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“We’ve seen major hospitality deals struck on very long and secure terms. They’re massive votes of confidence in the direction of the CBD,” Gikas said.
Other new hospitality leases include a dessert bar for 203 Queen Street, which has been leased to the Tsunagu Group on a five-year term (plus five-year option) at $75,000 a year.
Suburban hospitality businesses are also moving into the city.
The operators of Bentleigh’s Sri Lankan restaurants The Fab Curry and Hoppers have leased space at 303 Exhibition Street, near the almost completed Sapphire by The Gardens apartments and the Shangri-La Hotel. The three-year deal was struck at $80,000 a year.
Rod and Gabi, the operators of Hawthorn and Windor’s The Cookie Box, are also about to set up in new space in Makers Lane, at the foot of the recently completed National Australia Bank headquarters, at 405 Bourke Street. They will open a new flagship store facing Little Collins Street, alongside Le Yeahlow, SuperNova Coffee and Brother & Co.
Growing demand
An overseas investor has snapped up Bupa’s former Donvale aged-care centre for $12 million. The 115-bed centre will reopen as a dedicated Chinese culture care facility after refurbishment.
The 6600 square metre, two-storey centre is on a large 18,224 sq m site and was operated by Bupa until July 2022.
CBRE’s Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat managed the sale.
Tat said, until recently, Chinese groups have focused primarily on development or retail investment assets. “That interest is now widening to include aged care, health and childcare assets. This aligns with rapid growth in China’s middle class,” he said.
Records show property investment company Region Amber bought the site from Sizzlers for $345,000 in 1990.
Meanwhile, Sydney-based Abadeen Group has put a caveat over Cabrini’s palliative care centre in Prahran, and is rumoured to be paying about $13 million for the 2197 sq m site.
The hospice, at 616-646 High Street, was previously the Windermere Hospital, established by renowned nurse Edith Hughes-Jones in 1938.
JLL’s Josh Rutman, Jesse Radisich, Mark Stafford and MingXuan Li handled the deal.
Bupa’s former Donvale aged-care centre sold for $12 million.
AgeWell sales
The Uniting Church is selling another of its well-located former AgeWell aged-care centres, this time in Brighton.
The church recently sold its Carnsworth Community AgeWell centre, in Kew’s Studley Park precinct. The Piccolo Group paid $35 million for the site and is planning a new low-rise luxury development. A similar result is likely for the 6060 sq m property at 453 New Street, Brighton, on the corner of Cole Street.
It is at the northern end of the suburb, near Elwood Beach and the Yalukit Willam Nature Reserve – formerly Elsternwick Park – just a few blocks back from the beach.
The 6060 sq m L-shaped landholding includes the vacant aged-care centre, a childcare centre and an old mansion with stables and a coach house.
Colliers’ agents Ian Sanders, Hamish Burgess and Justin Hazell have the listing and are expecting it to sell for more than $20 million.
Office back on the market
The property arm of the Churches of Christ is selling an office building in Alphington opposite the huge residential project on the Australian Paper Mills site.
Records show the church bought the two-storey office for $5 million in 2005, and occupied part of it for many years.
It is not the first time Churches of Christ has tried to sell the office. In 2015, it was for sale for about $18 million and, in 2018, the church’s property division applied to build a 13-storey tower on the site. Locals were outraged.
The 2739 sq m building is on a 3729 sq m corner site at 582 Heidelberg Road, with frontage to both Chandler Highway and Coate Avenue. It is close to the Eastern Freeway and the Yarra River, and is rented to Swinburne University and Axxin on short-term leases, returning $953,895 a year.
JLL’s Radisich, Rutman, Stafford and Li are marketing the property under instructions from Michael Jackson and Steve Bennett at JACX Property, who are acting for the vendor. It is expected to fetch around $13.5 million.
While its zoning allows for redevelopment of up to 27 metres, the surrounding neighbourhood is limited to just two storeys. “A clear selling feature of any future development or repositioning of the asset will be the protected view lines towards the Melbourne CBD,” Radisich said.
Across the road, Time & Place is building 632 apartments and a 25,000 sq m retail and co-working project. A surviving arm of the collapsed Caydon Group has recently completed a 324-unit 16-level apartment building.
The Churches of Christ office building in Alphington.
Mr Donut factory
After almost 45 years, Mr Donut is hanging up its hoppers and the jam injectors and putting the business and factory up for sale.
The 11,760 corner property at 292-306 Lower Dandenong Road, Mordialloc, includes a 5234 sq m cold storage and food processing facility, together with all the fixtures and fittings.
The Argiriadis family started Mr Donut in 1979 before expanding in 1982 and buying the new factory in 2004.
The property is across the road from Moorabbin Airport, among a slew of national retailers and businesses, including Brighton BMW Mentone, National Storage Mordialloc and Chifley Business Park South.
While the business is being sold on an equipment value of about $6 million, the property is likely to fetch the going land rate of around $900 to 1000 a sq m – about $11 million.
Stonebridge Property Group’s Dylan Kilner, Jacob Biviano, Rorey James and Chao Zhang are handling the sale.
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