Month: March 2019


Max Stern ends up on Collins Street after being bumped by metro works

13/03/2019

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MARKET WRAP
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SALES

Richmond

Backpacker haunt Honiton Flats on busy Hoddle Street has sold for $2.3 million on a yield of 5.3 per cent. The two-level brick property is leased to Landing Pads on a five-year term with two five-year options until 2029. Rick Silberman, Raoul Holderhead and MingXuan LI from Burgess Rawson handled the sale.

Richmond

An owner-occupier has paid $1.255 million for a retail/showroom at 221 Swan Street. Teska Carson’s Tom Maule and Larry Takis negotiated the sale. Mr Takis said properties with development potential in Richmond were keenly sought after and continued to attract a strong field of buyers.

Sandringham

An investor has paid $815,000 on a 4.7 per cent yield for a strata shop at 1/36 Station Street as demand for strata investments continues to rise. Teska Carson’s George Takis and Luke Bisset said small investors were seeking well-located assets in strong retail precincts. The shop sold with a lease to Low Development Group returning $38,935 per annum.

Moorabbin

A small warehouse at 8/94-102 Keys Road has changed hands for $570,000 on a 4.2 per cent yield, Ray White Commercial Oakleigh’s Ryan Amler and Joshua Colosimo said. “There is still very strong demand for these types of investments from self managed super funds,” Mr Amler said.

Campbellfield

Any Steel Fabrication will relocate to an office warehouse at 67 Capital Link Drive after purchasing the site for $2.3million. The 2793sq m block has a two-storey office and high clearance warehouse currently occupied by Fleet Trades, with a lease until the end of November. CBRE’s Amanda Traficante, Oliver Gualano and Daniel Eramo negotiated the deal.

Sunshine

Across town, another similar roller door lock-up style warehouse at 16 Bolitho Street was sold by Leo Mancino of CVA for $460,000. The property was purchased by an owner occupier.

Ringwood East

Suburban development sites are attracting strong bids. A local developer has paid $2.35 million for 30 and 32 Grey Street, a 1677sq m site occupied by two family homes. Bridport Property Group won the second-round tender and plan to redevelop the site for childcare, Knight Frank’s Andrew Greenway and Tim Grant said.

Dandenong South

An owner occupier has purchased a brand new 1387sq m office warehouse at 61 Babbage Drive. The owner is relocating from Moorabbin. Knight Frank’s George Linn brokered the sale for $2.25 million.

Braeside

A large, near-new warehouse with offices at 16 Capital Court was sold by David Garfield of Nixon Industrial for $1.4 million. The 827sq m building had a container management area, three-phase power, automatic roller door, partitioned offices, and a kitchenette. “There aren’t many warehouses of this size and quality in the area,” Mr Garfield said.

Woodstock

A farm called Spring Hill at 1425 Donnybrook Road was sold by Peter Lineham from Rodwells Ruralco Property. Set up as a 40-unit cow and calf operation, it was subdivided into 12 paddocks with two hay sheds, a workshop, horse shelters and a good set of spacious cattle yards with a crush and loading race. It sold by private sale to a cash buyer from the city for $2.85 million, about $355,000 over the listed price.

LEASES

Melbourne

Stamp, coin and currency merchants Max Stern have signed a lease over 341sq m at 271 Collins Street after being displaced by the Metro Rail project works. Fitzroys’ Jordan Ceppi negotiated the deal over the separate 237sq m 8B and 104sq m 9D spaces within the building at $90,000 per annum net and $65,000 per annum net respectively, both on 4 x 4 x 4 year leases. The business – named after its founder, the late Max Stern AM – was previously located within the Port Phillip Arcade.

Laverton North

Office furniture manufacturer Cubespace has taken a 5+5 year lease at 107 William Angliss Drive, agreeing to annual rental of about $300,000. Cubespace chose the high clearance 4116sq m office warehouse because of its large 4000sq m yard and power supply, Knight Frank’s Joel Davy and Tony Tripodi said.

Richmond

Cayzer Commercial’s Matt Crowhurst and James Keep have leased a warehouse at 451 Swan Street for $48,000 per annum on a 4×4 year lease to building company LocBuild. In another deal, the pair leased 206 Bay Street in Port Melbourne, a shop opposite Coles, to a homewares and gifts business for $50,000 a year on a 3x5x5 term.

North Melbourne

An industrial showroom at 11 Boundary Road has leased within a month of being on the market, CVA’s Leo Mancino and Anthony Carbone said. The property was leased to an electrical company for use as a workshop/warehouse for $60,000 per annum on a 5+5+5 year term.

Preston

An industrial complex at 73 Gower Street is now fully let after the remaining 3300sq m was leased for a net rental around $75 per sq m. Star Development International took 1500sq m while Doria Bros Transport committed to a 1750 sq m warehouse, Knight Frank’s Daniel De Sanctis and Scott Braithwaite said.

North Melbourne

After 12 years in their current location, Pack and Send has taken a long-term lease at 112 Ireland Street. Allard Shelton’s Martin Huang and Simon Southey negotiated the deal at $43,000 per annum, a rate of $398sq m on a 5×5 year lease.

MOVERS

Stephen Speck has joined Vinci Carbone as an Associate Director – Sales and Leasing as part of the ongoing expansion of the Melbourne agency.

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CostaFox has tower plans for Lorimer Street

13/03/2019

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Boutique developer CostaFox expects strong population growth to underpin a resurgence in Melbourne’s apartment market and has lodged plans for a 40-story residential tower in Docklands to take advantage.
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The development business, backed by Geelong’s wealthy Costa family and run by former Little Group executive Michael Fox, will add nearly 400 owner-occupier apartments at a time when others are backpedalling on projects.

New state taxes introduced in July and a federal government foreign ownership clampdown have slowed offshore investment in Melbourne’s new apartment sector, unsettling developers in a year when 16,700 units are set to be completed.

“Our plan is to sit on it and bring it out at the appropriate time in future. In 12 months time the market will be ready for more accommodation,” Mr Fox said.

The $300 million tower, foreshadowed in BusinessDay in August, has been designed by architects Rothe Lowman.

The bulk of the dark grey, sharply-angled structure will be made up of two-bedroom apartments that are designed to joined together if required in a bid to attract owner-occupiers.

Only 92 of the 396 apartments will be one-bedders. The others units will be made up of 260 two-bedroom, 40 three-bedroom and four four-bed apartments.

The tower will rise on a corner block at 111 Lorimer Street in Fisherman’s Bend purchased for about $15 million in a location immediately behind Mirvac’s low-rise Yarra’s Edge development.

Nearby, Shanghai-based developer Mid-Universe paid Paul Little’s Little Developments $60 million to buy 85-93 Lorimer Street with a permit for a twin towers project.

Mr Fox said the 111 Lorimer project was within easy walking distance across the Yarra River from the heart of the city’s Docklands financial centre.

The CostaFox development business was set up with the backing of Costa Asset Management, a diversified agricultural, equity and real estate business chaired by Robert Costa.

It has amassed a portfolio of five industrial and residential development sites for more than $60 million.

Gang Of Youths dominate ARIA nominations

13/03/2019

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HOT BAND: Newcastle’s Dom Borzestowski, far left, and his band Gang Of Youths received eight ARIA nominations on Tuesday.NEWCASTLE drummerDom Borzestowski could soon be adding “ARIA award-winner” to his list of accomplishments after Gang Of Youths dominatednominations on Tuesday.
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Gang Of Youths are in the running for eight ARIA awards for their second recordGo Farther In Lightness including the prestigious AlbumOf The Year andBest Group.

The five-piecewasalso nominated forBest Rock Album, Best Video, Best n Live Act, Producer Of The Year, Engineer Of The Year and Best Cover Art.

The ARIA awards will be announced at theStar Event Centre inSydneyonNovember 28 and broadcast on NBN.

It’s not the first time Gang Of Youths or the Borzestowski family have enjoyed ARIA nominations.

In 2015 Gang Of Youths received five nominations for their first album The Positions, but returned empty-handed.

Gang Of Youths – What Can I Do If The Fire Goes Out?Borzestowski’s older brotherSzymon, who died in 2012, also received a posthumous nomination that year in theBest Adult Contemporary Album category for his record Tigersapp.

It’s been a whirlwind couple of months for Gang Of Youths, who relocated to London from Sydney earlier this year to build their European fan base.

In AugustGo Farther In Lightness debuted at No.1 on the ARIA charts and Rolling Stone featured the band on their September cover.

“It’s one of those cool things you might dream of, but never expect will happen, so when we found out it was a thrill,”Borzestowski told the Newcastle Herald at the time.

Gang Of Youths’ star is expected to soar even higher after theircover of David Bowie’s classic Heroes was includedon the soundtrack of the upcoming DC Comics blockbuster Justice League.

Brisbane buyers out in force, drop $11.5 million in days

13/03/2019

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Hamptons goals: 63 Amy Street, Hawthorne.Spring selling season has well and truly arrived in Brisbane, with three properties totalling over $11.5 million changing hands within only a few days.
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Brisbane buyers were out in force last week, spending up big on sprawling family homes in time for Christmas and the New Year. The two top sales were negotiated by Sarah Hackett, director of Place Estate Agents.

The spending spree started with 63 Amy Street, Hawthorne, a luxurious Hamptons-inspired designed home worthy of any American dream, which smashed the street record when it was snapped up for $3,665,000.

Amy Street is set back two blocks from the river in Hawthorne’s sought-after avenues precinct. The five-bedroom, four-bathroom picture-perfect property featuring bespoke cabinetry, parquetry timber flooring and the Hampton’s signature light-filled interiors drew a buyer frenzy from families who fell in love with the design and location.

Only a few streets away, a majestic Queenslander at 57 Barton Road sold for $1.91 million. Set on 567 square metres of land, the house, which was also meticulously renovated in the Hamptons style, changed hands in a lightning-fast off-market deal brokered by Taylor Kleinberg and Luke Batchelor of Place Kangaroo Point.

Mr Batchelor said most of the buyers purchasing locally in Hawthorne were Sydney buyers. “I literally had one buyer come up to me clutching a print out of the most liveable suburbs in Brisbane that she’d found on the internet,” he said.

“The prices that people are paying for renovated properties here is phenomenal ??? we can’t keep up with demand at the moment, everything we list sells within two weeks or doesn’t make it to the market at all.”

The biggest sale in Brisbane last week was 34 Mullens Street, Hamilton, the iconic landmark hilltop property better known as “Cremorne”, which sold at auction last week for $5,975,000 to a young family moving to Brisbane from a rural area.

“Cremorne” was built by a publican in 1905, and was owned by his family until it was sold in 1998. It was designed by influential Queensland architects Eaton and Bates and is the only surviving example of their work in the state.

A jaw-dropping and award-winning renovation increased the floor plan to include five bedrooms, five bathrooms, and a host of stunning contemporary features.

Cremorne was bought in December 2015 by Fone Zone co-founder David McMahon and wife Tracey, who paid $6.62 million for it. But less than one year later they made plans to move to Aspen, Colorado for work. The couple now spend nine months of the year in the United States. Brisbane houses flat except for the top endThe Brisbane suburbs where no one leavesBrisbane couple’s heart-warming auction win

“The owners are extremely happy,” Ms Hackett said. “It’s a property that deserves love and care and needs a family to live in it and not sit vacant for nine months of the year.

Rugby League: NSW Country under 23s meet World Cup squads

13/03/2019

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HONOURS: Lakes back Kyle Kennedy will be one of nine Newcastle first graders representing NSW Country under 23s against World Cup sides Samoa and Scotland the next two Fridays. Picture: Jonathan CarrollKyle Kennedy has played alongside last year’s Newcastle Knights hooker Chris Adams and against the likes of former NRL trio Daniel Abraham, Brad Tighe and Dane Tilse.
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But the next two Friday nights hewill take his game to another level,squaring off with World Cup sides Samoa and Scotland.

The Lakes back will be one of nine Newcastle Rugby League players in the NSW Country under-23 squad lining up against more than 2000 combined NRL and English Super League matches.

“It gives them [under 23s] a great opportunity,” Country Rugby League chairman John Anderson said from the opening night of camp in Wagga Wagga on Tuesday.

“Playing against these types of teams there will be NRL clubs tuning in and at the ground to watch.”

Most of thattop-level experience comes fromSamoa, who the boys from the bush meet atWagga Wagga’s McDonald Park on Friday (7pm).

Outgoing Knights utility Peter Mata’utia, Canberracentre Joey Leilua, Raiders enforcer Josh Papalii, Parramatta forwardFrank Pritchard and Newcastle-bound prop Herman Ese’esewere all named for Samoa for the upcoming clash.

Country trains on Wednesday before both sides join for a civic reception at the Riverina city on Thursday.

Country then regroup in Sydney next Tuesday before flying to Ballina and meeting Scotland on October 20.

Scotland’s provisional squad included Cowboys grand finalists Lachlan Coote and Kane Linnett.

COUNTRY 23s:Jamie Ghoulmieh, Jacob Gagai,Kyle Kennedy (Lakes),Roman Fepulea’I, Jake Lawrence, Luke Higgins (South Newcastle),Jarrod Smith, Lincoln Smith (Maitland),SamKeenan (Western Suburbs).