New South Wales
CHIPPENDALE - $37 million
Bill Young has secured the Bar Broadway Hotel, a Sydney city fringe hospitality asset, in a deal negotiated by JLL Hotels & Hospitality’s John Musca and Ben McDonald, in conjunction with Knight Frank’s Mike Wheatley. Equipped with 28 gaming machines, a 24-hour hotel licence with a 3-hour shutdown, a bar, and two levels that feature 36 accommodation beds, Bar Broadway is a legitimate entertainment repository. The sale included both the freehold and the leasehold interests of the hotel, for the first time in nearly two decades; the freehold was offered by Jenni Halpin, whilst the leasehold was held by Kasajumi Holdings.
“The compelling precinct growth story and resultant demand for this asset further demonstrates the unabated capital appetite for this highly protected, intrinsically valuable asset-class where the very best located assets deliver perpetual earnings growth unlike any other real estate or business sector,” stated Mr. McDonald.
NARWEE - $8.3 million
41 Broadarrow Road in the south Sydney suburb of Narwee has sold to a local service station investor from the Costas family, in a deal negotiated by Knight Frank’s Anthony Pirrottina and Demi Carigliano. The 1,696 sqm site was acquired with DA for the construction of 61 oversized residential apartments and 861 sqm of ground floor retail/commercial accommodation. “The site represents a very rare land holding of scale on the doorstep of a train station,” stated Mr. Pirrottina. “[It] generated interest from a range of purchasers looking to either operate the service station or redevelop the property in the immediate term.”
HAYMARKET - $50 million
393-399 Sussex Street, the former home to acclaimed restaurant Golden Century, has been sold to developer Anson Group, thanks to Savills’ Jordan Lee and Andy Hu, who worked alongside JLL’s James Aroney and Linda Ko. The four-storey, 708 sqm property is expected to be redeveloped in the long term, with retail, office and accommodation possibilities being floated. For the time being, the developer will likely lease out the vacant space.
BELROSE – $26 million
Investment vehicle Pittwater Industrial, led by Ted Dawkins and Dave Munro, have acquired the 1.57-hectare 22 Narabang Way from EG’s Private Wealth division. The multi-tenanted estate is fully leased, and is located in a sought-after precinct in Sydney’s northern market. Comprised of 4,788 sqm in gross lettable area, the investment “represents another strategic acquisition for Pittwater Industrial, and adds to [their] portfolio of quality assets,” according to the group. Pittwater are focused on the long-term ownership and management of high-quality, well-located industrial space, and 22 Narabang Way, containing seven industrial office and warehouse units, fits this profile accordingly. The property was sold via an Expressions of Interest campaign conducted by Colliers’ Gavin Bishop and Sean Thomson, in conjunction with Upstate’s Vincent West and Oliver Rosati.
Victoria
BRIGHTON – $1.72 million
The prominent Givoni family have divested 174-176 Bay Street via an auction orchestrated by Fitzroys’ Mark Talbot and Tom Fisher. A local Brighton-based investor secured the landholding after a competitive marketing campaign which generated 50 enquiries and prompted four bidders to take part in the auction on the day. The 190 sqm building has long served as the head office of White Glover Mover, and is also tenanted by Australian Laser and Skin Clinic, both of whom have recently renewed their leases.
“Brighton real estate clearly remains amongst the most tightly-held and prestigious in Melbourne,” stated Mr. Fisher. “We’ve seen a great market response across four campaigns now.”
LAVERTON NORTH – $3.5 million
Industrial and logistics owner and developer Marque Property Holdings has sold a 1,081sqm industrial property at 8B James Street to a local owner occupier. Located within a brand-new logistics park in Laverton North, the last mile logistics facility sold for a record building rate of $3,238 per sqm metre for the area, following an extremely competitive Expressions of Interest campaign. The sale price continues to reinforce the strong demand for high-quality vacant possession industrial properties across Melbourne’s western Industrial market. Steve Jones, Andrew Gallucci and Michael Satterley of Knight Frank negotiated the sale.
Queensland
EAST BRISBANE - $20 million
One of East Brisbane’s most reputable hospitality assets has been sold, with Hotel Property Investments and Australian Venue Co offloading The Lord Stanley Hotel to Hakfoort Group. Comprising approximately 5,500 sqm of freehold land, 40 gaming machines, function space and a beer garden, the site has major upside for the new owners, particularly in light of the Olympic Games being hosted in the Sunshine State’s capital in 2032.
“We are excited to see what the Hakfoort Group, who are renowned for breathing new life in assets, do with the Lord Stanley Hotel into the future,” stated JLL Hotels & Hospitality’s Tom Gleeson, who was responsible for handling the off-market transaction. “The Lord Stanley Hotel sale adds weight to the significant list of hotel transactions for 2022 thus far and provides both quantitative and qualitative evidence of the unfulfilled demand for Freehold Going Concern hotels within Queensland.”
HEMMANT - $14.3 million
An industrial investment in the Brisbane suburb of Hemmant has sold to specialist property fund manager RF CorVal, who have already arranged two tenants to occupy the property, just prior to settlement. The 22,000 sqm site at 140 Anton Road is securely fenced, and situated within a sought-after industrial precinct that is experiencing the same kind of demand that the rest of the I&L sector across Australia is feeling. Cushman & Wakefield’s David Gibson and Bevan Galloway were responsible for negotiating the sale, and stated that RF CorVal were attracted to the rarity of the offering.
South Australia
ADELAIDE - $50 million
Using $50 million from their Harvest Pub Fund 3 capital raising effort, Harvest Hotels has ventured outside of New South Wales for the first time, securing two properties in South Australia’s capital. The fund manager has acquired The Lodge Hotel in Brahma Lodge, as well as Hackham’s The Aussie Inn. The Aussie Inn was sold by an Adelaide private syndicate, and comes equipped with 40 gaming machines, a bar, bistro, beer garden and TAB facilities, as well as an attached Thirsty Camel bottleshop, all across a 1.3-hectare site. The Lodge Hotel is situated on a 12,000 sqm landholding, and contains 34 gaming machines.
“Our market entry has been measured and methodical and has resulted in securing some quality suburban Adelaide assets for the fund, so we’re thrilled for our investors,” Harvest Hotels’ Chris Cornforth stated. The Lodge Hotel was purchased from the Independent Pub Group and negotiated by TJ Board and Sons’ Terry Board; the Aussie Inn was sold by Hackham Community Sports and Social Club in a campaign steered by Mr. Board and JLL’s John Musca. Specific sale figures for either property have not been disclosed.
MORPHETT VALE - $32 million
Charter Hall has spent a record sum for a South Australian pub whilst acquiring The Emu Hotel in Morphett Vale, a pub with adjoining bottleshop that sits on a 7,300 sqm site. The site was sold by GM Hotels Group, and includes a bistro, sports bar, gaming room, and two bottleshops, one of which is located in the Morphett Vale Shopping Centre. Charter Hall will lease the site to Endeavour’s pub operating subsidiary, ALH Group. The deal was brokered by JLL’s John Musca.
Western Australia
SOUTHERN RIVER - $20.25 million
Westbridge Funds Management have acquired a Dan Murphy’s-anchored, south Perth retail asset in the suburb of Southern River, in the group’s third purchase as part of their Diversified Fund No.4. The property at 1-7 Holmes Street contains 1.074-hectares, with approximately 62 per cent of the income for the property being produced by the Dan Murphy’s outlet. Separate retail buildings are tenanted to national brands such as Baskin-Robbins, LJ Hooker, and Crust Pizza.
“The purchase of the Southern River site is a key strategic step for Westbridge Diversified Fund No 4, which is designed to provide regular income to investors while targeting assets that have the potential for capital growth,” stated Westbridge’s Chairman, Damian Collins.
