Former car showroom sets new benchmark

Commercial property abbotsford

A former car showroom converted to an office has sold under the hammer at a record land rate for a Commercial 2-zoned property in the prized inner-northern suburb of Abbotsford.

Fitzroys’ Chris Kombi and Stuart Kennett sold the 398 Johnston Street property for $3.115 million, after intense bidding from 8 parties pushed the price to $700,000 above the reserve.

The price reflected a sharp yield of 3.1% and a record land rate of $7,710 per square metre.

The dual-fronted site of 404sqm includes a refurbished building of 320sqm, leased to building maintenance cloud solutions group Uptick on a 4 x 4 year deal returning $98,880 per annum plus outgoings and GST.

Kennett said the depth of the enquiry, which saw more than 120 enquiries received, and the outstanding result reflected a very hot market in this pocket of the inner city.

“The population of Melbourne’s inner-north is still booming as medium and high-density inner-city living are embraced in growing numbers, underpinning the viability of businesses in the area as opportunities to acquire sites of this potential become increasingly rare,” he said.

“The property was very well received by the wider market of investors, developers and owner occupiers with the versatility of the property and prospect of future capital growth driving the strong demand.”

Kennett and Kombi sold the property on behalf of a private investor.

Dubbo hotel goes for over $9 million

Retiring owners Jill and Graham Tweedie have offloaded their pub property Amaroo Hotel in Dubbo, regional NSW, to Brett Harvey and Greg Pilon for $9.1 million.

The hotel has a bar, a nightclub, a bistro, a function room, 27 electronic gaming machines and 24 rooms, and sits on a 2060-square metre site.

Ray White's Blake Edwards and Andrew Jolliffe brokered the deal.

Roofing company goes high on Sydney warehouse

A roofing company has splashed out $4.5 million for a new business premises at 33-35 Captain Cook Drive, Caringbah in Sydney's south.

The property comprises a high clearance factory, three-phase power, a kitchen, storage, parking and a 5-metre wide roller door on a 500sq m site.

Colliers International's Edward McFarland and Trent Gallagher handled negotiations.

Local buys Laverton office

A local investor has purchased a 2095sq m office/warehouse at 4-6 Laverton North in Melbourne for $2.7 million, on a yield of 6.8 per cent.

Colliers International's Charlie Woodley facilitated the sale of the building on a 4924sq m site.