Commercial hammer prices
How much owner-occupier J P McLaren Press Pty Ltd has paid for a partially completed office and warehouse facility at Keysborough in Melbourne’s south east. The 157-163 Atlantic Drive property, comprising a 694-square-metre building on a 1,391-square-metre site, was sold midway through the speculative construction by local builder and vendor TCC (VIC) and Co Pty Ltd. “This was the first building built in Stage 1 of Australand’s new 100-hectare The Key Industrial Park. The park’s high-profile corner location and immediate access to EastLink have been key marketing points,’’ says Catanese. J P McLaren Press is moving from its current home in Abbotsford to be closer to clients and transport.
The sales price Tim Homes and Marco Sandrin, of Colliers International are hoping to achieve for three commercial sites at Airport West, 13 kilometres north of the Melbourne CBD. The total land area on offer at 36, 35 – 47 Hood Street is approximately 5,293 square metres, including 2,145 square metres of office and warehouse space. Home describes Airport West as transforming into a “prime city fringe area, where space is highly sought after”. “Not only is it within easy distance of the Melbourne CBD, but it’s also home to Essendon Airport, DFO and Coles,” he says. There is a short-term tenancy in place until October. The sites are zoned business 3.
How much a private investor has paid to acquire an office tower in Penrith, put up for sale by Australian Unity’s unlisted diversified property fund. The office tower at 121 Henry Street in the Penrith CBD is an A-grade commercial building with a net lettable area of about 15,416 square metres and 100 undercover car spaces. The ATO last year exercised a five-year option to extend its lease to mid-December 2016. The sale was brokered by Vince Kernahan and John McCann of Colliers International, at a 15% yield. It last sold for $4.25 million in 1994.
The starting price for office strata space within the 1966 Peter Muller-designed Bourke Street Hoyts Cinema Centre in Melbourne. The building’s conversion into strata offices accompanies its relaunch as 140 East by its developers, Drapac Property. CBRE agent Tom Tuxworth and David Combes of Alexander Robertson are steering the strata sales campaign. Whole and half floors as well smaller office ranging from 99 square metres to 677 square metres are being offered. The building housed three cinemas on its opening. Drapac Property bought the building in 2004 after Hoyts moved its main theatre complex to Melbourne Central. The cinemas closed in 2004. Drapac Property purchased the building for $14.4 million.
The price estate agents from Colliers International are hoping to achieve for a new five-level 6,369-square-metre office building at 449 Punt Road in Richmond, Melbourne. The building is being offered for sale by expressions of interest, with the sales campaign being handled by Colliers International directors Peter Bremner, Rob Joyes and Jeremy Gruzewski. Joyes says automotive sales company Carsales.com Ltd is the major tenant. “This is a unique opportunity to buy a building that is 81% leased to a top-tier, ASX-listed company for eight years,” he says. Carsales.com Ltd has taken up four of the five levels on a fully leased basis with an estimated total net rental of $2.56 million per annum. The building has achieved a four-star green star rating standard and being a new building, offered potentially significant depreciation benefits. It is less than three kilometres east of the Melbourne CBD, and the upper levels of the building enjoy uninterrupted views over Melbourne’s sports stadium precinct. The expressions-of-interest campaign closes on March 23 at 4pm.