Swisse peaks for Peregrine’s Langridge Lane office

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Swisse peaks for Peregrine’s Langridge Lane office

By Nicole Lindsay

Peregrine Projects has snared global vitamin and supplements retailer Swisse for its nine-story Langridge Lanes office project in Collingwood.

The building, 88L, is all but leased out now with Aesop, Providoor and the Creative Cubes co-working space taking out much of the remainder.

Belmore Plaza in Balwyn sold on a sharp 3.8 per cent initial yield.

Belmore Plaza in Balwyn sold on a sharp 3.8 per cent initial yield.Credit:

There’s just 360 square metre left on the top floor and leasing agents Colliers’ Matt Cosgrave and Damien Adkins expect that to be taken up soon.

Swisse will move into levels six and seven when the building is completed in coming weeks.

Moving into Swisse’s old 2800 sq m head office at 111 Cambridge Street is Live Nation Entertainment, the live music touring and ticketing behemoth created when Ticketmaster and Live Nation joined forces in 2010.

Little sells

Rich-lister Paul Little is selling down a modest-sized development site in South Yarra’s Forrest Hill precinct.

The 481 sq m site at 38-40 Claremont Street faces Melbourne High School’s hockey field and comes with a permit for a hotel. It’s expected to fetch more than $8.5 million.

Allard & Shelton’s Joseph Walton, Chris Hatzis and Michael Ryan are running the expressions of interest campaign along with Little’s agency, Little Real Estate.

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Records show Little paid $2.6 million for the property in 2007 amid a Forrest Hill spending spree. While other projects on Toorak Road and Yarra Street are long built and sold, Claremont Street never got off the ground.

It’s just a few doors away from 24-26 Claremont Street, where discussions with potential buyers are underway.

Balwyn calling

Belmore Plaza, a small retail complex located deep in the north-eastern corner of the Kooyong electorate, has sold at auction for $5.6 million on a sharp yield of 3.8 per cent.

Records show the property at 399 Belmore Road, in the Coles-anchored East Balwyn Village, was sold by the Hansen family who have been selling down their extensive property portfolio in the past year.

They paid $525,000 for the 1205 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, is planning to hold the property in the medium term before embarking on a future development.

The double-storey 867 sq m building has Commercial 1 zoning and returns $226,000 a year in rent. Tenants include Chinese restaurant Eastern Bell, Nuski’s Swiss Patisserie, clothing boutique Bonnie Parker, and Netsquare Computer Services.

Luo said demand from Asia-backed capital had surged since the reopening of international borders in February.

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

On the eve of the recent federal election, a partly occupied 378 sq m medical centre in Canterbury fetched $3.4 million on a yield of 2.6 per cent.

If fully rented, the yield on the quaint double-storey building at 215-217 Canterbury Road would come to 3.5 per cent - still pretty tight.

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

It’s on a 334 sq m site opposite the picturesque Canterbury Gardens and the railway station where former local federal member Josh Frydenberg had promised a new car park at the 2019 election. Lobbying from locals put a stop to that before the 2022 election got underway.

Valda moves

Meanwhile, back in the heart of Kooyong at 1167 Burke Road, veteran real estate agent Valda Walsh is selling the office building she has held since 2002.

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

Records show it cost $375,000 to buy 20 years ago but should sell for more than $1.4 million this year.

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

Mrs Walsh isn’t retiring despite racking up 53 years in the business. The property is too big for the three staff working there.

London supply

The last time the freehold of the London & American Supply Stores changed hands was in the grim winter of 1992 when Melbourne was deep in a gruelling recession.

The freehold of the London & American Supply Stores is up for grabs.

The freehold of the London & American Supply Stores is up for grabs.Credit:

The three-storey building at 483-485 Elizabeth Street was bought before auction by the cooking supplies store owner Phil Kelly for just $702,500.

Thirty years later, the same building, on the well-trod path to Victoria Market, is expected to fetch around $9 million. Kelly recently sold the business as well but there is a three-year lease in place.

The shop, which has four apartments upstairs, is on a 265 sq m parcel of land and is now surrounded by high-rise apartments and new projects.

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

Motor’s ticking

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

The dealerships in Traralgon, Pakenham and Leongatha are all leased to South African listed automobile behemoth Motus and are expected to sell for a total of $40-plus million.

They return nearly $2.5 million a year in rent and are being offered individually or as a portfolio.

The Motus car dealership portfolio is for sale.

The Motus car dealership portfolio is for sale.Credit:

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

Motus, which also owns the listed Australian Automotive Group (AAG), bought up several Australian auto businesses, including the Gippsland Motor Group in 2017.

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

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

L-shaped site

An L-shaped site in South Melbourne next door to the Deague Group’s 101 Moray Street office project and wrapping around the Maori Chief hotel has come to market.

The 738 sq m holding is made up of two properties - a two-storey office at 113-115 Moray Street and a warehouse at 30-32 Tope Street.

Records show the 350 sq m Moray Street office was purchased by Great Dane Furniture retailer Anton Assad back in 2017 for $2 million. The neighbour on Tope Street, also last transacted in 2017, cost its owner $2.12 million.

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

Colliers’ Wolman, Hay, Ma and Alexander Leggo are running the deal.

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