Brix laughs to bank after Dan Murphy’s deal
Brix Property Group, which turns 10 in July, has sold a securely leased Dan Murphy’s – the first and highest profile stage of its Cheltenham Quarter project.
Led by Adam Brick, the Brighton based developer and manager is banking $14.45 million for 328 Bay Road, also fronting Hamlet and Chandon streets.
The result for the five year old investment reflects a low 4.6 per cent net passing yield.
The deal comes two months since we reported Brix, with Costa Asset Management, sold 836 Mountain Highway, Bayswater, for $17.56m – a major windfall on the $7.7m it outlaid in 2021 before renewing the occupier long-term.
Secure leases
On 3469 square metres, the freestanding Cheltenham property contains 64 car parks.
One of the state’s strongest performing Dan Murphy’s outlets, there’s 1327 sqm internally.
With options, the group can stay until 2079; since it opened, it has paid a percentage rent every year.
Gorman Commercial’s Tom Maule and Jonathon McCormack with JLL’s Tom Noonan, Stuart Taylor, Jarrod Herscu and MingXuan Li were the agents (story continues below).
It is the 11th metropolitan Dan Murphy-backed investment to sell since 2014, they said.
Cheltenham is 20 kilometres south of Melbourne’s CBD.
Brix quits Cheltenham
The second and final stage of Cheltenham Quarter, completed last month, includes strata offices and warehouses, which Brix has been marketing for sale or lease.
“Cheltenham is a high growth suburb with population forecast to grow by almost 50pc…by 2046, Mr Maule said upon listing the property.
Much of that growth is happening immediately around 328 Bay Rd, he added, including Highett Common, about 200 metres away, on an ex-CSIRO site.
The Dan Murphy deal comes three months since we reported a unique four storey office with a penthouse apartment at 284 Bay Rd, Cheltenham, traded to an interstate investor for $8.15m.
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