Deals: Zomato dines out on Collins St space
Restaurant review giant Zomato has grabbed the last remaining office space at NAB’s former Melbourne headquarters at 271 Collins St.
The review app, formerly known as Urbanspoon in Australia, took out 1144sqm of space and a roof terrace at the popular office precinct, which is now fully leased after online marketplace company Redbubble also secured a 278sqm space within the building.
Fitzroys negotiated both deals and says the building continues to attract big-name tenants.
“Even in uncertain economic and above-average vacancy conditions, it is our experience that tenants gravitate towards appropriately-benchmarked rents and to buildings that provide good base-build amenities such as kitchens and showers on every floor,” Fitzroys says in a statement.
Other companies calling 271 Collins St’s offices home include Optus, Oakton, HSBC, Serco and Monash College.
A building at 14-16 Collins St sold for $12 million
Melbourne: Record 1.3% yield for Collins St sale
A record low 1.3% yield wasn’t enough to deter a local investor who stumped up $12 million for a five-level building on Collins St.
The 855sqm building at 14-16 Collins St, which features ground level retail, four levels of offices and two rooftop residential terraces, was sold for a land value of almost $51,000 per square metre and a building rate of more than $14,000 per square metre.
And a neighbouring property being sold by the same family could be next to go, with offers of around $23 million currently being fielded for 10-12 Collins St.
Selling agent Nick Peden, of Savills, says the property, which is fully leased for a net annual return of $162,250, had heritage appeal and rear access via Coates Lane off Little Collins St.
“This was one of very few Paris End properties to be offered to the market in recent years and as the most affordable Collins Street building east of Queen Street, never to be repeated in this price range,” he says.
The offices at 19 Grenfell St are to be offered to market
Adelaide: Core CBD office for sale after facelift
A refurbished 18-level office in Adelaide’s CBD is on the market after a $12 million refurbishment over the past three years.
The building at 19 Grenfell St features 17 levels of office space and retail on the ground floor, with a net settable area of 10,500sqm.
Knight Frank director of capital markets for South Australia, Guy Bennett, says the property, which is just a block away from Rundle Mall was available at a perfect time.
“The central CBD location of the building will underpin its appeal to both prospective occupiers and buyers,” he says.
“This is a high-performing asset with a secure income stream. We anticipate strong local and offshore interest as it will be a very attractive price point for the Adelaide market.”
Yooralla is selling its Flinders St home
Melbourne: $20m tipped for Yooralla site
Disability services provider Yooralla is expected to rake in more than $20 million for its Flinders St headquarters.
The company, which bought the six-level retail and office building at 248 Flinders St 12 years ago for a fraction of its current price tag, will move to another CBD location after the site is sold via expressions of interest in October.
The 3391sqm building is on a 853sqm block, with a 20m frontage to Flinders St and rear access via Degraves St, and will be sold with mostly vacant possession.
Savills agent Nick Peden says he expects the property to attract suitors from both home and abroad.
“We expect the property to sell for around $20 million, a price point where not a lot of opportunities arise in the CBD in any particular year, especially in such an exceptional location,” Peden says.
“City of Melbourne studies confirm this to be the busiest pedestrian location in Melbourne’s CBD and one of the busiest in Australia, with over 10 million tourists visiting the immediate area annually.”
Anytime Fitness will move into the first floor of this Greenslopes building
Queensland: Anytime Fitness flexes muscle in Greenslopes
Fitness operator Anytime Fitness has signed a five-year lease on a 423sqm first floor space at Greenslopes in Queensland.
The $145,000 annual lease includes 12 on-site car parks and comes as the 24-hour gym company expands its operations in the sunshine state.
CBRE’s Michael Skarparis, who negotiated the deal with Mel Pikos, says the space is a blank canvas for Anytime Fitness to equip to its own specifications.
A shopping centre anchored by Officeworks was sold on a 6.86% yield
Victoria: Investor lands Airport West shops for $8.4m
A Melbourne-based investor has paid $8.405 million for a shopping centre anchored by Officeworks at Airport West.
Colliers International’s Tom Noonan says the 3938sqm property at 3-7 Dromana Ave drew more than 120 enquiries and strong bidding, despite some of the tenants being on short lease expiries.
“Situated opposite Westfield Airport West and near the recently expanding Essendon Fields retail precinct, the property offered prominent exposure to significant passing foot traffic,” he says.
Officeworks accounts for 70% of the property’s income, with longstanding tenants BNNTech and Matchworks also on-site.
“This is a highly sought after asset class. Retail assets anchored by national tenants with long term development upside are attracting keen interest from a wide range of buyers,” Noonan says.
