Commercial hammer prices
The record price a private developer has paid per square metre for a 168-square-metre boutique development site on Melbourne’s Southbank following a successful auction conducted by Savills Australia. The total price paid was $1.233 million. According to Savills directors Nick Peden and Clinton Baxter the hotly contested auction for the 11-13 Hancock Street property drew 67 bids, pushing the price 30% above the vendor’s reserve. The site is 900 metres from the Melbourne CBD, within walking distance of the Crown Casino Complex, the Southgate Complex and Clarendon Street shopping. Sold with vacant possession, the property comprises a single-level workshop dating back to the 1940s, which has been owned by the vendor since its construction.
The price paid for a former Anglican rectory used for offices in the Nowra CBD. The property at 66 Plunkett Street was sold to local business interests by Ray White Commercial Shoalhaven principal Scott Baxter. The old rectory was built around 1877 and still retained many period features. The building is situated on a 1,127-square-metre block with plenty of off-street parking space. The city of Nowra is approximately 170 kilometres south of Sydney and is the commercial and administrative centre of the Shoalhaven region on the south coast of New South Wales. It last sold for $295,000 in 2002.
The amount Melbourne property developer Michael Yates has paid for a 3,500-square metre South Yarra development site on Chapel Street, between Toorak Road and Alexandra Avenue. The site will be developed into apartments in a few years, following other Yates projects on Claremont Street and Yarra Street.
The amount sought for the Telstra store premises on Collins and Swanston streets, reputed to be one of the busiest pedestrian city corners in Melbourne, when it goes to auction on March 22. The shop at 220 Collins Street measures just 65 square metres and is situated on the ground floor of the 1932 Art Deco Manchester Unity building, whose completion was said to signal to Melburnians the end of the Great Depression. The store is being marketed by Josh Rutman, Mark Wizel and Max Cookes of CBRE, with a yield of around 5% anticipated.
How much Stockland has paid to acquire the Centro Townsville shopping centre. The 13,650-square-metre sub-regional Centro centre stands on 4.2 hectares of land and includes Kmart, Coles, Commonwealth Bank and 25 specialty shops. The sale of the centre was negotiated by Peter Tyson and Jon Tyson of Savills in a joint campaign with Knight Frank Townsville's John Quinlan. Tyson says the centre generated solid interest from the market. Centro Townsville was valued at $35.5 million in April this year, up 4.5% from a December 2010 valuation of $34 million and last sold for $20.75 million in November 2001.