The commercial property market has had an exceptionally strong start to the year, with 16 sales transacted in the first three months alone. Demand remains high across industrial, retail, and medical assets with strong results for vendors.
Key Sales Highlights
Recent notable sales include two separate industrial sites in Preston, both achieving impressive results:
9A Fink Street – A clear-span factory sold at auction for $1,915,000, reflecting a rate of $3,500 per square meter.
4 & 4A Cope Street – Two factories on a single title sold for $1,640,000.
Fairfield also saw strong competition, with 57-59 Sparks Avenue selling under the hammer for $3,000,000 after attracting six bidders. The new owner-occupier is set to take possession in the coming months.
Retail and medical properties have also performed well:
228 Waterdale Road, Ivanhoe – A shop and dwelling sold for $861,000, with three active bidders at auction.
Viewbank Medical Centre – Sold off-market for $2,600,000 to a local investor.
Coming to Market
Following the upcoming election, we anticipate a strong wave of new campaigns, including:
80-82 Bell Street, Heidelberg Heights – A high-exposure office/warehouse, launching in late May with an anticipated price range of $3 million.
150 Upper Heidelberg Road, Ivanhoe – A prime commercial asset set for sale via Expressions of Interest in late April, expected in the low $800,000s.
Leasing update
The commercial leasing market remains relatively stable, with demand meeting supply in recent months. Several substantial Industrial facilities in West Heidelberg are generating very good interest and both sites are expected to transact in the next few weeks at annual rentals ranging between $400,000-$500,000 per annum plus GST.
600 Waterdale Road and 151-157 Bamfield Road, Heidelberg West are both expected to achieve rents in the vicinity of $145/sq metre.
If you're considering buying, selling, or leasing a commercial property, our team is well-positioned to assist. Get in touch to discuss your specific requirements and how we can help.
