Deals of the Week - 11th March 2025

Victoria

MELBOURNE - $45.55 million 

468 St Kilda Road, one of St Kilda Road's best office buildings, has been offloaded by Australian Unity Office Fund to Bayley Stuart for $42,550,000. 

468 St Kilda Road comprises a 14-storey B-grade office building with ground floor retail, basement car parking and a total net lettable area of 11,210sqm. Occupying a prime 2,318 sqm site within a Commercial 1 Zone, the property is just over two kilometres south of Melbourne's CBD and 800 meters from the upcoming ANZAC Station, which is set to open in 2025.  

The building is anchored by high-quality tenants such as TLC Aged Care, who lease two floors plus building naming rights. It is approximately 75% leased with a 2.5-year WALE.  

The deal was managed by Colliers' John Marasco, Matt Stagg, and Anna Cavar in conjunction with Knight Frank's Trent Preece and Tom Ryan. 

SOUTH MORANG - Undisclosed 

Storage Investments Australia (SIA) has acquired a new site for its self-storage expansion across Victoria. 

The acquisition of the 6,557 sqm vacant site, located at 10-12 Danaher Drive South Morang, provides further growth for SIA as it continues to build a significant portfolio of institutional-grade self-storage facilities in key markets across Australia. 

CBRE’s Joe Brzezek and Daniel Eramo, in conjunction with Tony Casey of AGTC Property Project Management, negotiated the off-market sale on behalf of the private vendor.

New South Wales

West Ryde - $16 million 

A well-known bookstore in a highly coveted West Ryde location has changed hands for $16 million at auction, surpassing the reserve price by more than $1 million. 

Bidding was competitive for the 2,629 sqm property at 28-34 West Parade which is located directly opposite West Ryde Train Station. 

A local investor acquired the property tenanted by Koorong, Australia's leading Christian community bookstore, which has occupied the property for more than 30 years under a long-term lease. 

The sale was negotiated by CBRE agents Lord Darkoh and Ray Ahsan.

Queensland 

PADDINGTON - $4.25 million 

A prominent fully-leased two-storey commercial building in the heart of Brisbane’s blue-chip suburb of Paddington has sold in an off-market deal.  

The property at 179 Given Terrace was purchased by Sarri Property Investments for $4.25 million in a deal negotiated by Knight Frank agents Hayden Ryan and Jacob Heinke on behalf of the long-term vendor who initially developed the property. 

The asset offers 575sq m of net lettable area over two levels on an 817 sqm corner site, with 22 undercover car parks.  

Currently fully leased to four quality tenants in Stowe Electrical, Paddington Physiotherapy, Grace Simpkins Personal Tutors and Ray White Paddington, the property sold on a passing yield of 4.82% and a building rate of $7,391/sqm.  

YERONGA - $4.15 million 

An exceptional industrial site offering architectural appeal and development potential has transacted to Brisbane-based property developer Norhart Developments, showing continued demand for premium industrial land in Brisbane’s inner south.  

Colliers' Corey Allerton and Nick Evans transacted the 2,722 sqm property at 24 Cansdale Street, in an off-market transaction on behalf of Airtech HVAC Pty Ltd. The seamless transaction was facilitated by Edan Norris of Norhart Developments, whose dedication ensured a smooth process. 

South Australia 

HOPE VALLEY - $3.8 million 

McGees Property’s Igor Jaric and Yee Ng negotiated the sale of a medical centre property at 1290 Grand Junction Road in Hope Valley for $3.8 million. 

The character medical clinic of 436sqm - a repurposed and extended former Methodist Chapel - comprises 12 consulting rooms, CDM and treatment room, pathology, reception, admin, office, gym and kitchen, and is on a 1,257sqm site with ample parking and zoned Employment/General Neighbourhood.

It was offered with a new 5+5+5-year lease to Pro Health Care.  

MCCRACKEN - $3.3 million 

An interstate purchaser acquired a childcare facility in the Victor Harbor town of McCracken for $3.3 million.

McGees Property’s Igor Jaric, Yee Ng and Michael Dimasi negotiated the off-market sale of 17 Alexander Street, McCracken. The property has a secure 10-year lease to one of Australia’s largest ASX-listed early childhood and care providers, G8 Education, and traded on a 5.75% yield.