Diabetes charity headquarters is selling with a short-term sale-leaseback
Video game retailer EB Games has a new flagship store on Elizabeth Street.
EB Games has moved from its four-level store at 67 Swanston Street to 48 Elizabeth Street in the former My Chemist space.
It is understood that EB Games wanted to downsize. The smaller space of 192 m² was recently used by The Book Grocer as a pop-up.
The store is in the modern section of the complex at 271 Collins Street, which includes a 10-story heritage building and a seven-story annex dating back to the 1980s.
It was NAB’s headquarters from 1927 until the 1980s and was acquired by the Gabor and Kornhauser families in 2001 for $50 million.
Fitzroys agents Travis Keenan, Franklin Gikas and James Lockwood negotiated the lease.
In other moves, shoe retailer Sole Motive has just moved into 148 Little Collins Street from Queen Street on a three-year lease; Sulwha Dessert Bar is also moving to the Strip; Union Kiosk expanded to 10 Howey Place and Bent-Oh! moves into Flinders Lane.
“Tenants are looking past this winter’s colds, flu and COVID and into a great spring and summer,” Lockwood said.
“We are confident that daily trading will increase in the medium to long term. We have already seen a rebound in nighttime activity and weekend visitation,” he said.
Tenants are also moving or planning to move to the suburbs. Retailer Country Road moves from the store at 500 Riversdale Road in Camberwell Junction, where it has been based for over 35 years, to 566 Burke Road.
Emmetts agents Charles Emmett and Xander Yeo negotiated the lease on the 558 square meter space. This comes just five months after the former NAB bank branch was sold for $6.6 million.
Rents in the junction fluctuate between $800 and $1,000 per m².
Emmett said there has been an increase in rental activity on the city’s upscale suburban strips.
Other recent suburban deals include fashion retailer Gorman opening a new 220m² flagship store at 576-584 Chapel Street, Prahran; furniture retailer MCM House leases nearby 290m² space at 535-537 Chapel Street and Oroton Group leases a new flagship store at 1039 High Street, Armadale
The Salvation Army has put its former Corps Center in Manningham up for sale and can expect a bumper $10 million for land ownership.
The 7241m² site at 35-41 Taunton Street, East Doncaster is opposite the Zerbes Reserve and close to Lake Ruffey Park.
Records show the Salvos have owned the property since at least the mid-1990s. It has general residential zoning.
JLL agents Jesse Radisich, Mark Stafford, and Mingxuan Li are handling expressions of interest.
The Salvo are frequent property traders. They sold 303-305 Royal Parade, Parkville to the University of Melbourne in 2014 for $25 million and invested the money in developing new facilities at Canterbury Road Ringwood.
And in other religious movements, the arm of the Presbyterian Church of Victoria, which was not part of the United Church in the 1970s, made an acquisition.
The United Church sold its Rossmoyne Street property in Thornbury to the Presbyterians for $3.6 million.
The church and buildings on the 1780m² site at 7-15 Rossmoyne Street were originally built by Presbyterians around 100 years ago.
CVA officers David Napoleone and Daniel Philip received eight offers from a range of occupiers, developers and daycare operators, but the church’s original owner bought it out.
Aged care developer The Knowles Group has bought a 5,680m² site in Ringwood for $7.5million.
The large open site at 313-317 Canterbury Road near the intersection of Wantirna Road is opposite the golf course and down the road from the old Cadbury factory. It’s also a stone’s throw from local Salvo operations.
Knowles Group’s Arcare made the purchase at a land rate of $1,320 per m² and will now develop a new aged care project for the site.
The deal was brokered by Colliers agents Leon Ma and Joe Kairouz.
Records show the property was purchased in 2015 for $3.5 million by the Hong Zhou Group. A two-story naturopathic school and an abandoned house were cleared from the site in 2019 and townhouses have been proposed.
“Competition was robust from a range of buyer types, including traditional residential developers and developers of social infrastructure such as child care centers and retirement homes,” Ma said.
Further in Vermont, a real estate developer has paid $5.5 million for an oddly elongated T-shaped block at 59-61 Betula Avenue in the area’s industrial zone.
The 6,767 square meter block attracted eight bids during a campaign led by CVA agents Ian Angelico, Stan Dawidowski and Jarrod Morgan along with Julian White, Chao Zhang and Max Warren of Stonebridge Property Group.
Potential buyers included occupiers, local and Asian industrial developers, and land bankers.