Lygon in limbo as Toto’s joins John Curtin for sale

After significant interest from owner-occupiers, they decided to go to market. The 250 sq m restaurant is expected to sell for up to $1.9 million.

Hardware Lane

Meanwhile, the first CBD auction for the year is set for March 16 on Hardware Lane, in one of the city’s most popular eating strips.

The 410 sq m two storey building at 27-31 Hardware Lane, known as Henry George House is expected to sell for more than $7 million.

Records show it last changed hands in 2010 for $3.75 million.

JLL agents Nick Peden, Josh Rutman, Tim Carr and MingXuan Li and MMJ’s Joe Wald are handling proceedings.

The building returns $257,112 in rent from two ground floor shops and two levels of office.

Mr Peden said activity on Hardware Lane has picked up this month with restaurants busy during lunch trading hours.

Funky Funlab

Also heading to auction on March 16, is a funky little office building at 90-94 Nicholson Street in Abbotsford.

The two-level office is leased to the Funlab Group, the company which owns Strike Bowling and Holey Moley Golf among other entertainment related businesses.

The two level 1425 sq m building is on a 756 sq m site on the tree-lined street that runs between Langridge and Gipps streets.

Funlab pays $147,000 a year in rent and has a lease expiring in August 2023 with one three-year option remaining.

Colliers agents Andrew Ryan and Peter Bremner are quoting around $4.5 million for the property which is in a precinct once dominated by industrial users.

New office buildings are now earmarked for its streets, including the nearby 10,000 sq m Craftworks.

Abbotsford’s commercial renaissance started in the Johnston Street and Trenerry Crescent precinct where a new development site has emerged after five years of negotiations.

The five strata owners at 422-430 Johnston Street are finally ready to sell and are expecting around $20 million.

The 2428 sq m site is across the road from the GlaxoSmithKline head office, in a zone that allows for 31 metre development heights.

JLL agents Mr Peden, Mr Rutman, Jesse Radisich, David Hill and Mr Li are handling expressions of interest which close on March 17.

Woolies sale

The Eltham Woolies is likely to be the first major test for the retail investment sector.

The full–line Woolworths supermarket at 7 Arthur Street is expected to fetch around $30 million.

Fitzroys agents David Bourke, Chris James and Shawn Luo and Stonebridge’s Justin Dowers and Kevin Tong are handling the expressions of interest which close on March 24.

“This promises to be the first test for Australia’s retail property market in the COVID-normal environment,” Mr Bourke said.

Woolies has a new five-year lease on the 3800 sq m supermarket, plus options taking it to 2050. Rent is more than $1.07 million.

Records show the 20-year-old supermarket has been owned by the high-tech Hansen family since it was built. They paid Woolworths development arm, Fabcot, $11.05 million.

It’s on a large 9044 sq m block in Eltham’s tightly held and tightly bound retail centre, close to the railway station, the Dan Murphy’s bottle-shop, Coles and Aldi.

“It’s in a place that’s got very little room for further development,” Mr Dowers said.

Supermarkets got very hot last year. Just before Christmas, the Woolworths on Whitehorse Road, Balwyn sold for a whopping $45.7 million on a 2.99 percent yield.

And it followed the sale of the Coles Local on Glenferrie Road, Hawthorn in November which fetched $24.5 million on a record low yield of 1.9 percent. It’s understood the buyer of that supermarket is Eddie Tamir, the owner of the neighbouring independent cinema, the Lido.

Stonebridge is also marketing the Coles in Lalor which is likely to sell for more than $10 million.

Chronos care

The family which controls the site of Chronos Aged Care’s Alphington operations is offloading the 7207 sq m property.

The triangle-shaped site fronting both Old Heidelberg and Heidelberg roads is across the road from one of the oldest Dan Murphy’s bottle shops and the group’s headquarters.

Chris and Gerry Apostolatos, who allegedly ran and operated Chronos Aged Care, were already bankrupt when the facility opened in 2014. They were banned from running chicken farms the next year after 86,000 chickens died.

Chronos Aged Care went into administration last year owing creditors, residents and employees up to $25 million.

The property at 9-11 Old Heidelberg Road is now vacant and is for sale with two adjoining houses.

Gray Johnson agent Matt Hoath is expecting more than $9 million.