Deals of the Week - 12th February 2024

Western Australia

BRABHAM - $39 million 

The property development arm of Coles Group has sold its Whiteman Edge Village neighbourhood centre, representing the largest and tightest yielding neighbourhood centre transaction in over two years, with a 5.99% annualised yield. 

Whiteman Edge Village sits on a large 6,170 sqm landholding and is anchored by Coles and Liquorland while being supported by a mix of 10 specialty retailers. 

The deal was negotiated by JLL's Sean Flynn, Nigel Freshwater and Sam Hatcher.

Victoria

COROP - $14 million

Treasury Wine Estates' has successfully offloaded 434 hectares of orchards in regional Victoria, with the sale of their Heathcote Vineyard Portfolio.

Purchased by the largest farmland fund management firm, Nuveen Natural Capital, the portfolio included three properties with 434 hectares of vines with various grape varieties, producing more than 4,000 tonnes of grapes per annum. 

Russell Iles of Woodbridge Iles Property negotiated the sale on behalf of TWE. 

OFFICER - Undisclosed 

A substantial 83.3-hectare industrial landholding in Melbourne's southeast was purchased by Eildon Capital Group, The Providence Officer South Trust and BMYG Partner Land Opportunity No. 2 Fund in a joint venture. 

The property, which is located at 90 Handford Lane, was sold by LAWD's Peter Sagar. 

New South Wales 

BYRON BAY - Speculated above $30 million 

The Val Hotel has been offloaded by Scott Didier, the founder and CEO of Johns Lying Group, after purchasing the hotel in 2021. 

In a deal negotiated by JLL's Andrew Langsford, Gareth Closter and Taylor O'Brien, the sale aligns with recent changes in Byron Shire Council's regulations for short-term rental accommodations. Starting in September, the council is imposing a 60-day cap on residential properties, which is expected to redirect visitors towards hotels, motels, and traditional forms of accommodation. 

TWEED HEADS - $18 million

Aveo, Australia's leading and most innovative retirement living provider, has sold Tweed Fairways retirement village for $18 million plus GST with vacant possession. 

The 4,481 sqm property is located at 1-3 Soorley Street Tweed Heads.       

The property was originally developed in 2007 and has undergone significant refurbishment for its most current use as a retirement living apartment complex comprising 70 one-bed private rooms with ensuites, kitchenettes and laundries.   

CBRE’s Will Carman, Marcello Caspani-Muto, Adelaide O’Brien, Jimmy Tat and Mark Witheriff brokered the deal on behalf of Aveo.

CORINDI BEACH - Undisclosed

Kelly & Co Hotels has offloaded the Cordindi Beach Hotel, in a sales campaign managed by JLL's Kate MacDonald and Greg Jeloudev. 

Formerly known as the Amble Inn, the hotel sits on a substantial 16,120 sqm landholding, within a region that benefits from both strong tourism activity and growing residential settlement. The hotel was purchased by North Coast Hotel Group, who own and operate multiple pubs in the region.