Deals of the Week - 11 April 2022

New South Wales

CASULA - $160million

The Cross roads Hotel has been sold in an off-market deal negotiated by agents Andrew Jolliffe and Dan Dragicevich of HTTL Property.

The Sydney hotel icon operates with an expansive blend of food, beverage, accommodation and gaming revenues and occupies a powerful corner site in the fastest growing LGA in NSW.

NEWCASTLE - $33million

Mount Hutton’s Lake Macquarie Tavern has been purchased by the Don Hodge Group for $33 million.

The modern pub, on 9000 square metres is opposite the Lake Macquarie Square shopping centre, was sold for the first time in more than two decades by owner-operators Paul Crosbie and Bob Warren.

Bids were received from almost a dozen parties and the deal reflects a 5.4 per cent capitalisation rate.

BYRON BAY - $14million

A prominent retail asset held by the Timperley family for some ninety years, has sold for more than $14 million.

Situated at 14 Jonson Street on the south west intersection of Lawson, long time occupier Surf Dive n’Ski rents 85 per cent of the two storey, 558 sqm building, on a lease expiring in five years.

Based on the asset’s annual net income ($614,537) the sale price reflects a sub 4.4pc yield.

SINGLETON - 18.5million

Sydney Developer and pub owner Ken McCourt has purchased the Imperial Hotel for $18.5million from brothers John and Joshua Murphy who paid only $3.3million for it less that 3 years ago. 

Victoria

ELTHAM - $35million

ASX listed company Hansen Technologies has sold a freestanding Woolworths supermarket in Melbourne’s north-east for $35million on a yield of 3.3%.

There were 15 offers received following an expressions of interest campaign, the final purchaser being private investor and Adelaide fund manager Parkstone.

Stonebridge Property Group’s Justin Dowers and Kevin Tong with Fitzroys’ David Bourke, Chris James and Shawn Luo were the vendor’s agents.

DANDENONG SOUTH - $10.702million 

A 4967 sqm warehouse on an expansive 1.37ha block has been sold at 345-353 South Gippsland Highway on a 4.44pc return. Purchasers were AFM and Cadence who intend to seek a permit to construct more product.

The sale was offered with a two year leaseback to Aussie Disposals.

Containing a 4967 sqm warehouse covering just 36pc of the 1.37ha block – the buyers intend to seek a permit to construct more product upon obtaining vacant possession.

South Australia

ADELAIDE - $81.35million

Chesser House in Grenfell Street has sold to Brisbane fund manager Cromwell, for $81.35 million reflecting a 5.12% passing yield.

The vendors, Harmony and Arc Equity Partners have more than doubled their money since acquiring it from Stockland for $34.5 in 2009. 

Western Australia

FREEMANTLE - $18.2million

Developer Yolk Property group has purchased South Terrace Piazza for $18.2 million following an Expressions of Interest Campaign that attracted a range of competitive bids from both local and eastern-state buyers. 

The divestment was negotiated by CBRE’s Derek Barlow on behalf of the vendor. It is the first time the property has been sold in 33 years. 

The NLA is 3915sqm and consists of a range of retail, hospitality and office tenants across 2 floors.