Commercial hammer prices: Glen Iris strata offices sell for $1 million plus

Commercial hammer prices: Glen Iris strata offices sell for $1 million plus
Commercial hammer prices: Glen Iris strata offices sell for $1 million plus

The price expected for a 5,457-square-metre corner development site next to the Westfield Doncaster shopping centre, which is being marketed by Colliers International’s Peter Bremner and Shane Dargue. Bremner says 1 Grosvenor Street in Doncaster is a cleared site with unbroken views of the Dandenong Ranges, along with multiple street and parkland frontages. The site has permit-approved, architect-designed redevelopment plans in place for an apartment project. The site is two kilometres from the Eastern Freeway and a 20-minute drive to the Melbourne CBD.  The property is for sale by tender, closing Wednesday October 10 at 4pm.


The estimated price paid for a 77-square-metre strata office suite at Stockland’s Tooronga Commercial, at 762 Toorak Road, GLEN IRIS, in the past few months. Colliers International Executives Ted Dwyer and Hamish Burgess negotiated the sale in conjunction with Knight Frank’s Tim Grant. Suite G.09 was sold as a vacant possession. The precinct contained office areas ranging from 77 square metres to 240 square metres in size, with secure basement parking for staff, bicycle storage and free three-hour visitor parking.  There are 300 dwellings above the commercial office space and 22 specialty stores on site, including a Coles Supermarket, First Choice Liquor, Amcal Chemist, Subway and Nandos.


The unimproved capital value of the premises of Snap Fitness at 183 West Street in Toowoomba, which has been listed for sale by private treaty. The 567-square-metre site has a commencing rental of $180,100 per year leased to Crusaders Managers Pty Ltd, which trades as Snap Fitness on a seven-year lease commencing in July this year with renewal options. The property is being sold by Sam Hatcher, manager of Queensland retail investments at Jones Lang LaSalle.


How much game and meat specialty business Game Keepers Meats has paid for an office and warehouse facility at Moorabbin in Melbourne’s popular bayside industrial precinct.  The 7 Edgecombe Court property comprises a 1,250-square-metre office and warehouse on a roughly 1,500 square metre site with on-site parking. According to selling agent Savills associate director of investments Ben Hegerty, who brokered the deal in conjunction with Gorman Kelly, Game Keepers will set up its Victorian headquarters at the site following its move from Cranbourne. The vendor was owner-occupier Slattery & Acquroff Stairs, which has moved to larger premises.


The prices paid for two strata office space at Stockland’s Tooronga Commercial, at 762 Toorak Road, GLEN IRIS, in the past few months. Colliers International Executives Ted Dwyer and Hamish Burgess, in conjunction with Knight Frank’s Tim Grant, negotiated the sale of Suite 1.01 (235 square metres) for $1.246 million to an owner-occupier, and Suite 2.05 (198 square metres) was sold as an investment for about $1.04 million returning $81,172 per annum plus GST with an approximate yield of 7.7%. The precinct contained office areas ranging from 77 square metres to 240 square metres in size, with secure basement parking for staff, bicycle storage and free three-hour visitor parking.  There are 300 dwellings above the commercial office space and 22 specialty stores on site, including a Coles Supermarket, First Choice Liquor, Amcal Chemist, Subway and Nandos.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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