by Jordan McMullen and Su-Lin Tan

Originally published on AFR here: http://www.afr.com/real-estate/essendon-site-sale-at-5-million-shows-big-profit-in-just-eight-years-20160323-gnp9uu#ixzz44EntG2PL

A private owner has sold a 1430-square-metre development site in Essendon in Melbourne’s north for $5 million.

The site was bought for $280,000 in 2008. 118-120 Buckley Street will be used as a four-story development comprising 44 apartments, 3 townhouses and 51 car spaces.

Gross Waddell’s Jamie Stuart and Jonathon McCormick struck the deal.

Lap it up in Leppington

A private Chinese developer has paid $10.5 million for a site at 120 Ingleburn Road in the growing suburb of Leppington in Sydney’s southwest.

CBRE’s Craig Trimbole sold the 5359-hectare mixed-use development site for private owner George Tsotsos’ estate.

Mermaid Beach glitters

A local investor has snapped up a 1555 sq m retail property at Mermaid Beach on the Gold Coast for $9 million. 

The two commercial buildings at 2211 and 2215 Gold Coast highway are leased to 14 tenancies, generating a net annual rent of $447,000, a 4.9 per cent yield.

Ray White’s Michael Willems finalised the contract for private seller Michael Kennedy.

Fife buys

Real estate investment firm Fife Capital has invested $8.55 million in a 35,600 sq m warehouse and factory property at 6 Inglis Road, Ingleburn, in Sydney’s southwest. 

The property includes hard-stand and surplus vacant land.

Savills’ Ray Trimboli and Moshe Greengarten marketed the property, which is returning a net annual rent of $635,020.

Brisbane buses

United Australian Pty Ltd, a transport charter business, has bought an industrial facility for $2.85 million in Eagle Farm, North Brisbane as an investment. 

The 4067 sq m site at 156 Lavarack Avenue has a 957 sq m warehouse and office leased to Comdain Infrastructure on a 7.1 per cent yield. 

United will occupy the site when the lease expires.

Colliers International’s Bevan Galloway and KPS’s Peter Klemec marketed the deal.

Sixty-year switch

A private investor has secured a $2.2 million retail, office and storage property in Hampton, South Melbourne. 

The 183 sq m two-storey property on 367 Hampton Road has not changed hands in 60 years. It is leased to Shopaholic Homewares on a net annual rent of $80,000, a 3.6 per cent yield.

Fitzroy’s Mark Talbot brokered the deal.

North Shore investment

A private investor has closed a $2.1 million deal for a 544 sq m industrial site with an office in Artarmon in north Sydney. 

The unit at 78 Reserve Road offers 40-foot-container access and six car spaces.

CBRE’s Peter Mangraviti and Cameron Shephard negotiated the sale for Taylor Property Holdings Pty Ltd.

Number 1 in Regents Park

No1 Roofing and Building supplies has paid $2.5 million for a 1853 sq m 35-year-old building and timber yard in in Regents Park in Sydney’s west. 

1 Clapham Road nets an annual rent income of $144,000.

John Hill’s Giorgio Repice brokered the deal.

Hot units

A single buyer has bought two warehouse and office spaces in Nunawading, Melbourne for just over $1 million each. Units 17 and 18 at 56 Norcal Road are 541 sq m and 545 sq m respectively.

The buyer will use one as an office and lease the warehouse for a net annual rent of $80,000.

CVA’s Ian Angelico and Stan Dawidowski brokered the sales.

Chermside deal

Private investors have traded a commercial building in Wavell Heights, North Brisbane, for $2.3 million. 

The buyer will refurbish and lease the 300 sq m vacant building on a 1500 sq m site at 156 Hamilton Road.

Ray White’s Steve Black and Juma Marstella handled the transaction.

​Terranora to develop

A Melbourne investor has picked up a residential development site at Terranora in the south of the Gold Coast for $3.2 million. 

The investor will hold the vacant land at 93 Parkes Lane.

Colliers International’s Darrell Irwin closed the deal.

Tigari sells

Tigari Pty Limited has sold a 2901 sq m office and warehouse facility for $4.4 million to a private owner occupier.

LJ Hooker’s Marcel Elias and John Tanna sold the site at 79-85 Cowpasture Road, Wetherill Park.

Architects acquire office

A group of local Melbourne architects has acquired a commercial shop at 96 Camberwell Road, Hawthorn East in Melbourne for $1 million to use as their office. 

The property is in the five-level mixed-use residential development, “Elmington” which also has 65 apartments.

Fitzroys’ Chris James and Michael Ryan handled the sale.