Retail Auction

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A private Melbourne investor has put a portfolio of five strip retail properties, across the suburbs of Richmond, Malvern, Armadale and Hampton, on market including a large High Street corner block.
Located at 1276 High St, Armadale (pictured below), the property comes with a lease expiring in 2022 with two, five year options at $98,711 per annum net. 
The auction is set for December 13.
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Michael Ludski, one of the agents marketing the portfolio said Teska Carson had sold 19 strip retail assets worth more than $36 million on an average 3.55 per cent yield this year.
“Most of our sales this year have gone to local investors with local knowledge and a keen sense of where the market is likely to sit in a few years’ time as Melbourne gradually approaches Sydney’s population mantle," he said.
He says that there has been an "enormous spike" in enquiry for retail strip and strata commercial assets in the sub $5 million range over the last few months.
The properties, all leased and zoned Commercial 1, include:
128A Bridge Rd, Richmond – auction December 12 at 1pm on site, new two year lease with a two year option at $30,000pa net with 4% increases;
172 Bridge Rd, Richmond – auction December 12 at 12pm on site, leased to Sportsgirl at $94,759pa net (pictured above);
210 Glenferrie Rd, Malvern - auction December 13 at 12pm on site, leased to Foxes Den, which has four Melbourne outlets, at $100,981pa net;
401 Hampton St, Hampton - auction December 14 at 1pm on site, leased on a three year term with a three year option at $40,351pa net;
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High Street retail strip shop listed for December auction

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Footscray’s Spice ‘n’ Grocery premises has been sold at auction to a local private investor for $2.65 million.
More than 100 people turned up to watch four bidders contest for the 390sqm property at <a href="https://www.commercialrealestate.com.au/property/49-51-leeds-street-footscray-vic-3011-2014162599" target="_blank">49-51 Leeds Street.</a>
The bidding started at $1.7million.<a href="https://www.commercialrealestate.com.au/property/49-51-leeds-street-footscray-vic-3011-2014162599" target="_blank"></a>
Savills Australia’s Julian Heatherich and Mark Stafford brokered the deal in conjunction with Trimson Partners’ John Verduci and Philip Mazzella.
“Selling for 47 per cent above reserve, this was a particularly hotly contested auction, demonstrating the burgeoning demand for retail assets in Melbourne’s inner-west,” Mr Heatherich said.
“The 2.21 per cent yield also highlights buyer appetite.”
Heatherich said the buyer recognised the value of the current six-year lease, which is returning $58,710sqm.
Stafford said the property presented “significant future upside” based on its Activity Centre zoning and location beside the Footscray Market and 100 metres from the train station.
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Savills secures the sale of Footscray's Spice 'n' Grocery 

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A corner retail freehold building with an approved permit for a boutique, mixed-use project in Melbourne’s Brunswick East has been listed for private sale.
The <a href="https://commercialpropertysearch.savills.com.au/2888ad3f-b499-e711-80d1-005056816353/Sale/Brunswick-East/70-Lygon-Street" target="_blank">70 Lygon Street</a> property has a building area of 258 sqm and comprises ground level retail and a four-bedroom apartment.
It has a monthly tenancy providing flexibility, according to Savills agents Jesse Radisich, Clinton Baxter and Benson Zhou of Savills.
The land area is 229 sqm.
Zoned Commercial 1, the site has a permit in place for a boutique, luxury project comprising retail, townhouses and an apartment.
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The engineering drawings are complete, so construction can start immediately.
The property is well located within a retail strip and has good transport connections..
It sold for $1,697,000 in 2010, and in 2014 at $1,825,000, and then was again advertised for sale in 2016, according to CoreLogic RP Data.
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Retail mixed-used building in Melbourne's Brunswick East for sale: Savills

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A tenanted Noosaville retail premises has sold at auction through Ray White Commercial for $1,090,000.
The property at <a href="https://www.raywhite.com/qld/noosaville/1656894/?lang=en" target="_blank">14/18 Thomas Street</a> sold for a yield of 6.5 percent. 
It is leased to Options Eyecare with the contract in place until 2025. The property returns a net rental of $71,547 per annum.
Ray White Commercial's Paul Butler, who oversaw the deal, said the marketing campaign for the 106 sqm tenancy in the Noosa Homemakers’ Centre attracted almost 1,500 internet hits and there were five registered bidders at the onsite auction. 
“Bidding started at $900,000 and there were 10 separate bids before the property was sold under the hammer,” he said.
“Options Eyecare is highly regarded in Noosa. Several bidders were clients and understood how good the operation is so they were interested in buying the investment opportunity.” 
The retail centre has three street frontages to main Noosaville roads and tenants including Rip Curl, McDonalds and Rivers.
Ray White sold the property on behalf of a local owner.
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Noosaville retail property sells under the hammer for a yield of 6.5%

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A fully leased retail complex in Melbourne’s Southbank has been snapped up by a local investor for $3.4 million, above the $2.8 million expectations, at Savills auction.
At the transaction price, the yield works out to be a sharp 4.94 percent and underlines the robust demand for a well-located retail property.
The <a href="https://commercialpropertysearch.savills.com.au/8150dd98-3a14-e711-80c7-005056813885/Sale/Southbank/Ground,-152-Sturt-Street" target="_blank">152 Sturt Street</a> property comprises six shops totalling 1,080 square metres of retail space including a new fit-out. 
The property was sold fully leased to the City of Melbourne at a net annual rental of $168,105 on a five-year term with options.
The selling agents were Clinton Baxter, Jesse Radisich and Benson Zhou of Savills.
Baxter said strong bidding from the start had resulted in a fast-moving auction and a great result for the vendor.  
“This was an outstanding result for a property which offered all of the key attributes of a blue chip investment including a government tenancy, a long lease, the potential for very strong rental growth as the area continues to develop, and significant depreciation benefits,” said Baxter.
The property comprises the ground floor of the hugely successful 317 apartment Guild development with all apartments selling prior to the building’s completion.
The vendor was the developer behind the Guild project.
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Southbank retail complex sells for $3.4 million at Savills auction

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Sydney's Pocket Bar in Darlinghurst, a former garage, is up for auction 6 September through Tom Speakman and Harry Sullivan of Gunning Real Estate. 
The property, 13 Burton Street, Darlinghurst has been named as one of the Sydney’s Best Small Bars and is run by The Little Pocket Group, who have a total of six venues.
The gross rental for the 147sqm holding is $159,352 annually, exclusive of GST. A five year lease commenced in March, 2014 with options until 2024.
Tom Spearman, Gunning director of metropolitan sales and investments said the previous owners brought the entire floor and then carved it into strata shops and have sold them over time.
“When the idea of small bars was first put forward the opportunity to transform 13 Burton Street into a venue was quickly snapped up," he said.
"It has a stunning interior with exposed timber beams and sits below a four storey warehouse refurbished as a residential building. 
“Limited supply and strong stable income sees 13 Burton Street, Darlinghurst as an ideal property for a superannuation fund, as well as a general investment."
The property goes to auction Tuesday, 6 September, 2016 from 10:30am at auctionWORKS: Mezzanine Level, 50 Margaret Street, Sydney. 
 
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Sydney's Pocket Bar, Darlinghurst, up for auction 

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A retail property within one of Melbourne’s most iconic retail shopping villages is up for sale for the first time in more than 100 years.
The 930 sqm corner property within Maling Road Village in the Cantebury retail strip will go under the hammer on May 19 for an expected price of around $6 million.
The listing agents are Tom Noonan, Tim McIntosh and Ben Baines of Colliers International. 
“The property is the epitome of a trophy asset, having been under the same ownership for over 100 years. Over that time it has provided a strong income with long-term security," Noonan said.
He added that the property is expected to attract both local and offshore interest.
Sitting at the corner of Maling Road and Canterbury Road, the two-level freestanding building has a net lettable area of 790sqm and is fully leased to five local retail tenants, including The Maling Room café, Bendigo Bank, Tim’s Bookshop, Nourish on Maling and Micky Junior Shoes.  
Three of these have been occupants for more than a decade, while four have signed new leases in the last 12 months, added McIntosh.
Originally a post office until 1996, the property is close to Canterbury Train Station.
“The Maling Road retail strip is one of the most prestigious and iconic suburban retail strips in Victoria, with its history as a popular retail destination dating back over 100 years to its inception in the late 1800s," said McIntosh.
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Investment property in Melbourne's iconic Maling Road Village up for auction

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The regional Dan Murphy's at Armidale has been listed by Burgess Rawson.
The property also comes with a Dick Smith, so has been marketed as "double income, double security."
It is <a href="https://www.burgessrawson.com.au/buying/NSW/New-England-~-North-West/Armidale/Retail/3P1190#.VkK70t4bSZw" target="_blank">216-218 Beardy Street</a>. The rental incomes is $553,217 pa.
Dan Murphy's has a 15 year lease plus 40 years of options to April 2066. The Dick Smith 10 year lease plus 15 years of options runs to Jan 2036.
Both tenants pay increases in outgoings at the city centre main street location. 
It is a quality updated air conditioned building of 2,000 sqm plus 90 car spaces.
Armidale is a major regional city with a growing population of 24,105 (ABS 2011) and an estimated catchment of 115,000.
It goes to auction December 8.
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