Deals of the Week - 11th March 2024

New South Wales

LUDDENHAM - Speculated $850 million

In a significant off-market transaction, UniSuper and ISPT have acquired a 280-hectare greenfield logistics development site in a 50/50 joint venture. 

The site is located adjacent to the new Western Sydney International Airport and offers unparalleled development flexibility, primed to benefit from the region's demographic and economic expansion.

The deal was negotiated on behalf of the purchasers by real estate investment management firm Richmond Bridge. UniSuper’s investment in the joint venture will be managed by Richmond Bridge, while ISPT’s interest will be self-managed. 

WETHERILL PAK - $45 million

GMS Australia, the country’s leading medical radiations supply chain has sold its 8,795 sqm industrial building in Western Sydney’s Wetherill Park for $45 million, marking the property’s third sale since 2017.

Located at 488-490 Victoria Street, the 20,860 sqm site was sold to a corporate occupier who plans to occupy the building on the expiry of the existing lease.

CBRE’s Elijah Shakir and Michael O’Neill brokered the deal, with the final price reflecting a building rate of $5,117 per sqm of building area.

Victoria

BRIGHTON - $17.5 million

A childcare centre at 46 Dendy Street has been sold to a local investor, with the final sale price reflecting a yield of 5.19%.

The centre came fully leased to ASX-listed G8 Education, trading under their flagship banner, The Learning Sanctuary. The centre, which was developed in 2019, features a net operating income of $910,047 p.a. and was licensed for 171 places (one of the largest centres in Victoria).

The transaction was handled by CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto.

Queensland

ALBANY - $3.41 million

Growthpoint Funds Management successfully offloaded a 4,511 sqm mixed-use development site at 23-33 Wruck Crescent.

In a deal orchestrated by Knight Frank's Christian Sandstrom, Hayden Ryan and Chris Maher, the landholding which sits around 18km from the Brisbane CBD is currently used as a car park for the Albany Creek Village Shopping Centre. 

The site was purchased by Brisbane-based developer, Indigo, who plans to redevelop the site.