ASCOT VALE

A local developer outbid offshore interests to pay $4.9 million for a potential residential development site at 199-203 Union Road. The former New Ascot Theatre sold at a strong rate of $5020 a square metre, well above market expectations, Savills Australia's Clinton Baxter and Jesse Radisich said. It was zoned commercial and sold without a permit on a 12-month settlement with a $350,000 leaseback to the vendor's company.

MENTONE

A strategically positioned and highly-visible commercial investment property leased as a Telstra Business Centre at 2-4 Nepean Highway has sold. Gray Johnson's Rory White said the property with future development potential plans for a ground-floor showroom and 350 square metres of offices above sold for $1.55 million. It had a short term remaining on the lease with an unexercised option and annual rental of $92,190 net.

RICHMOND

A building owner-occupied by a Dunlop tyre dealer at 117 Bridge Road near the Victoria Gardens shopping centre sold for $1.2 million. The 230-square-metre corner site was sold with vacant possession in a deal negotiated by James Lie of Morley Commercial.

SURREY HILLS

An owner-occupier has paid $680,000 at auction for a retail property at 666 Canterbury Road. Teska Carson's George Takis and Gideon Marcus said several bidders pushed the price significantly over the vendor's reserve. The under bidder for the 122-square-metre building with development potential was an investor. "Owner-occupiers are taking advantage of low interest rates ... to add to their self-managed super funds," Mr Takis said.

MOORABBIN

An owner-occupier in a strata titled development has purchased a versatile office warehouse building in the same precinct at Unit 4, 56 Keys Road for $2.6 million. Crabtrees' Chris McKenzie said the building sold with vacant possession as the vendor, a wholesaler of household textile goods, was retiring. Another owner-occupier in the packaging sector paid $1.45 million, or about $839 per square metre, for 52 Tarnard Drive in Braeside, colleague Casper Janholt said. "The building has been leased to the Cheltenham Youth Club returning a rental of $122,521 net per annum under a lease with no further options that expires on 30 June."

KNOXFIELD

A 2375-square-metre factory on 4934 square metres of land on Rushdale Street has sold for $2,875,000. Cameron Industrial's Nic Sal said it was a "fantastic result for the area". The purchaser Linktech Fibre Optic Networks specialises in communications and transmission network construction and maintenance.

CAMPBELLFIELD

Sutherland Farrelly sold a showroom/office/warehouse at 1890 Sydney Road at auction for $592,500. The property has a two-storey showroom/office and an adjoining high clearance concrete tilt panel warehouse area. Grant Sutherland said it sold with vacant possession to an owner-occupier.

LEASES

CBD

New Zealand food celebrity Martin Bosley will head up a new city bar and dining venue called Imagine Lounge. Savills Australia's Michael Di Carlo and colleagues Jeremy Marmur and Jock Thomson brokered a lease for the venture 450 square metres of basement in the Causeway Hotel at 353 Little Collins Street, on a 10-year term. The restaurant will take over the site of the former Sotto Restaurant. CBD basement rents commonly fetch around $300 to $400 a square metre net. Mr Di Carlo said Mr Bosley's deputy of 11 years Shawn (Shamis) Roper will take the role of head chef and work with a local operator to serve "exciting infusions."

CBD

The former home of Wing Ching restaurant, one of the city's first oriental eating houses, at 11 Heffernan Lane has been leased to another Chinese hospitality group. Morley Commercial's James Lie secured rent in excess of $500 per square metre for the historic four-level building constructed in 1891. The building sold for $10 million in May last year.

CBD

Urbanspoon's new parent company Zomato has taken space above Tiffany & Co on level 4, 267 Collins Street. Fitzroys agents Tom Backay and Stephen Land negotiated the sub-lease for a private landlord with the Australian arm of the global restaurant app to occupy 338 square metres in the Tiffany's building until May 2016.

BRAESIDE

Residential and commercial stonemasons Adriatic Stone have agreed terms on a new office and warehouse lease at 234-238 Boundary Road. The 2176-square-metre office and warehouse was leased on an eight-year term at rent around $145,000 per annum net, said Savills Australia's Chris Telley and Gareth Jackson, who negotiated the deal with Nixon Industrial, the managers of the property. Adriatic will consolidate to Braeside from three other facilities.

BRAESIDE

Al Armstrong from Cameron Industrial has negotiated a five-year lease at 254 Governor Road. The brand new 1822-square-metre factory is tenanted by ZebraVet QLD, an Australian-owned veterinary wholesaler, for $145,760 per annum.

MOVERS

Max Shifman has been appointed as the new chief operating officer at privately-owned property developer Intrapac Projects. Mr Shifman was formerly the firm's senior development manager.

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