Swiss heights for Peregrine’s Langridge Lane office

Records show Little paid $2.6 million for the property in 2007 amid a spending spree in Forrest Hill. While other projects on Toorak Road and Yarra Street have been built and sold for a long time, Claremont Street never saw the light of day.

It is just a few doors down from 24-26 Claremont Street, where talks with potential buyers are ongoing.

Balwyn’s Call

Belmore Plaza, a small shopping complex located northeast of the Kooyong electorate, sold at auction for $5.6 million with a high yield of 3.8%.

Records show that the property at 399 Belmore Road in the Coles-anchored village of East Balwyn has been sold by the Hansen family who have sold their extensive property portfolio over the past year.

They paid $525,000 for the 1,205 sq m site in 1998.

Fitzroys agents Shawn Luo, Chris James and David Bourke handled the auction. The buyer, a local investor backed by Asian capital, plans to hold the property in the medium term before embarking on a future development.

The two-story, 867 sq. m. building has Commercial Zone 1 and brings in $226,000 per year in rent. Tenants include Eastern Bell Chinese Restaurant, Nuski’s Swiss Patisserie, Bonnie Parker Clothing Boutique and Netsquare Computer Services.

Luo said demand for Asian-backed capital has increased since international borders reopened in February.

“Australia and Melbourne have clearly maintained their safe-haven status for all asset types over the past two years,” Luo said.

On the eve of the recent federal election, a partially occupied 378m² medical center in Canterbury brought in $3.4m on a 2.6% return.

If fully let, the quaint two-storey building at 215-217 Canterbury Road would yield a yield of 3.5%, which is still quite tight.

Five bidders – including two occupiers, two investors – competed for the corner property, according to Stonebridge Property Group selling agents Nic Hage, Dylan Kilner and Rorey James.

It’s on a 334m² site opposite picturesque Canterbury Gardens and the train station where former local MP Josh Frydenberg promised new parking during the 2019 election. Lobbying from locals put a stop to that before the start of the 2022 elections.

Valda moves

Meanwhile, back in the heart of Kooyong at 1167 Burke Road, veteran realtor Valda Walsh is selling the office building she’s owned since 2002.

The 245m² office is located on a large 260m² block on the corner of Dean Street, opposite Mont Albert Road.

Records show it cost $375,000 to buy 20 years ago, but is expected to sell for over $1.4 million this year.

Teska Carson’s agents Stephen Speck and Michael Ludski are handling the June 22 auction. They expect interest from developers and occupiers.

Ms. Walsh is not retiring despite 53 years of experience in the business. The property is too big for the three employees who work there.

London Supply

The last time full ownership of the London & American Supply Stores changed hands was during the grim winter of 1992, when Melbourne was in the grip of a grueling recession.

Full ownership of London & American Supply Stores is up for grabs.Credit:

The three-story building at 483-485 Elizabeth Street was bought ahead of the auction by kitchen supply store owner Phil Kelly for just $702,500.

Thirty years later, the same building, on busy Victoria Market Road, is expected to fetch around $9 million. Kelly also sold the business recently, but a three-year lease is in place.

The store, which has four apartments upstairs, is located on a plot of 265 m² and is now surrounded by high-rise apartments and new projects.

Colliers agents Anthony Kirwan, Oliver Hay, Daniel Wolman and Leon Ma market the property.

The ticking of the engine

A portfolio of four car yards in Gippsland and the eastern outskirts of Melbourne in Pakenham are on the market.

The Traralgon, Pakenham and Leongatha dealerships are all leased to South African car giant Motus and are expected to sell for a total of over $40 million.

They bring in nearly $2.5 million a year in rent and are offered individually or in portfolios.

The portfolio of Motus car dealerships is for sale.

The portfolio of Motus car dealerships is for sale.Credit:

Records show the properties, which cover more than 31,000m², are owned by Australian Motus boss John Johnson.

Motus, which also owns the publicly traded Australian Automotive Group (AAG), bought several Australian car companies, including the Gippsland Motor Group in 2017.

JLL agents Stuart Taylor and Tom Noonan are processing expressions of interest that don’t close until October 13.

“Since the onset of the pandemic, we have seen the car sales industry soar, resulting in high sales volumes and record profits. Strong demand for cars has directly translated into increased investor appetite for auto investments,” Taylor said.

L-shaped site

An L-shaped site in south Melbourne, next to the Deague Group’s 101 Moray Street office project and surrounding the Maori Chief Hotel, has come on the market.

The 738m² operation is made up of two properties – a two-story office at 113-115 Moray Street and a warehouse at 30-32 Tope Street.

Records show the 350sqm Moray Street office was bought by Great Dane Furniture retailer Anton Assad in 2017 for $2million. The Tope Street neighbor, also last seen in 2017, cost its owner $2.12 million.

The pair is expected to fetch around $10 million in total.

Wolman, Hay, Ma and Alexander Leggo of Colliers run the business.

About Shirley Hudson

Check Also

Rose Okwechime: a woman who founded and sustained a 3-decade-old Nigerian bank

Very few women of her time made their mark in Nigerian banking like she did. …