Melbourne-based investment company Fawkner Property has bought a service station near Mandurah, south of Perth, for $5.4 million.

The 184sq m building plus canopy at 13 Lakes Road, Greenfields, is leased to 7-Eleven Stores Pty Ltd for 15 years. Vend Property’s Jeff Klopper negotiated the sale on behalf of the Perth-based owner syndicate.

13 Lakes Road, Greenfields. 

Located 70 kilometres south of Perth, the service station was completed last year to meet demand from the growing local population.

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A group of 12 units leased to Zenitas Healthcare in Sydney’s north-west has sold for $6.2 million.https://693b9e397dff49f5fcd3161e86639459.safeframe.googlesyndication.com/safeframe/1-0-37/html/container.htmlAdvertisement

JLL’s Dylan McEvoy and Gordon McFadyen sold the 1275sq m property at 391 Victoria Road, Rydalmere, to a NSW-based syndicate. The expressions-of-interest campaign fielded nine bids.

391 Victoria Road, Rydalmere. 

JLL had previously negotiated a 10-year lease agreement to Zenitas, a National Disability Insurance Scheme provider. Mr McEvoy said the property was the first freehold, leased NDIS investment to have sold in NSW.

Built in 2018, the property includes accessible separate units, multiple car spaces, a lift, ramps and rooms adaptable for tenant needs.

Local shops

A vacant corner shop in Melbourne’s Prahran has sold to a local investor for $1.45 million.

The sale price of the 133sq m two-storey building at 334 Malvern Road reflects a building rate per square metre of $10,902 and a land rate of $12,083.

The 120sq m site is between the Chapel Street and Hawksburn Village retail precincts.

334 Malvern Road, Prahran. 

Savills Australia’s Julian Heatherich and Benson Zhou negotiated the sale. Mr Heatherich said the property had benefited from increased market interest and confidence since Victoria’s pandemic restrictions started to ease.

Beauty spot

A shop with a flat upstairs in Melbourne’s south-east has sold at auction for $926,000.

The 180sq m freehold investment on 150sq m of land at 709 Centre Road, Bentleigh East, is occupied by a nail and beauty salon and a residential tenant.

709 Centre Road, Bentleigh East. 

Ray White Commercial’s Ryan Amler took the property to online auction after the city’s COVID-19 restrictions eased. Mr Amler said the sale price exceeded the reserve by $101,000 and reflected a 4.4 per cent yield.

“Four of the seven registered bidders battled it out on the day, and it was that competition that drove such a great price – the highest offer we had received prior was $700,000,” he said.

Overseas interest

Six local and three Asia-based parties bid for a medical complex in Melbourne before it sold for $5 million to a Hong Kong-based investor.

With a floor area of 1630sq m in two multi-storey buildings, the property at 169-171 Stud Road, Wantirna South, is occupied by five healthcare tenants and sold on a yield of 4.4 per cent.

169-171 Stud Road, Wantirna South. 

CBRE’s Jimmy Tat, Sandro Peluso, Marcello Caspani-Muto and Josh Twelftree negotiated the sale on behalf of the private owners.

“We are seeing more investors gravitate towards healthcare as an asset class due to its relative security given our ageing population and the increasing demand for medical service nationally,” Mr Tat said.

Two-week turnaround

A freestanding office and warehouse building in the inner Brisbane suburb of Milton has sold for $2.23 million.

9 Mayneview Street, Milton. 

The modern 725sq m building on 809sq m of land at 9 Mayneview Street was sold by Ray White Commercial’s Sam Parker. A local buyer snapped up the property within two weeks of its listing, Mr Parker said.

Extracted in full from: https://www.afr.com/property/commercial/wa-service-station-sells-for-5-4m-as-locals-fill-up-20201111-p56dq8