Sale and leasing recap for Melbourne’s outer south east
on October 17, 2022
Although market sentiment has softened off-the-back of the Reserve Bank of Australia’s consecutive interest rate rises, the performance and outlook for Melbourne‘s outer south-eastern region across commercial and industrial remains bright.
It has been a defiant 12-month period for this corridor of Melbourne, with tenanted retail and service stations, as well as large-format commercial spaces amassing over $85 million in transactions across Dandenong South, Hastings, Mornington and Dromana.
To help you stay across our latest deals in Melbourne’s south east, we have pulled together this sales and leasing overview to keep you in the loop.
South East Sales Overview
Earlier this year, we helped the Cummings family – founders of Australia’s largest furniture importer and wholesaler, Dixie Cummings – list and sell their headquarters in Seaford, which led to a $22.5 million sale to Dixie Cummings which is now occupying the 42,952 sqm* square metre space.
In Dandenong South, we doubled-down on our petrol station deals for the year, securing an $8.5 million sale for our clients Nigel Hunt and Pomeroy Pacific with a private investor – who paid in cash for the United Petroleum service station at 249 Greens Road.
This was a particularly important sale for our agency, as it was the second time in 24-months that our team had taken the asset to market, along with a second separate United service station for the same vendor group at 1050 Thompsons Road, Cranbourne West.
Since taking both properties to market two-years ago for $4.9 million and $8 million, respectively, this means we have represented on $27.58 million in repeat deals for the listings in the rapidly popularising asset class.
Each sales campaign has driven robust results – equating to $1.78 million in profits – thanks to our deep knowledge of the area and vast network with active property requirements for service station investments.
Childcare asset performance remained strong in Dandenong South too, underpinned by the area’s strong residential growth, which helped generate a $8.6 million sale for a long-term tenanted 3,735 square metre site occupied by early education provider Kool Kidz.
In the same period, we also helped our client Tim Cassidy sell three separate retail spaces at the Hastings Trade Centre tenanted by Autopro, PETstock and AWM Electrical comprising $8.25 million in deals, while our team also drove a further $3.6 million in transactions on the peninsula for prominent business man and V8 Supercar identity Phil Munday.
South East Leasing Overview
Form a leasing perspective, we supported our associates Guest Group with sourcing and securing a brand new 11,750 square metre office and warehousing facility in Dandenong South. that will allow the business to maintain its growth.
The state-of-the-art property has an estimated market value of $40 million and it will help maintain Guest Group’s trajectory as a preeminent Melbourne-based interior styling and furniture logistics business.
The decade-long leasing agreement inked for the large-format headquarter space will provide Guest Group with showroom, office and warehousing facilities with broad applications and was brokered by our team with developer Lettieri Property Group.
If you would like to learn more about some of our stand-out transactions from the past year, or wish to speak with us about a sale or leasing opportunity of your own, then please reach out to us at: firstname.lastname@example.org.