South Yarra Super Site Sold

South yarra

Sutherland Farrelly and Kay & Burton have sold a significant 1,066 square metre (approx.) land parcel for $7,505,000 at auction.

The site, at 30 Kensington Road, South Yarra, is currently improved with two double storey maisonettes in original condition and has the potential to be developed for boutique apartments or a three-level townhouse (STCA).

Within close proximity to Melbourne’s finest restaurants and boutique shops, transport options, private schools and parkland, this is the most noteworthy and unencumbered land holding to be offered in South Yarra for some time, according to Selling agent Paul Sutherland of Sutherland Farrelly.

“The sale price achieved was a strong result, being $7,040 per sqm,” he added.

Investor snaps up side by side sale

A local investor has purchased 2 investment properties side by side under the hammer at 58-60 & 62 Carroll Road, Oakleigh South for a total price of $3.17M.

Offered to the market by Crabtrees Real Estate as an opportunity to purchase one or both, 58-60 Carroll Road features 2 properties on one title returning approx. $116K per annum net, selling for r $2.08M on a 5.5% yield.

The second property at 62 Carroll Road returns an income of approx. $65K pa net with a long term tenancy in place and it sold for $1.09M on a 5.9% yield.

Crabtrees Director Gavin Dumas said once again competition had produced an excellent result as investors compete strongly for income in a market where there are limited opportunities to purchase quality real estate assets.

“The auction process is working fantastically well for investment stock and we expect this trend to continue,” he added.

Globally-acclaimed firm finds Fitzroy salvation

Internationally-acclaimed immersive media firm Phoria has leased a ground floor Fitzroy space in the iconic heritage-listed former Salvation Army Hall building. Fitzroys Sales & Leasing Executive Stephen Land negotiated the three-year deal over the 330sqm space at $61,000 per annum plus GST.

Land said there were high levels of enquiry from both office and retail-based tenants for the character space, which has ample natural light and five-metre ceiling heights on the Napier Street side, and is located just metres from Johnston Street the bustling inner-northern lifestyle and hospitality hub of Brunswick Street.

“An innovative and recognised tenant moving into the area reflects the ongoing attraction Melbourne’s popular inner-north has for creatives and tech firms.”

Phoria was recognised by global publication Forbes’ 30 Under 30 list of entrepreneurs and businesses for the Asia-Pacific region in 2017, and was accepted into the IBM Global Enterpreneurs Program.

The firm develops immersive media through virtual reality and 360 degree film, and has designed, built and launched the CAPTUR3D platform, which utilises computer vision, game engine technology and automation to produce marketing products.

Camberwell retail remains hot

After 30 bids and a marketing campaign that generated 80 plus enquiries a prime Camberwell retail property has been sold for $1,837,000.

Representing a sharp 4% yield, it was a brilliant auction result after eager investors went bid for bid in a chance to own a piece of exclusive Burke Road commercial real estate.

After owning the property for just a few years, the vendors decided to put 788 Burke Road, Camberwell to market and take advantage of the continuing high demand for well leased commercial properties in Camberwell Junction’s strong performing retail strip, according to selling agents GormanKelly.