Botanicca buildings hit the market for around $120 million

Meanwhile, in the suburbs, Vantage Property Investments is selling a refurbished office building at 697 Burke Road, Camberwell.

Vantage has owned and managed the 2,791 square meter six-level property since 1999. It has parking for 50 cars and brings in more than $1.24 million a year in rent.

CBRE agents Tom Ryan and Scott Orchard are handling the case and expect around $20 million.

NAB Branch

The NAB branch on the corner of Toorak Road and Chapel Street, which the bank has occupied since 1951, is back in business.

The flagship South Yarra branch, located at one of the city’s busiest intersections, last changed hands in 2013 for $12.82 million.

The NAB at 600 Chapel Street.Credit:

The bank just started a new five-year term after a swanky $1.5 million renovation. There aren’t too many suburban bank branches that get this treatment.

Garlands of bank branches exchanged recently, but they were mostly vacant.

Colliers agents Matt Stagg, Tim McIntosh, Daniel Wolman and Leon Ma are handling the sale and are expecting more than $15 million.

Savers website

Full ownership of Greensborough Savers is back on the market, just years after US private equity giant Blackstone, which owns the nearby Plaza, sold it to a local developer.

But the site has grown, both in size and in expected price. The neighboring property at 96 Main road has been added to the Savers site at No.106-126.

They are expected to fetch $38-40 million in the current market.

Records show sellers Ange Angelo and Frank Ktenas paid $5.6 million for No. 96 last September and bought the Blackstone site for $10.9 million in 2019. That’s a handsome profit.

Colliers agents Andrew Ryan, Joe Kairouz and Hamish Burgess are running an expression of interest campaign that ends on September 14.

Other tenants include a Coles’ First Choice bottle store and the Equilibrium gymnasium. The 7,326 square meter site is on the corner of Para Road and housed the last Blockbuster video store in Victoria until 2018.

Burgundy band

An investor has beaten property developers to buy a tired two-story office and retail building at 69-75 Burgundy Street, across from the Warringal Mall.

The property would have fetched $5.5 million, giving it a tight pass yield of 2.99%.

CBRE agents Alex Brierly, Nathan Mufale, David Minty and JJ Heng handled the sale which resulted in five offers.

The 658 m² building is located on a 611 m² plot with 8 parking spaces. It is leased to three tenants, including the Thai restaurant Tarin on the ground floor.

The tight strip of Burgundy Street, down the hill from the Austin and Mercy hospital complex, attracts many medical office tenants.

Last year, Charter Hall paid about $38 million for a 3,549 sq m two-story office at 456 Lower Heidelberg Road. It is leased to Healius which provides services to neighboring laboratories.

Nearby Burgundy Plaza was sold for $14.39 million to a Chinese developer in 2017.

Lorne Beach

Sydney shoppers hit the Great Ocean Road again. The Lorne Beach Apartments have sold for $8.3 million to Sydney investors who travel far from home to find beachfront assets.

The building at 106-112A Mountjoy Parade attracted 11 bids. It has six apartments and five stores and is being sold with a yield of 4.01%. The property is on a 1341 m² site and brings in $354,678 per year in revenue.

It has been nearly 30 years since 106-112A Mountjoy Parade last changed hands.

It has been nearly 30 years since 106-112A Mountjoy Parade last changed hands.Credit:

JLL’s Nick MacFie, who handled the transaction along with Josh Rutman and Minxuan Li, said the property fetched $2 million more than expected, with buyers looking for passive investments and upside potential.

More than $100 million worth of property has changed hands on the world-renowned road in the past year, with Sydney buyers dominating.

Ownership of the Wye Beach Hotel, the Lorne Hotel and the Collendina Holiday Camp were all transferred north at this time.

Moon Exit

The new Lune outlet in Armadale was bought off-market just as the patisserie opened its doors to queues of shoppers eager to buy perfectly made croissants.

The strata store on the ground floor of 835 High Street sits at the foot of a recently completed apartment building developed by Moda.

The 111 sqm store sold for $1.98 million with a tight yield of 3.88%. That’s a construction rate of just under $18,000 per square meter, a record for condominium retail.

The transaction was brokered by Colliers agents Ben Baines, Raphael Favas and Ted Dwyer.

Moon, a cult bakery with enthusiasts across Melbourne and around the world, has a new 10-year lease on the space.

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