Melbourne

Collins Street shops rarely hit the market, but one sold at auction for $4.64 million on a yield of 3.97 per cent. The ground floor and basement of 405 Collins Street, fully leased to Bluebag Fresh and First National Real Estate returning net income of $185,659, sold to a Chinese investor. CBRE's Paul Tzamalis, Tom Tuxworth and Lewis Tong sold the property on behalf of a private family.

Glen Waverley

Another Chinese investor forked out $2.38 million for a corner shop at 15 Railway Parade North. The 206 sq m site with a single-level brick building of around 150 sq m was offered with vacant possession. Fitzroys agents Chris Kombi and Terence Yeh negotiated the sale, in conjunction with Peter Sprekos and Damien Sweeney of JLL.

Moorabbin

And a third Chinese investor has paid $4.8 million on a 6 per cent yield for a fully leased dental clinic in a deal brokered by Savills' Clinton Baxter and Julian Heatherich. The single-level, 402 South Road property sold with a new fit-out on a 10-year lease plus options to global healthcare group Bupa at a current net annual rental of $287,596 paid yearly in advance.

Frankston

Another securely tenanted medical facility on Hastings Road has sold for $3.1million to a local developer. Colliers International's Ben Baines and Adrian Rowse said the 1821 sq m site generated more than 100 inquiries and sold on a yield of 6.1 per cent.

Mornington

A Mornington Peninsula  hotel popular with newly weds and for functions has sold for around $9 million. The Best Western Plus Brooklands hotel on the beachside of Nepean Highway at 99 Tanti Avenue has 53 four-star guest rooms, four function rooms, a heated indoor pool and gymnasium on a 9000 sq m site. CBRE's Scott Callow said the buyer was an experienced accommodation operator from Melbourne.

Windsor

The successful auction of a property at 86-90 High Street prompted the off-market sale of a neighbouring property at 92 High Street to Quattro Group chief executive Peter Quattro. Colliers International's Ben Baines and Jeremy Gruzewski negotiated the sale of the  two-level creative-style office/showroom for $2,775,000.

Epping

A local transport business has paid $1.65 million for a new office warehouse at 9 Newmarket Lane. The business, which is expanding, will move from an older facility into the 1250 sq m on a 1808 sq m site, Knight Frank's Daniel DeSanctis and Scott Braithwaite said.

Moorabbin

A 3200 sq m second-grade industrial building has sold within two weeks, said Colliers International's James Stott. Vendor Bert Tuckwell walked away with $3.3 million after the property at 1-7 Sullivan Street sold off market. Mr Stott said the south-eastern suburbs had experienced strong capital growth throughout 2016. Meanwhile, Ace Fencing is moving to Pakenham from Dandenong South after purchasing a 1362 sq m warehouse for $1,482,000. The 2632 sq m property is Carmega Properties' last remaining lot at SouthEast Business Park, Gordon Code and Michael Burne said.

Moorabbin

Crabtrees Real Estate successfully sold out Phoenix Business Park at 143 Keys Road. Six warehouse shells sold on a sq m rate between $2750 and $2955. "The Moorabbin market is very strong at the moment. There is simply very few options available," said Luke Pitcher.

LEASES

Ravenhall

Fast-growing fitness group The HIIT Factory has expanded its Victorian footprint, leasing out warehouse four at 24-28 Eucumbene Drive. Colliers International's Ashley McIntyre negotiated the terms at $95 per sq m for two years, plus the option for two years. Ms McIntyre said HIIT decided to open near Caroline Springs to take advantage of the growing population.

Alphington

School uniform supplier Bob Stewart has leased a large office/warehouse at 364-368 Darebin Road. The firm will move from Kew into the 2600 sq m building leased by CBRE's Guy Naselli and Gray & Johnson on a five-year term for $180,000 per annum.

Port Melbourne

Family-owned commercial and high-rise residential builder Crema Constructions has leased an older-style industrial building at 90 Turner Street. Gray Johnson's Rory White said the firm took a three-year lease plus three-year option on starting gross annual rental of $242,000 with no incentives.

MOVERS

PPM has appointed Michael Hodgson as an executive director and Geoff Junkeer as an associate director. Mr Hodgson has held executive roles in real estate agency, funds management, and development companies while Mr Junkeer previously worked with Becton, MAB, Hamton, R Corp and R & F Property Australia.

Aldo Galante, the immediate past president of the API (Vic), will join GormanKelly as a  director of valuations and advisory. Mr Galante is a fellow of the Australian Property Institute and former owner/director of O'Briens Valuers and Property Consultants.

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