Deals of the week – 1 November 2021

New South Wales

WOLLONGONG - $402 million

Haben Property Fund and Hong Kong-based JY Group have acquired a 100% interest in Wollongong Central for an estimated $402 million, in the largest regional shopping centre sale nationally in more than five years.

Wollongong Central is a 54,919sqm GLA shopping centre located 85km south-west of the Sydney CBD. The centre occupies a landmark 4.2ha site with long-term, mixed use master planning opportunities (STCA). The centre caters to a large number of customer segments including local residents, workers, students and tourists, offering diverse retail expenditure catchments.

Colliers’ Lachlan MacGillivray facilitated the transaction on behalf of GPT Wholesale Shopping Centre Fund.

WENTWORTH - $315 million

The Sofitel Sydney Wentworth has traded hands after seven years of ownership by Frasers, with a partnership between New York based KKR, Futuro Capital and Marprop taking over control for $315 million.

The hotel was originally acquired by Frasers for $234.55 million.

Located at 61-101 Phillip Street, the hotel extends 17-levels and offers 437 suites. It is believed that the new owners will undertake a refurbishment and expansion.

CBRE’s Michael Simpson and Tom Gibson managed the sale

SILVERWATER - $5.206 million

A local joinery company has paid $5.206 million for a Western Sydney warehouse, setting a new benchmark for industrial property values in the area.
 
Situated at 37-39 Newton St North, Silverwater, the 1,220sqm site comprises an existing 800sqm warehouse, which attracted interest from both local owner occupiers and investors.

The warehouse offers access via three container sized roller shutter doors, a clear-span warehouse reaching seven metres, gantry cranes and is zoned IN1 General Industrial.
 
CBRE’s Robert Dowdy negotiated the deal.

Victoria

WARRAGUL - $177 million

A Warragul agricultural investment has traded from Flavorite Group (now owned by Roc Partners) to Centuria for $177 million. The deal was struck with 50% stake being secured now for $88.5 million, with the second half settling in April next year.

The vendors currently occupy the property producing hydroponic tomatoes at 264-318 Copelands Road and was sold with a 20 year leaseback to the enterprise. The property is also used as a nursery, production plant and distribution centre.

Colliers’ James Beer, Duncan McCulloch and John Marasco brokered the deal.

FITZROY - $6.34 million

A three-level office building in the heart of Fitzroy has recently traded to a local Melbourne-based buyer for circa $6.34 million; proving a land rate in excess of $14,000 p/sqm.

The asset, located at 51-55 Johnston Street, Fitzroy, presents tenanted and vacant space with scope for future development; it was offered with concept plans already drawn.

The property holds a gross building area of 1,292sqm on a 453sqm freehold land parcel.

CVA’s Ryan Milivojac and Charles Cini managed the deal.

OAKLEIGH SOUTH - $2.55 million

A quality industrial facility within the tightly held industrial precinct of Oakleigh South has sold for $2.55 million at auction; $450,000 above reserve.

Located at 16-18 Fulton Street, the 1,468sqm property received 13 registered bidders and nine active bidders at auction, with a total of 49 bids before ultimately going to a local investor. The property offers a large corner allotment with exposure, good internal clearance, multi roller door access, and a dividing wall.

Ray White Commercial’s George Kelepouris managed the sale.

Queensland

BRASSALL - $7.097 million

A fantastic investment property positioned on a highly trafficked street, 90-96 Pine Mountain Road, Brassall, has recently sold for $7,097,111.

The property comprises a strong mix of 14 tenants underpinned by the Brassall’s IGA supermarket. With a 7 per cent yield, the recently refurbished property has a fully-leased net Income of $505,227.

Ray White Commercial’s Stephen Kidd managed the deal.

ACACIA RIDGE - $4.2 million

An A-grade tilt panel warehouse/office space located in the desirable Acacia Ridge industrial area has sold for $4.2 million in an off-market deal.

Located at 56 Overlord Place, the 2,350sqm building on a 3,594sqm site was sold to a local owner occupier. The property has an existing lease which expires at the end of December.

The vendors were long time holders, who had owned the property for more than 20 years with no vacancies throughout their ownership of the property.

Ray White’s Harry Egan managed the off-market campaign.

BUNDALL - $2.8 million

A commercial property at 122 Bundall Road in Bundall has recently sold under the hammer for $2.8 million.

The 548sqm property, which includes a 250sqm building and 11 carparks, received 24 registered bidders and 20 active bidders. The property was sold with a new 10-year lease to a dental practice.

Ray White Commercial’s Michael Willems and Jackson Rameau managed the sale.

Western Australia

LEEDERVILLE - $6 million

A private investor has purchased a high-quality, fully leased retail investment with a five-year WALE in Leederville from a private for $6 million.

226 Oxford Street comprises a single story, 485sqm retail shopping complex on a 936sqm site. The property is currently divided into six separate tenancies which are fully leased to five tenants.

Savills Australia’s Barney Dear managed the sale.

CANNING VALE - $5.5 million

A fully-leased industrial site in the heart of Canning Vale has sold for $5.5 million, with a 5.5% yield, in an off-market deal.

Located at 31-33 Catalano Road, the 8,002sqm site was sold to a local investor after being owned by a Victorian investor for more than 15 years. It is currently leased by a local business with a 10-year lease.

Ray White Commercial’s Josh Sumner brokered the deal.

South Australia

ADELAIDE - $166.6 million

Adelaide’s Grenfell Centre, also known as The Black Stump, has recently changed hands, moving from Blackstone to a 50/50 partnership between Centuria and MA Financial for $166.6 million.

Developed in 1973, the Adelaide CBD asset presents around 24,969sqm of GFA across 23 storey. The building was offered with a WALE of four years.

The incoming owners have announced that they will pursue a capital raising initiative to supply funds for an approximately $47 million refurbishment.

The deal was brokered by CBRE’s Ian Thomas, Alistair Laycock and Stuart McCann with JLL’s Roger Klem, Luke Billiau, Simon Storry and Kate Low.