Multiplex completes $2b West Side Place

Luke has more than 15 years’ experience in commercial property. He was most recently JLL’s head of capital markets, New South Wales, and head of office investments, Australia.

Developer sells restaurant

Pace Development Group has sold the Daiku Japanese Restaurant in its Blackburn project for $2.35 million, providing a return of 5.4 per cent for its new owner.

Burgess Rawson’s Shaun Venables, Romanor Falconer, Matthew Wright and Liming Qiao brokered the deal for 168 Whitehorse Road. The 358 square metre restaurant is leased for 10 years at $128,160 per annum.

Venables said the property attracted strong interest due to its long secure lease and the quality of the Pace development, which is now 98 per cent sold.

Popular strip

A strata-titled beauty clinic at 1272 High Street Armadale has sold for $1.71 million on a 4.3 per cent yield.

The 165 sq m shop, on one of the city’s most popular shopping strips, has a fresh lease to Shaep.

The sale – and recently struck lease – was negotiated by Fitzroys’ Chris Kombi and Lewis Waddell.

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Vacancies on High Street have fallen to 5.1 per cent, from 9.1 per cent, in the past year.

Foodie boom

CVA has privately sold a warehouse/factory at 63 Balfour Avenue, Sunshine North, for $1.25 million, representing 38 per cent price appreciation since the property last changed hands in 2019.

The sales campaign, conducted by John Nockles and Ben Quennell, garnered 31 enquiries – mostly from food industry providers – and four formal offers.

The property was sold on a land rate of $2588 sq m and building rate of $3969 a sq m.

Readings

Melbourne’s dominant independent bookshop chain Readings has signed a 10-year lease on the heritage-listed ANZ bank building at 685-687 Glenferrie Road, paying $320,000 a year.

The space covers 345 sq m on the ground floor and adjoining shop, plus 124 sq m on the first floor. It is on a large 944 sq m site next door to the Lido Cinema complex.

The deal was done by Fitzroys agent Chris James and LPC Cresa’s Dylan O’Connell.

Fleet-footed

Foot therapy provider Orthotics Plus is expanding into 395 sq m of ground floor office space at suite four, 261-271 Wattletree Road, Malvern.

Rent on the property, which includes five car parks, is $350 a sq m. GormanKelly’s Will Kelly negotiated the deal.

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