Strike! Melbourne's tenpin bowling future secured in $10m deal
The Salvation Army Housing's most recent annual report shows its total assets reached $153.7 million in 2023-24, up 7.2 per cent from the previous year. It owns or part-owns just 23 per cent of the 1850 properties it manages.
The Salvos moved into the new 7878 sq m building at 99 Railway Road in 2008 after selling its Surrey Hills HQ for around $12 million.
While fully leased by the charity, it has sub-let space over the years and the building is being sold with a 9.8 year average lease term.
The all-electric 5.5 Star NABERS-rated building has four upper levels of office and a three-level basement car park for 204 vehicles. It's close to Blackburn railway station.
JLL's Tim Carr, Josh Rutman, Piper Dedrick and MingXuan Li have the listing.
Maha on Chapel
Restaurateur Shane Delia is selling the Chapel Street premises where he operates Maha East at the Windsor end of the strip.
The property at 36 Chapel Street has a fresh eight-year lease to Maha East with an eight-year option. Upstairs is leased to a newly established media organisation, the International Film Festival Awards, set up in 2021 by Jatinder Kumar.
Records show Delia paid $2.2 million in 2016. The property returns a total $138,655 a year and is expected to fetch around $2.65 million.
It's going to auction on August 6 as part of next month's Burgess Rawson portfolio auction.
Agents Shaun Venables, David Napoleone and Hamish Bowen are handling enquiries. The 50-year old Burgess Rawson agency was recently acquired by global giant CBRE.
Man cave
The 'man cave' belonging to former Melbourne Cricket Club president David Jones fetched $2.2 million last week with a local buyer beating four others bidding for the Cremorne warehouse.
Jones stored his Ferrari and other car memorabilia at the 290 sq m property at 116 Green Street.
Bids opened at $1.6 million, with serial auction bidder Danny Wallis - a big buyer on The Block television program - leaning on his own red Ferrari.
The property was on the market at $1.8 million and sold 22 per cent above the reserve.
Colliers' Ben Baines and Matt Knox and Teska Carson's Michael Taylor and Matthew Field ran the campaign.
Taylor said all the bidders planned to use it for the same purpose as Jones.
Mini logistics
A Sydney buyer has swooped on the mini-Coles logistics centre in Malvern, paying $7.5 million after it passed in at auction at $7 million.
The price for 1 Edsall Street, at the rear of the Glenferrie Road Coles supermarket, reflected a sharp yield of 3.8 per cent.
The 777 sq m property provides logistics, cold storage and administrative support for the supermarket. Coles' lease runs until 2031 and has two further 10-year options.
Records show the vendors had held the property since at least 1987 – paying $1.3 million for the site decades before Coles set up shop on the strip.
CBRE's Jamie Hess, Sam Guest, David Minty and James Douglas negotiated the deal under instructions from Mark Ruttner at First Valuation Group.
Flat out
A block of flats in Brighton, with a permit for 10 townhouses, sold to a local developer for $8 million.
The flats at 467 New Street are on a large 1629 sq m site near Elsternwick Park and a short stroll from Elwood Beach.
The sale represents a substantial premium on the last sale. It last changed hands in 2023, when a joint venture between experienced property players, Michael Robinson, Nick Brown and Georgina Goldsworthy paid $5.52 million.
It's been a while since the market has seen such a premium added to the value after obtaining a permit.
JLL's Jesse Radisich, Maddie Pizzey and Xander Yeo, did the deal.
Nearby at 79 Ormond Road in the Elwood Village, another block of flats and shops fetched $5.38 million.
Records show Nick Williams, who heads up Hudson Conway – a construction behemoth in its heyday building Crown Casino – has put a caveat over the property.
The vendors paid $840,000 for the 16-unit block 40 years ago.
It's on an 870 sq m block of land on the corner of Beach Avenue, opposite the popular Blue Tongue wine bar.
CBRE agents Nathan Mufale, Alex Brierly, David Minty, Scott Hawthorne and Jing Jun Heng ran the campaign. Williams was represented by Advise Transact.
Childcare sale
Property giant Charter Hall has offloaded another childcare centre in a bumper $12.5 million off-market deal.
The sale of the Highett Centre, leased to Only About Children, reflected a tight yield of 5 per cent. The buyer is understood to be a local Victorian family who is ploughing their cash into the sector.
The centre has a long 20-year lease and returns $630,456 a year. It is in the heart of the Highett shopping village at 491 Highett Road, behind the railway station, in a converted office building.
CBRE's Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat did the deal which is nipping at the heels of some of the bigger transactions they recently managed.
Last year, a centre in Cremorne, Sydney, fetched $18.5 million on a 4.69 per cent yield and an East Brighton creche sold for $16.5 million on a 4.9 per cent yield.
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