Commercial hammer prices
The price an owner-occupier has paid for a freestanding industrial property just off Nunawading’s Golden Mile retail strip on Whitehorse Road in Melbourne’s eastern suburbs. The 19 Ceylon Street property was sold with vacant possession at auction at what is thought to be a record for the area of $2,272 per square metre. The sale was negotiated by Savills’ Adrian Smith. The property comprises a modern 828-square-metre building with a 280-square-metre office component over two levels, a high clearance warehouse with two roller shutter doors and 10 car spaces on a 996-square-metre site.
The yield on an office/warehouse acquired by Lend Lease’s managed Australian Prime Property Fund for $31.5 million. The commercial building is on a site covering 22,000 square metres at 1464 Fern Tree Gully Road in Knoxville in southeast Melbourne. The property was sold by listed entity CVC Property. The deal was negotiated by Tony Iuliano from Colliers. The sale price is $2.5 million higher than its carrying value of $29 million. The building is leased to Stramit Corp, part of the Fletcher Building Group, on a 12-year lease.
The price that property group Dexus is expected to pay to acquire the Joseph Banks Corporate Park in inner Sydney. The office park, which comprises five buildings totalling 35,000 square metres, will be added to the $3.2 billion Dexus Wholesale Property Trust. The park was built at a cost of $45 million Michael Fenton and John Macree from Jones Lang LaSalle acted on behalf of owners the Grosvenor Group, which is looking to exit the Australian market, the Australian Financial Review reported.
The net yield that would be achieved on a fully leased retail property in the Nowra CBD on the NSW South Coast acquired by a private investor. The property at 96 Kinghorne Street was listed for sale at about $900,000 and was acquired as a vacant possession. It has 254 square metres of retail space with the deal negotiated by Ray White Commercial Shoalhaven agent Scott Baxter on behalf of Jason Porter from Pitcher Partners.
The amount Victorian-based syndicate The Property Advisory paid to acquire an office-warehouse at 105 Woodlands Drive in Braeside in South East Melbourne. The facility is leased to generator rental company Agrekko up until 2010. The 2.5-hectare site was marketed by Tony Iuliano from Colliers. The sale represents a yield of 9.4%.
Know of a commercial sale? Let us know to be included in next week's listing.
