showroom opposite the Fountain Gate Shopping Centre. The retailer took Unit 8 at 44 Victor Crescent, a 1000-square-metre retail space in Fountain Gate Super Centre bulky goods precinct, Savills Australia's Keith Kooloos and Faceys' Josh Kendall said. Rent was not disclosed but the precinct leases in the low $200s per square metre.

Somerton

Bathroom products distributor BKS Centre has taken a lease on a high-profile showroom at 866 Cooper Street. Colliers International's Marco Sandrin and Brent Glassford negotiated the five-year lease term at $95 per sq m for the 1818sq m asset on behalf of landlord, Charter Hall. In another deal, manufacturing business, Nelson Global Products Australia, will relocate to Dandenong South from Scoresby. Gordon Code negotiated the lease at 317 Abbotts Road for around $70 per sq m on a five-year term, plus two five-year options to renew.

Melbourne

A design tenant has signed a five-year lease over the whole of Level 4 of 333 Flinders Lane. Fitzroys' Stephen Land said the 345sq m leased for $145,000 per annum plus GST.

Armadale

Duzen, a women's handbag retailer, will open at store at 1005 High Street. Teska Carson's Tom Maule said the 100 sq m shop was let at $65,000 per annum net. "This part of High Street is well stocked with boutique fashion and dining establishments," Mr Maule said. In another deal, Mr Maule and Fergus Evans signed construction management firm, Project One, on a new lease at Cremorne at 52 Stephenson Street. Mr Evans said the tenant had taken a two-year lease with a two-year option at $57,000 per annum net.

Balwyn North

Beacon Lighting will light up the eastern suburbs, committing to a 10-year lease at 304 Doncaster Road, said Richard Height from Gorman Commercial. Industry sources suggest a likely rental around $220 per sq m. In Malvern East, Benton's Plumbing supplies has taken a 657sq m office, showroom and warehouse on a five-year lease with options at 1818 Malvern Road. Mr Height said rent was undisclosed.

Spotswood

The City of Melbourne has found a new location for a component of its events department at 7 Raleigh Street taking out a six-month lease, Colliers International's Ashley McIntyre and Charlie Woodley said. Gross rent was believed to be $14,000 per month, including outgoings.

Keysborough

Indian Drive has seen a record $108sq m lease deal in a key industrial area, said Cameron Commercial's Angus Clark and Al Armstrong. The pair leased an 886sq m property for $95,400 per annum on a 5-year lease prior to the building on the site being completed.

MOVERS

Development advisory and project management firm PPM has appointed Michael Hodgson as executive director and Geoff Junkeer as associate director. Mr Hodgson has 25 years' experience in development industry and Mr Junkeer has strong skills in major project delivery.

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