More than 100 investors sought a Camberwell corner café freehold, which Fitzroys sold under the hammer for $790,000 at a 4.1% yield.
Fitzroys agents Chris James and David Bourke marketed the 387 Camberwell Road in Melbourne’s popular inner-eastern suburb.
Six bidders competed at auction in front of a crowd of around 60 for the property, which has a 78sqm café operating as Cam’s Corner, offered with a new 3+3+3-year lease, returning $33,000 per annum.
The corner site has a 28-metre frontage to Camberwell Road and Crescent Road, and is located within Camberwell Road’s retail and commercial precinct comprising of Legacy Café, Foddies Café, Beacon Lighting and Camberwell RSL, and metres from the bustling Camberwell Junction precinct.
Private investors traded the asset, with the sale price reflected a land rate of $10,500 per sqm.
James said there was strong interest buyer interest for the affordable freehold property, and the enquiry also showed confidence in the area’s revitalisation, spurred by a strong residential development pipeline.
“There has been growing enquiry in the inner-east from investors and tenants alike as developments such as Camberwell Village, Hawthorn Park and others nearby come online, providing growth in the immediate catchment boosting trade in the area,” he explained.
James and Bourke have just started the marketing campaign for the premises of the popular Meat & Wine Co. restaurant at 482 Riversdale Road, in an unrivalled prime location overlooking Camberwell Junction, on the corner of Camberwell Road.
Offered with a long lease to the restaurant returning $231,164 per annum gross plus GST, the iconic, fully refurbished two-storey building was constructed for the English, Scottish and Australia Bank in 1885, and is going to auction on Friday, 14 September.
IT solutions and services firm Xtreme Productivity, which specialises in dealing with charities and not-for-profits, has taken up a fully-fitted office suite in the Mulgrave Business Park.
Fitzroys Manager - Agency, Stephen Land negotiated the three-year lease for the 150 sqm space on the ground floor of 372 Wellington Road at $41,700 per annum net. John Howell and Tom Rothel of Colliers International were also involved with the marketing campaign.
Land said the ground floor space offers excellent natural light and ample on-site car parking, while the existing workstations were of interest to tenants, as well as the building’s connection to fibre internet.
“When it comes to office users, Mulgrave is quite a high-tech suburb,” he said.
The area is home to Australia’s largest University, Monash University, and institutions in the area also include the Australian Synchrotron, the Melbourne Centre for Nanofabrication, Monash Medical Centre, CSIRO, Monash Business Incubator and the Monash Enterprise Centre.
Tenants in Mulgrave Business Park also include IMCD, Graphic Art Mart, Gamart, Belimo, Ozwashroom, Actrol and BSC.
Xtreme Productivity’s clients range from small charities to large non-governmental organisations. The lease was negotiated on behalf of a private investor.