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A site spanning more than 5.057 hectares was recently snapped by a local developer for $2,400,000.
Located at <a href="https://www.realcommercial.com.au/property-land+development-vic-langwarrin-502253514" target="_blank">620 McClelland Drive, Langwarrin</a>, the property comprises a building and is zone Public Use.
Its area is 1,565 sqm with a frontage of 274 metres to McClelland Drive.
This sale price translates to a building rate of $1,533.55 per sqm.
The site is located less than 6 km from the Frankston foreshore and is close to the Penninsula Private Hospital, Karingal Hub Shopping Centre and the Elisabeth Murdoch College.
The selling agents were Craig McKellar and Seamus Bolst of CVA.
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Five hectare Langwarrin site sold for $2.4 million

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A Chinese investor has purchased a 1,966 square metre commercial land holding in Notting Hill for more than $1 million over reserve.
The property features two individual commercial office buildings of 971 square metres and comprises eight tenancies of retail/commercial nature.
Situated near the corner of Ferntree Gully Road &amp; Blackburn Road, in the Monash commercial precinct, it sold for more than $4.5 million.
The sale represents a building rate of $4,800 per square metre and land rate of $2,375 per square metres, equating to a yield of 5.2%.
The property is 500 metres from Monash University and 1.2 kilometres from the Monash Freeway.
John Nockles and Ian Angelico of CVA brokered the deal and said that the multi-tenanted investment sparked interest from investors and developers.
Situated on a land allotment of with frontage to Ferntree Gully Road of 41 metres, it provides significant future development upside, they said.
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Chinese investor snaps up Notting Hill commercial property

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A trading company has leased a space on one of Melbourne’s most famous shopping strips – Lygon Street, Carlton.
T&amp; Y Global Trading Pty Ltd signed a $90,000 per annum five-plus-five year lease term, representing a building rate of $333.3 per square metre. Ryan Milivojac and Anthony Carbone of CVA negotiated the lease.
The Victorian style building comprises ground floor open plan carpeted space, rear bar, fully equipped industrial kitchen, male and female amenities, upstairs function room with separate amenities and marble fire place. Other features include rear access to Watt Lane.
Situated 40 metres from Grattan Street, the property is 1.8 kilometres from the Melbourne CBD, the property is well surrounded by major roads including Victoria Street, Royal Parade, Alexandra Parade, Nicholson Street and Johnston Street.
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Trading company grabs a slice of Lygon Street, Carlton retail

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A quality standalone building at 7 Redland Drive, Mitcham was has been sold by CVA to a local investor for $2,300,000.00, equating to a building rate of $2, 575.59 per sqm.
The property was leased at a rental of $135,000 pa representing a yield of just under 6 percent.
The property comprised a total lettable area of 893m2, with clear span warehouse and office.
Its truck access was from Redland Drive, just off Mitcham Road, allowing easy access to Canterbury Road, Whitehorse Road and Eastlink.
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Quality standalone building at Mitcham sold

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A substantial industrial facility at 89 Lewis Road, Wantirna South was sold by CVA in conjunction with Appleby Real Estate by a deadline sale for $6,450,000.
A number of offers were received from both local and offshore prospective purchasers, with a successful offer being accepted from a Hong Kong based investment group, representing a yield of 6.82 percent.
Comprising a total building area of 7,912m2 and situated on a huge site area of 1.8 hectares, the property provides a generous 90 metre frontage to Lewis Road and features substantial industrial improvements, incorporating a large power supply, hard stand area and multiple RSD.
The property is leased to two well known tenants Australia Post and Silvan Australia returning a combined annual rental of $440,283.50 pa net. In addition it also features further upside with the potential to develop into a business park in the future STPA.
Providing easy access to major roads including Stud Road, Burwood Highway and Mountain Highway, the subject property is located 5kms to Eastlink, under 2kms to Westfield Knox and just metres to Lewis Park.
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Substantial industrial facility at Wantirna South sold

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CVA have leased a modern 2,117 square metres Sunshine office/warehouse space.
The industrial facility located within the established industrial precinct of Sunshine was leased for $155,000 per annum to Cardno Construction Sciences Pty Ltd on three plus three year term, representing a building rate of $73.22 per square metre.
The property features a clear span warehouse of 1,867 square metres with an internal clearance of seven metres and three motorised roller shutter doors.
The fully air-conditioned office component of 250 square metres includes a reception area, open plan and partitioned office space, and floor to ceiling windows providing excellent natural light.
The site is conveniently located close to Somerville Road, Fairbairn Road and the Western Ring Road.
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Modern office/warehouse at Sunshine leased for $155,000 annually

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John Nockles and Daniel Philip of CVA have just sold an office/warehouse in a tightly held commercial precinct in Melbourne's south-east for $710,000.
The auction attracted a mixture of owner occupiers and investors due to the exceptionally low supply of stock in the Notting Hill precinct.
Located on the north eastern-corner of Redwood Drive and Normanby Road, Notting Hill, the property is situated within close proximity to Monash University Campus, major arterial roads such as Ferntree Gully Road, Blackburn Road and is just 2 kilometres from the Monash Freeway.
After some competitive bidding from six bidders, the property was sold to a local investor, equating to a building rate of $1,972 per square metre.
The property comprises a solid brick office warehouse of 360 square metres constructed circa 1970s.
It is situated on a strata land holding of 2,666 square metres, which comprises two additional buildings, plus common area and car spaces.
The office area of 130 square metres includes partitioned and open plan offices, kitchenette and amenities with shower.
The clear span warehouse of 230 square metres features motorised container height roller shutter door and storage room. Additionally, the property provides an alarm system, three phase power and five on-site car spaces.
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1970s Notting Hill office/warehouse sold at auction

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CVA has sold a Nunawading building to an owner-occupier in the construction maintenance industry.
They intends to renovate and utilise the premises as a head office.
The property was sold after 60 enquiries were received, with seven offers eventually leading to the successful sale in the vicinity of $4 million.
The sale also occurred just prior to another sale in the street, 17 Moncrief Road, which sold via public auction for $2.3 million.
Situated on a 2,241 square metre site, the property comprises a total floor area of 1,870 square metres. 
It is surrounded by major retailers including Office Works, Freedom Furniture, Bunnings Warehouse, and Petbarn.
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