Welcome to Thornbury: Boarded up windows, graffiti and run-down cars
By Tim Boreham
With its boarded up windows, graffiti and run-down cars in the yard, Thornbury’s abandoned Le Pine Funerals site is defying High Street’s recently bestowed status as the world’s coolest street.
But 712-716 High Street, on the corner of Rossmoyne Street, is poised to join the cool kids with the 1224 square metre, double-fronted site on the sales block.
Thornbury’s abandoned Le Pine Funerals site.Credit: Tim Boreham
In March, the London-based Time Out Magazine dubbed the greater High Street strip – spanning Northcote, Thornbury and Preston – as the world’s coolest street, on account of its “epic” restaurants, hidden bars, music venues, boutique shops and community vibe.
Handling agent CBRE declined to comment on price expectations or likely buyers, but its material describes the site as “one of the last remaining undeveloped corner commercial zone landholdings ideally suited for a boutique residential development”.
Records show the site is owned by a company associated with Brunswick chemist Steve Siamidis and GP Dr Chris Siamidis, who were contacted for comment. CBRE is fielding expressions of interest until August 15.
In July last year, six bidders duked it out at auction for a 1108 square metre industrial site in not-so-trendy St Georges Road, occupied by Tradelink. Also, a commercial one zoned corner allotment, the 316 St Georges Road property sold for $3.355 million on a yield of 4.35 per cent.
Tower of Power
As property agents spruik the post-pandemic office revival theme, real estate agency JLL has led by example in expanding the footprint at its 101 Collins Street digs by 20 per cent.
After completing a lavish fit out, JLL this week revealed the details of its refreshed tenancy over 3660 square metres of space at the 30-year-old building.
The Collins Street building is known as the Tower of Power because of its rota of blue chip tenants that include Allen Lawyers and Gilbert and Tobin and investment banks Morgan Stanley and Barrenjoey.
Struck 12 months ago, the deal is for ten years with two three-year options.
While JLL’s previous eight-year lease spanned three floors, the new format covers the entire levels 32 and 33 in the 57-storey tower, with a connecting staircase.
While other professional firms have migrated west towards new buildings such as Collins Square at Docklands, JLL’s Victorian managing director Kate Pilgrim says the firm was motivated by both the amenity and green credentials of 101 Collins.
Owned by Commonwealth Superannuation Corporation (CSC), the all-electric building boasts Australia’s highest solar panel system.
“It is one of those assets in the market that enables us to fulfil our corporate objective of carbon net zero,” Pilgrim says.
JLL this week revealed it has refreshed its tenancy at 101 Collins.Credit: Eddie Jim
JLL’s space has modern touches such as a reception-level cafe, collaboration spaces and facilities for parents and neurodivergent people.
JLL would not disclose the price, but market sources suggest the top levels of the prestigious digs are fetching up to $1500 per square metre before incentives.
The firm can be comforted that its view of parklands and the MCG won’t be built out, with CSC buying all or part of adjacent buildings to preserve the panorama.
Last year, fellow agency CBRE relocated from 8 Exhibition Street to circa 5400 square metres of space at Lendlease’s landmark Town Hall Place at the corner of Flinders and Swanston streets.
The newest
The march of inner-city development is remorseless but for now, Michael and Andrew Buxton’s MAB Corporation can market its $45 million Yarraberg Workspaces as ‘Richmond’s newest building’.
At 43-57 Blazey Street, Yarraberg Workplaces consists of 5400 square metres of flexible space across five floors, suitable for office medical or showroom spaces.
Having secured tenants off-the-plan for two entire floors, MAB is offering flexible areas from 100 to 467 square metres, with the flexibility to combine multiple spaces up to 938 square metres.
Designed by Plus Architecture and “inspired by the local industrial heritage”, the completed fit outs include warm shell finishes, polished concrete flooring, and exposed ceilings.
Buxton’s MAB Corporation is marketing its $45 million Yarraberg Workspaces.Credit:
Sustainable design features include windows that open, solar panels, thermal glazing and electric car charging. The building also has pandemic-friendly features such as touchless entry. A cafe occupies ground level, while a rooftop terrace provides panoramic views of the Yarra River and the CBD skyline.
In December 2021, level four and the fifth-floor penthouse suite accounting for 1635 square metres were sold for $13.2 million to two separate buyers – the biggest strata office deals outside the CBD at the time.
Four other purchasers account for the remainder of the 2116 square metres of currently occupied space with prices around $8500 per square metre. The new space is being quoted at $8500-9000 square metre.
The agents on the job are Savills’ Tim Grant and Colliers’ Ted Dwyer.
Most expensive
There’s newest, then there’s ‘most expensive’. A prominent corner retail premises in Prahran has set a sales record for the City of Stonnington, with the $40,214 per square metre land rate exceeding previous benchmarks of $25-30,000 per square metre.
On the corner of Toorak Road, the two-storey 600 Chapel Street is tenanted by the National Australia Bank, which in 2022 renewed a five-year lease after a $1.5 million renovation.
The site has a land size of 373 square metres, implying a price of circa $15 million. The sale was struck on a tight yield of 2.97 per cent. The deal was handled by Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma.
Gorgeous emporium
Elsewhere in the leafy Stonnington catchment, Victoria’s new property tax regimen hurried up the local buyer of the freehold site of a “gorgeous emporium” at 1036 High Street Armadale.
Occupied by Rose St Trading Company, the 267-square-metre property was due to go under the hammer on July 17, but the purchaser signed before July 1 to avoid Victoria’s new Commercial and Industrial Property Tax. The impost replaces stamp duty with a one per cent per annum levy on the property’s land value after 10 years.
Rose St Trading Company sells anything from $35 eye masks to $500 frocks and has tenanted the building since 2018.
Handling agent GormanKelly could not be contacted for comment. But the $176,800 annual rent and 3.2 per cent yield implies that a circa $5.5 million cheque would have won the keys.
New chapter
Bookworms rejoice: South Yarra’s Avoca Hill Bookstore will trade on at its current 80 Toorak Road location after the 200-square-metre shop was sold at auction for $2 million.
The bookstore has been offered a new five-year lease by the offshore purchaser. Fitzroys’ agent Lewis Waddell described the 3.8 per cent net yield as “one of the sharpest achieved this year to date for a prime Melbourne shopping strip investment”.
Fitzroys has transacted $20 million of deals on the upmarket strip recently, including the 91-93 Toorak Road premises of pizza maker La Porchetta for $5.15 million.
South Yarra’s Avoca Hill Bookstore will trade on at its current 80 Toorak Road location.Credit:
Meanwhile, Bourke Street literary temple Hill of Content had feared the final chapter, but in April looked to have won a reprieve after the premises was acquired for $5.3 million by a passive investor with no development plans.
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