Teska Carson

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A Mexican/ vegan restaurant has taken a new lease on Lygon Street, Brunswick East in a deal brokered by Teska Carson’s Reece Israel.
The Shop 1, 457-459 Lygon Street property comprises a 127 sqm former restaurant/bar/cafe premises with parking for one car via rear access and a wide street frontage.
The property was let on two year term with a two year option at $30,000 per annum net plus GST. 
Mr Israel said the modern premises was ideal for the tenant’s proposed use given its food and dining related fit-out and its location within a renowned dining and entertainment precinct. 
"The property provides a brilliant location for a food and/or beverage related business in Melbourne’s popular inner north including great street exposure and fantastic access to public transport facilities.
"It really did present as an ideal opportunity for a restaurateur in a precinct with such a well-established dining reputation,’’ Mr Israel said.
The lessor is a Melbourne based investor. 
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Mexican/vegan restaurant moves into Lygon Street 

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Teska Carson has sold an office/warehouse in Richmond for $3.4 million to a local owner-occupier after taking nearly 230 enquiries and 12 offers for the newly renovated industrial property.
Located at 426 Burnley Street - about ten minutes from the centre of Melbourne - the property comprises a single level, 595 sqm, solid brick building.
It had a clear span warehouse, a two-level office, and basement storage, on a 555 sqm site with 12 metres street frontage.   
Agent George Takis said the quality building was located in one of Melbourne’s most popular city fringe markets with strong growth prospects and the additional attraction of the potential for redevelopment.
"More than 200 enquiries, 12 offers and $6126 a square metre, is an absolutely extraordinary result in any market, but particularly in these most uncertain times. 
The property was sold with vacant possession.
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12 offers for $3.4 million Richmond warehouse

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Sherry and empanada bar operator, Double Tree International (Australia) Pty Ltd, has agreed terms on a new lease at South Yarra.
In a deal brokered by Teska Carson leasing agent, Reece Israel, the 47 sqm ground floor tenancy at <a href="https://www.realcommercial.com.au/leased/property-ground-floor-16-toorak-road-south-yarra-vic-3141-503307798" target="_blank">16 Toorak Road</a>, was let at $30,000 per annum on a three year term with two further three year options.
Mr Israel said the property benefitted from its prominent Toorak Road frontage.
He said the fully functioning kitchen with a large pizza oven had been a key factor for Double Tree.
"This is a great location for a food and beverage retailer with its close proximity to various transport options and excellent street exposure, while the premises is well suited to the client’s operational requirements,’’ Mr Israel said.
The lessor is a Melbourne based private investor. 
 
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Sherry and empanadas come to Toorak Road, South Yarra

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Teska Carson is marketing a retail investment opportunity at Burwood East in Melbourne’s eastern suburban heartland.
The property will be auctioned on Friday, March 27 at 1pm on site.
The shop 13, 10-14 Burwood Highway, property comprises a 60 square metre retail premises utilised as a newsagency and returning $46,160 per annum on an eight year term (with an eight year option) from August 2019.
Located in the tightly held and highly sought after Burwood Heights Shopping Centre the property, trading as East Burwood Newsagency, is part of a Woolworths anchored centre with 37 shops including a Commonwealth Bank, BWS, medical, health &amp; beauty, café and food outlets.
According to Teska Carson marketing agents, Luke Bisset and Michael Taylor, the property also benefits from the Centre’s excellent exposure to both Burwood Highway and Middleborough Road, and ample on-site customer parking.
This is a superbly located property which infinitely enhances its investment credentials along with the secure eight year lease and the attraction of 37 specialty stores and the Woolworths supermarket.
These credentials have made these shops highly desirable from an investment point of view and it goes without saying that this property is likely to attract a high level of investor interest,’’ Mr Bisset said.
He said the property, zoned Commercial 1 under the City of Whitehorse Planning Scheme, also benefitted from its position within the City of Whitehorse which is home to some of Melbourne’s leading educational, medical and leisure facilities and features the largest information and communication technology precinct in Melbourne’s east. 
Located 20 kilometres east of Melbourne’s CBD the municipality covers an area of 64 square kilometres, has access to an extensive public transport system and is strategically positioned to take advantage of the Eastern Freeway and EastLink.
Mr Taylor said the local community was very well resourced and continued to attract new residents and new businesses.
This strongly growing community provides investors with confidence that demand for commercial property will also continue to grow,’’ Mr Taylor said.
He said the property’s key attributes included its prime location within a strongly trading centre, a secure eight year lease and transport links and parking. 
With good trade exposure, the property has optimistic growth prospects.
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Leased retail property in Burwood East for sale: Teska Carson

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A development opportunity in South Yarra’s Forrest Hill precinct is on the market with expectations for more than $5 million.
The property, 30-32 Claremont Street, is marketed by Teska Carson is situated on the eastern side of Claremont Street.
It features a 750 square metre, two level, brick, office/warehouse and four car spaces on a 490 square metre site zoned Mixed Use with 12 metres frontage to Claremont Street.
Teska Carson’s Michael Ludski said this property represents one of the last remaining high-density development opportunities within this tightly held, prime inner-city location, only three kilometres from the Melbourne CBD.
"The property falls within the former Forrest Hill industrial area, which has become a very highly regarded precinct, underlined by its extraordinary transformation in recent years on the back of significant residential and commercial development within the immediate South Yarra vicinity,’’ he said.
"Melbourne’s nation leading population growth, particularly in the coveted inner-eastern suburbs, was the key driving force that would continue to provide developers with quality opportunities.
"Melbourne’s population growth has driven a very strong residential and commercial development market in Melbourne in recent years, especially in areas that offer essential amenity including the best retail, transport and schooling options.
"South Yarra has been at the forefront of that development growth and will continue to be as long as blue-chip opportunities such as Claremont Street remain available."  
The property will be sold subject to a 12 month lease from October.
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Blue chip development site at South Yarra

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A well located retail and residential investment at Richmond on Melbourne CBD’s eastern fringe is on the market.
The <a href="https://www.realcommercial.com.au/property-retail-vic-richmond-502508006" target="_blank">129 Burnley Street</a> property was listed for auction on September 13 with expectations of about $1.2 million.
According to the last update on www.realcommercial.com.au, it was still listed for sale through Teska Carson.
The two-level Victorian terrace building has an area of 259 sqm, and includes a ground floor retail/commercial and first floor residential accommodation with separate access.
The ground floor is currently being utilised as a laundromat, while the first floor houses a two-bedroom apartment.
According to marketing agents, Teska Carson’s Tom Maule and Larry Takis, the property will be sold subject to two leases totalling $59,611 per annum.
The property is in one of Melbourne’s most popular restaurant, fashion and entertainment precincts, within walking distance of both Victoria Gardens Shopping Centre and Bridge Road retail.
"This property is situated in what is undoubtedly one of Melbourne’s best inner suburbs where demand for property from investors, developers, owner-occupiers and tenants is very high and will remain so for the foreseeable future while Melbourne’s population growth continues," said Maule.
"It is ideally suited to an investor or owner-occupier seeking a well-presented commercial property with the benefit of dual tenancies and the prospect of both rental and capital growth.’’ 
 
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Richmond building with dual tenancy listed

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A Webb Street Fitzroy property has sold for $6.6 million at Teska Carson auction.
A Melbourne developer is looking for approval for a multi-storey project at 93-97 Webb Street.
The property is on a 989 square metre site, zoned Commercial 1, has frontages of 23 metres to Webb Street, 13 metres to Charles Street and a third access via a right of way on the eastern boundary.
The property, includes a 900 square metre brick warehouse and office and was sold subject to a short term lease-back, expiring February 2018, at a rental of $150,000 per annum plus GST.
According to marketing agents, Teska Carson’s Tom Maule and Matthew Feld, who sold the property in conjunction with Nelson Alexander’s Peter Smyth and Simon Verduci, the auction drew a large crowd with five bidders vying for the development opportunity.
Tom Maule said the boutique apartment market has very much matured in recent times with the emphasis now on satisfying a growing owner-occupier predilection for quality two and three bedroom apartments within relatively close proximity of their existing homes.
"This allows downsizers, in particular, to take advantage of a potentially financially attractive move, including off-the-plan stamp duty savings, to a familiar area, and often closer to essential amenities such as shopping and transport,’’ he said. 
Mr Feld said developers were now also providing prospective apartment purchasers with the opportunity to influence the layout and design of apartments.
"These are apartments that are purchased by people who will actually live in them and, for most of those people, over a long period of time, and so it stands to reason that they wish to influence the end product as much as is possible and that may even extend to landscaping and external finishes,’’ he said. 
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Webb Street Fitzroy property sold for $6.6 million

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A 500 square metres of building area on a 654 square metre site in Deepdene, Melbourne has sold to a local investor for $3,532,000.
The 68-72 Whitehorse Road property is zoned Commercial 2 and includes 13 metres of street frontage to Whitehorse Road, 48 metres on Barnsbury Road and rear laneway frontage of 13 metres.
Marketing agents Tom Maule and Adrian Boutsakis of Teska Carson said they received 80 bids from eight separate bidders for the property.
They said the property offered development potential and was sold subject to three leases with a total rental of $114,510 per annum on a 3.24 percent yield.
The tenancies include a large retail showroom, a two bedroom residence, and warehouse space.
Boutsakis said the property was close to public transport, recreational facilities, several of private and public schools, and quick access to major arterial routes.
He said both investors and developers saw the location as an attractive investment due to increasing demand from a growing population.   
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Deepdene mixed use property sells for $3,532,000

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A modern, single-level, warehouse at Richmond on Melbourne’s CBD fringe sold recently at auction for $791,000 through Teska Carson.
The <a href="https://www.realcommercial.com.au/property-retail-vic-richmond-502315910" target="_blank">30 Baker Street</a> property is within a short distance of Victoria Street retail and entertainment strips, trams and trains.
The property was offered with with vacant possession and includes a 130 square metre warehouse building currently used as a fully-fitted automotive workshop. 
The site is zoned Mixed Use.
According to marketing agents, Teska Carson’s Anthony Choi and Fergus Evans, the property was one of the "best city fringe offerings to hit the market recently".
Choi said the area had benefitted from a number of high profile residential and commercial developments, driven by population growth and the attraction of Richmond’s well documented retail and entertainment offerings, as well as its proximity to the CBD.
"Richmond has consistently been one of the city’s most desirable inner-city locations and that popularity has driven a strong commercial and residential development market," Evans said.
 
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Warehouse on Melbourne CBD fringe fetches $791,000

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A vacant development site in Melbourne’s inner western suburbs of Footscray has been listed.
The <a href="https://www.realcommercial.com.au/property-land+development-vic-west+footscray-502352954" target="_blank">130-186 Buckley Street</a> property is zoned Mixed Use and comprises 4341 square metre on three titles, with 290 metres street frontage.
According to the marketing agent, Teska Carson director George Takis, the property should appeal to developers, investors and owner-occupiers.
"This is a very well located site right on Buckley Street and close to Middle Footscray station,” Takis said.
“Footscray is one of the most rapidly growing suburbs in Metropolitan Melbourne, with the location currently subject to unprecedented levels of residential and commercial development.
“This is a direct consequence of the policies of the Victorian state government and Maribyrnong City council in promoting this precinct as an ideal inner city fringe location.
"We expect strong interest for this property from buyers, especially developers, at a time when Footscray is emerging as one of Melbourne’s key residential and commercial destinations,’’
The property will be sold by public tender closing Wednesday, May 17 at 2pm and is expected to fetch more than $4.4 million.
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Teska Carson

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