JLL National Market Wrap
Summary of our most recent transactions
Pt Level 4, 990 Whitehorse Road, Box Hill, Victoria
JLL’s Tim Sugar and Joshua Tebb have negotiated 996sqm of office space for new tenant Eastern Healthcare Network to occupy part level 4, 990 Whitehorse Road, Box Hill.
The 6-year lease on behalf of building owner Glorious Sun is valued at $418,000 gross per annum.
Eastern Healthcare Network is one of Melbourne’s largest metropolitan health services and saw the benefit of moving to the premium grade office building due to its convenient location. The public health care provider offers a range of services across over 50 facilities.
The building has been fully refurbished with new main entry, façade, flooring, wall finishes, and lighting. The office features 24/7 secure access, on-site café, basement car park and unbeatable access to public transport.
Image: 990 Whitehorse Road, Box Hill, Victoria
3 – 7 Hamilton Street, Mont Albert, Victoria
JLL’s Joshua Tebb, Mario Nobrega and Tim Sugar have successfully negotiated 2,202sqm of office space for new tenant Laing O’Rourke to occupy 3 - 7 Hamilton Street, Mont Albert.
The 3-year lease on behalf of building owner Troon Group is valued at circa $400 net per sqm.
Troon Group acquired the site after it sat vacant for nearly 10-years, having been fully vacated by The Salvation Army in 2010. The building has recently been refurbished with new bathrooms, air conditioning, foyer and façade.
Laing O’Rourke is an international engineering enterprise with offices in Canada, Europe, the Middle East and Asia. The firm specializes in engineering, building construction, infrastructure construction and more.
The property is ideally located within the Mont Albert Retail Precinct, with easy access to local cafés and restaurants while being only a few minutes’ walk from Mont Albert Train Station.
JLL Senior Director Office Leasing, Joshua Tebb said, “this building is in a great location with excellent local amenity on its doorstep, it’s recent refurbishment made it an attractive offering.”
Image: 3 – 7 Hamilton Street, Mont Albert, Victoria
293 Camberwell Road, Camberwell, Victoria
JLL’s Josh Tebb has negotiated 1,950sqm of office space for tenant Bakers Delight to occupy 293 Camberwell Road, Camberwell on a 10-year lease.
Located within Camberwell Junction, the prominent office building has recently undergone a significant upgrade including new lobby and end of trip facilities. Baker Delight have occupied the tenancy for the past 12 years.
JLL Senior Director, Josh Tebb said, “After running an on-market process to find a suitable location for the long term, Bakers Delight have opted to alter their existing configuration within the building and commit for a further 10-years. I understand they will undertake a significant refurbishment of the space moving forward.”
Image: 293 Camberwell Road, Camberwell, Victoria
5/44 Boorea Street, Lidcombe, NSW
New Y Trading (Aus) Pty Ltd have signed a three-year lease for an industrial facility in Lidcombe.
The deal was negotiated by JLL’s Marco Chiodo, David Lidgard and Mitch Whiteley on behalf of Rathdrum Properties Pty Ltd just two weeks after the first inspection. The deal was struck at $125 per sqm net.
The 1,533 sqm warehouse is situated in a quality business park and is within walking distance to Lidcome and Auburn railway stations.
Surrounding occupiers include Storage King, Tooheys and Bunnings.
Features of the property include huge on-site parking and truck marshalling area, large on-grade roller door and well presented office accommodation.
Image: 5/44 Boorea Street, Lidcombe, NSW
280 Pacific Highway, Lindfield, NSW
North Shore’s leading dance training studio, The Channel Elite Training has established a new base after a signing a three-year lease agreement in Linfield as the North Shore continues to be one of the strongest performing office markets in the country.
JLL’s Director of Leasing, Francesco Princi negotiated the deal at 280 Pacific Highway on behalf of Lindfield Property Nominees at a rate of $510 per sqm.
Mr Princi said, “The elite dancing studio were looking to expand on the North Shore and required a facility that was located within walking distance to retail amenity, public transport and on-site car parking facilities.”
“Demand for the resurgent North Shore office market has attracted an increasingly wide range of tenants due to its location, relative affordability and access to transport,” Mr Princi said.
31-35 Newton Street North, Silverwater, NSW
Aluming Pty Ltd have secured an older style freestanding facility in Silverwater.
JLL’s Marco Chiodo, David Lidgard & Mitch Whiteley brokered the deal for 31-35 Newton Street North at a rate of $126 per sqm after the property was marketed by two different agents throughout a seven-month period.
‘The huge exposure to the M4 Motorway was a key drawcard for Aluming Pty Ltd,” Mr Chiodo said.
Aluming Pty Ltd have signed for a three-year lease and are surrounded by a variety of national retailers, including Rebel Sport, Harvey Norman and David Jones
15 Healey Circuit, Huntingwood, NSW
Baker & Co Pty Ltd have signed a three-year lease agreement in Huntington and will now neighbour occupants that include Arnotts, Asahsi and Toll.
JLL’s Marco Chiodo, David Lidgard and Miguel Lee brokered the deal for 15 Healey Circuit on behalf of IMEX Shipping Pty Ltd at a rate of $145 per sqm.
The 3,872 sqm refurbished facility is situated 12 kilometres form Parramatta CBD and 35 kilometres from the Sydney CBD.
The building offered a high clearance warehouse, newly refurbished office, large awning and drive around access.
3 Loftus Street, West Leederville, WA
JLL has completed the leasing of the building at 3 Loftus Street with the final deal being concluded with Orica for circa 1600sqm.
After some period of time with substantial vacancy, JLL’s Mitchell White and Ross Skelton have negotiated 10 new leasing deals in the building over the past 12-18 months totalling 5,866sqm resulting in 100% occupancy.
“Whilst the suburban leasing market has been tough for the past few years, this is evidence that good quality buildings with proactive landlords will attract attention from the market”, Mr White said.
“Tenants increasingly want convenient access to public transport and good nearby tenant amenity and the location of the building ticked these boxes” Mr Skelton said.
444 Logan Road, Stones Corner, QLD
JLL’s Connor O’Shea and Baker Property’s Regan Baker have secured a new major tenant for the building at 444 Logan Road in Stones Corner, the former home of Australian Radio Network (ARN) stations 97.3 and 4KQ.
After more than 15 years in Stones Corner, the ARN stations relocated to Milton in mid-2019 prompting significant refurbishment of the building.
Says JLL’s O’Shea, “Off the back of the refurbishment we were able to backfill the space prior to completion of the works.”
O’Shea signed allied health provider Better Rehabilitation to occupy 379sqm on the ground floor. Better Rehabilitation moved to the building on a three-year lease from Tarragindi.
18 – 22 Beveridge Road, Thornlands, QLD
Campbell Bowers and Andrew Havig from the JLL Queensland Metro Sales & Investments team have negotiated the sale of C&K Thornlands Childcare Centre for $7,420,000.
The property is a brand new, purpose built childcare facility strategically positioned at 18-22 Beveridge Road, and services the growing Thornlands and Victoria Point residential areas in Brisbane.
The property was sold in an off-market process, with the price representing an initial yield of 6.00%.
JLL’s Campbell Bowers said, “The successful purchaser, a local private developer, was attracted to the strong tenant covenant as well as the opportunity to acquire a land rich site in the fast-growing Brisbane bayside.”
238 Pickering Street, Gaythorne, QLD
After years of operating as Enoggera Early Learning, 238 Pickering Street has been sold to a local development group with extensive experience in high-end childcare development and repositioning, in a deal negotiated by JLL’s Andrew Havig and Tim Jones.
The approved childcare centre site is prominently positioned on the corner of Pickering Street and Station Avenue on the border of Enoggera and Gaythorne, featuring a retrofitted church and adjacent hall with expansive outdoor play area, set on a 1,619sqm lot.
The expressions of interest campaign run by JLL resulted in more than 15 parties inspecting the property through the four week process, with six competitive bids received at close.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.