Ashburton

About 100 people watched a local developer bid $3.22 million for a shop at 237-239 High Street that had residential development potential. Teska Carson's Michael Ludski​ and Andrew Thorburn said several bidders push the price well past the reserve. The two-level, 194-square-metre double-fronted building had a substantial ground-floor retail space. Mr Ludski said the buyer expected to lease out the property in the medium term before getting approval for a multi-level residential development.

Highett

An investor snapped up a freehold warehouse in tightly-held Advantage Road. The well-attended auction saw five bidders vie for the property on 850 square metres at number 21, Axis Property's Matt Brown and Daniel Liberman said. The warehouse sold for $1.1 million, about $150,000 above the reserve, they said.

Dandenong

John Guastella​ from Cameron Industrial Commercial has negotiated the sale of 55-61 Villas Road, a 4,561-square-metre factory, for $5.5 million. Mr Guastella was retained by the purchaser to negotiate the acquisition of the property.

Hawthorn

A double-storey brick Tudor-style shop, at 529 Glenferrie Road, in a row of similar stores, has sold to a Chinese investor on a tight 4.22 per cent yield. The downstairs space was leased to Exterior Imports on a three-year arrangement. The freehold sold for $1.05 million or a rate of $9,130 per square metre, said Colliers International's Damien Stone.  "The property transacted at an extremely strong 4.22 per cent yield given its secondary retail location," he said.

Brooklyn

A two-year leaseback arrangement with Roberts Transport helped a Sydney-based investor seal the deal for a large industrial freehold at 463 Somerville Road. Colliers International's Nick Saunders and Tom Davis negotiate the sale of the 20,000-square-metre site in conjunction with Industrial Property Consultant. It changed hands for $4.15 million.

LEASES

CBD

Hospitality operator Ben Luo, who owns Cafe and Roaster, has leased 254 square metres at 385 Little Lonsdale on the corner of Hardware Street at $250,000 a year  on a 10-year term with five  months rent free and no capital incentive or landlord works. Mr Luo's latest venue will be an Asian hot pot venue popular with the area's growing student population. CBRE's Samantha Hunt said Hardware Lane was undergoing a resurgence as the hospitality scene's focus shifted from the once-dominant Flinders Lane.

Port Melbourne

The  Construction, Forestry, Mining and Energy Union's  stoush with Tony Abbott's royal commission hasn't stopped it leasing a new training facility for its workers with fantastic water views at 262 Lorimer Street. The union took 407 square metres on level two  on a rate of about $300 a square metre net within the Rathbone Wine Group's headquarters in a deal negotiated by Butera & Company's Robert Butera​. The fully-fitted office had high glass partitions, work stations, boardroom, kitchen and reception area.   Other prominent names within the building include Rathbone Wine Group, Nelson Wines and Billabong.

Melbourne

Global fashion trend forecasting company WGSN will relocate from Grey Street in St Kilda to VALAD Property Group's 636 St Kilda Road. Colliers International's Matt Cosgrave said WGSN took 210 square metres at net face rent of $315 a  square metre on a four-year lease. "The tenant was looking to upgrade to a more corporate office and the refurbished space on Level 3 at 636 was ideally suited," he said.

Cheltenham

Kitchen and vanity benchtop supplier, Unique Stone Benchtops, has taken a lease at 2 Kylie Place. The 950-square-metre office/warehouse includes 150 square metres of office space over two levels and a warehouse fit-out suited to a stone mason with a five-tonne crane. Savills Australia's Chris Telley​ and Gareth Jackson said the property was leased on a five-year term at a rent of about $78,000 a year  net.

MOVERS

Architects Rothelowman has appointed as a principal with the firm. Mr Marsland has more than 20 years experience in the industry and has been with the Rothelowman for the past eight years.

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