Real Estate Source

A new Rosebud service station with a 15-year lease to Viva Energy, trading as a Liberty, sold for $7.6 million this week. The asset, 803 Nepean Road (Nepean Highway), was scheduled for auction early next month. Viva picks up all the outgoings including Goods and Services Tax, building insurance and land tax. However its rental

Pace Development Group has sold a strata retail investment on the ground floor of its recently completed St Crispin apartment complex in Abbotsford. The 250 square metre space, 249 Johnston Street, traded for $2.11 million to a South Australian. Leased to bottle shop Blackhearts and Sparrows for 10 years with fixed annual rises, the result

Three hours was what it took to seal a $6 million-plus deal for a service station in Melbourne’s north-west Gisborne. Property investor, lawyer Konfir Kabo, offered 23 Robertson Street in mid February. Quinn Reynolds’ Marcus Quinn and Lincoln Reynolds, with Appel Property’s Ben Appel as transaction manager, closed a deadline private sale campaign last Friday.

The Victorian government will spend more than $80 million recommissioning hospital wards to create 129 beds – part of a $437 million funding boost for the healthcare sector. Over the next three months, 84 places will open at the former Peter Mac Hospital in East Melbourne while 45 will become available at Bendigo Hospital. Baxter

The City of Melbourne has granted Dexus approval to replace the Reserve Bank of Australia state headquarters, and a mid-rise commercial building next door, with a 26-level office. The 52-60 Collins Street proposal will include 22,727 square metres of Premium graded (the highest quality) stock. It will also contain 757 sqm of lower level retail

A medical centre operator has snapped up a historic Fitzroy gallery after a reported $5.1 million deal to a developer five months ago fell through. CBRE Healthcare and Social Infrastructure said that when 11 Brunswick Street was re-listed off-market late last year, three suitors came forward – all from within the healthcare sector. The March,

EXCLUSIVE Businessman Daniel Besen is paying the owners of hairdressing product supplier Turnley’s a speculated $9 million for a prominent office/warehouse with development upside in Fitzroy. The asset, 1-9 Gertrude Street (pictured), near the north east corner of Nicholson Street and Royal Exhibition Building, was marketed to investors, owner occupiers and local and international developers

A two level arcade in Williamstown’s central retail strip sold for $5.92 million at a well attended auction yesterday. Five investors contested for 61-65 Ferguson Street which traded for $492,000 over reserve. More than 60 bids were received. It was the first time the asset has been offered for sale in over 50 years. On

Commercial property investment manager Bayley Stuart has enjoyed more leasing success at one of two offices it is constructing in Melbourne’s exclusive Cremorne. Hoyts, a subsidiary Valmorgan and Credabl – a Rialto-based loan service provider for doctors – will join already reported occupiers, Axil Coffee Roasters, Victory (serviced) Offices and Nine Entertainment’s Domain, at 600

Ringwood’s former Jooce nightclub is for sale. Now a prime development opportunity – on land land worth about $2500 per square metre – the local council would be prepared to see 93-97 Maroondah Highway replaced with something multi-level. The 7015 sqm block with three street frontages is not far from 301 Maroondah Highway which local

Ranfurlie Asset Management, the Dennis family’s retail and commercial division, has pre-committed Bunnings to a 16,500 square metre outlet at its proposed Tarneit Park Hub. With that lease, stage one of marketing for the 46,000 sqm project is complete. The hardware store (artist’s impression, top) is due for completion at the end of the year

The North Geelong property owner-occupied by Target as its headquarters for more than 40 years, until 14 months ago, has been rented to not-for-profit agency, Gateways Support Services. Teska Carson and Colliers International brokered the 10-year deal for 11,108 sqm of office space. It is understood the occupier, an autism support specialist, is paying about

A Melbourne CBD shop held by a local family for 70 years sold at auction today for $9.2 million. The opening bid for the double storey investment at 273 Swanston Street was $6.5 million. Eight suitors contested. The result values every square metre of building area at $70,769 – which CBRE marketing agents Alex Brierley,

A mixed-use complex comprising offices and residential, possibly above retail, is expected to replace one of Prahran’s highest profile sites, which sold at a well-attended auction yesterday. The AW Hinton & Sons building at 49-51 Izett Street was knocked down for $6.635 million – or $1.235 million over reserve. Vendor the Hinton family had owner-occupied