Deals: Balmain’s Matt Blatt outlet on the block
A strip of shops in Balmain in Sydney’s inner west, including one leased to national furniture and homewares chain Matt Blatt, is on the market.
The block of five shops at 244-250 Darling St, as well as three offices upstairs, will be sold at auction on June 21, with the potential for apartments above the retail premises expected to attract developers.
Ray White Commercial Inner West’s Tim Morrison is marketing the property, which has an average weighted lease expiry of 4.5 years.
The two-level, 750sqm property offers a unique opportunity to purchase a significate holding on the prime Darling St retail strip,” Morrison says.
“Among the tenants is Matt Blatt – a successful national retailer and Australia’s go-to destination for exciting inspirational, iconic and unconventional furniture, lighting and homewares, with eight showrooms spread across the country.
Victoria: Newtown property crushes reserve
A mixed-use development site at Newtown, in the Victorian regional hub of Geelong, sold for almost double its reserve price after heated bidding at auction.
The 1190sqm corner site at 16-18 Bloomsbury St, which was home to a three-bedroom house but has been zoned for higher density housing, industrial or commercial development, sold for $1.16 million, well above its $620,000 reserve.
Selling agent Michael De Stefano, from Gartland Property, says the property’s development potential saw more than 100 people attend the auction.
“The desire to change this precinct into one that is more of a combination of residential and commercial has seen a huge amount of buyer interest,” De Stefano says.
“Part of the reason is that there are very few landholdings of this nature in this precinct that offer such opportunity. This definitely drove the demand and competition for this property.”
Sydney: Australian Unity inks giant Parramatta deal
Australian Unity Home Care Services has finalised a major leasing deal in Parramatta, taking 1510sqm of A-grade office space on a seven-year lease.
The healthcare provider’s lease at 56 Station St comprises a full floor office spanning 1103sqm and a ground floor showroom of 406sqm.
CBRE’s Luke Bryant, who negotiated the lease alongside Stephen Panagiotopoulos, says the office will support Australian Unity’s Home Care Services expansion.
“In addition to offering a high quality space, the proximity to the transport interchange, local services and amenities further substantiated 56 Station St as a clear frontrunner for their accommodation,” Mr Bryant said.
“This property is ideally suited to support the ongoing growth of Australian Unity, following its success winning the NSW tender servicing in-home care services to more than 50,000 clients across the state.”
Melbourne: Sweet deal in South Yarra
A South Yarra building leased to iconic Melbourne sweets retailer Burch & Purchese has sold for $3.2 million at auction.
The two-storey building at 647 Chapel St attracted bidding from four parties before selling on a yield of 4.3%.
It was sold with a new five-year lease to Burch and Purchese, with two further five options, returning $140,400 annually.
Fitzroys agents Chris Kombi and Chris James marketed the property, with Kombi saying its location opposite the Como Centre and near the Forrest Hill high density residential precinct, enhanced its appeal.
“This is an enormously successful location with a huge catchment of over 4000 residents and workers immediately surrounding the property, further enhanced by the growing number of residential projects currently under construction, including Royal Como, Gisele, 661 Chapel Street, W South Yarra, Wil & Co and many more,” Kombi says.
Perth: St John Ambulance trains sights on new office
St John Ambulance will open a new training headquarters in Perth after signing a three-year lease on a CBD office.
The first aid provider will fill 355sqm at 67 Milligan St, in the west end of the city’s CBD.
CBRE’s Colin Gilchrist negotiated the deal on behalf of a private owner for an annual rental of $250 per square metre.
“Securing a modern premises, centrally positioned in the heart of Perth’s business district, was among the requirements of St John’s new training headquarters,” Gilchrist says.
Melbourne: Local developer sees off international competition for Fitzroy site
A Melbourne developer has paid $7.8 million for the former Fitzroy home of not-for-profit group Australian Volunteers International.
The price for the 1059sqm site at 71-75 Argyle St soared well above expectations of $6 million, due in large part to its potential for residential redevelopment.
“We had a huge amount of interest, which we were expecting given the location as arguably one of the best precincts for multi-unit development in Melbourne, and that interest was reflected in what was one of the best land rates of any recent comparable sale,’’ Savills agent Nick Peden says.
“The property is just 50 metres from Brunswick St – one of Melbourne’s best known retail/entertainment strips – and that has been a key driver for successful residential developments in the vicinity.”
Brisbane: Mountain Designs sets up camp on Edward St
Outdoor clothing retailer Mountain Designs has a new shop in Brisbane’s CBD, after leasing a 125sqm space in the Edward St luxury precinct.
But the brand’s tenure will be short-lived, with the lease at 188 Edward St only in place until May next year, when the property will be redeveloped.
CBRE’s Daniel Fenech negotiated the sublease and says even a short stay was desirable in one of the city’s most in-demand retail strips.
“This property represented an outstanding opportunity for Mountain Designs to gain a footprint in one of the city’s most frequented shopping destinations,” Fenech says.
WA: Port Hedland hotel set to walk
Popular Port Hedland hotel and watering hole the Walkabout Hotel has been listed for sale.
The hotel, which has 64 original motel rooms, 32 transportable rooms, 28 additional rooms and a swimming pool, as well staff accommodation, a function space, sports bar, TAB, restaurant and dining area, is to be sold via an offers invited campaign that ends on July 7.
CBRE’s Ryan McGinnity and David Kennedy are marketing the property, which was built in the 1970s.
“With a mixture of original motel rooms and donga style accommodation, plus bar and restaurant income, the various trading departments of the Walkabout Hotel provide a level of security to investors looking for opportunities in the regional accommodation market,” McGinnity says.
The hotel is spread over a 17,528sqm site and was recently refurbished.