Deals of the Week - 13th May 2024

Victoria 

VARIOUS, MELBOURNE & SYDNEY - $780 million

Goodman Group has successfully offloaded a substantial portfolio of 12 assets spread across 70 hectares. 

Purchased by RestSuper and US-based global investment firm Barings, who moved into the Australian commercial market in 2022, following the two entities seeding a $1 billion partnership last year with the purchase of a warehouse in Melbourne. 

The portfolio holds a combined NLA of 340,000 sqm and tenants including Amazon, Metcash, Super Retail Group and Iron Mountain. 

COBURG - $2.33 million 

Owner-occupiers continue to dominate Melbourne’s sub-$5 million industrial market, with multiple businesses competing at the auction of a versatile inner-north warehouse facility.

Fitzroys' Marco Sandrin and Brent Glassford sold 2-4 French Street, Coburg on behalf of a private owner following a campaign that generated enquiry from several owner-occupiers.

Western Australia  

HALLS HEAD - $70 million

The Halls Head Central shopping centre in Western Australia’s Mandurah has sold for $70 million.  

Located 4km southwest of Mandurah and 67km south of the Perth CBD, the 19,373 sqm food, service and convenience-based centre is securely anchored by Coles, ALDI and Kmart.

CBRE’s Simon Rooney and James Douglas managed the off-market sale campaign on behalf of the vendors Vicinity Centres and ISPT. 

The acquisition will underpin a single-asset, closed-ended wholesale fund managed by Centuria Capital Group, adding to their existing WA retail platform, following other recent acquisitions, including Busselton Boulevard Shopping Centre and Margaret River Shopping Centre. 

Queensland 

BALMORAL - $27.5 million

A $150 million residential development designed for sustainable subtropic living will be built in Brisbane’s inner east following the sale of a 23,2655 sqm site. 

The property at 91 Lytton Road in Balmoral consists of two lots with street frontage to Lytton Road, Bolon Street and Andrew Street. It was previously occupied by a place of worship, with the final sale price representing an englobo land rate of $1,182 per square metre. 

It was purchased by Zhen Chen of Skyhold in a deal negotiated by Knight Frank's Blake Goddard and Matt Barker. 

BROADBEACH - $10.8 million  

The partners of Crest Accounts have sold their Broadbeach waterfront office building to a property development company for $10.8 million amid a 15-year low for Gold Coast office vacancy levels.  

Located at 4 Miami Key, within the Star Casino and Gold Coast Convention Centre precinct, the three-level office building has a gross area of 1,923sqm, including 481sqm balcony areas, 59 car parks and overlooks the Broadbeach skyline. 

CBRE’s Mark Witheriff in conjunction with GV Property Group’s Antonia Mercuri brokered the deal.

South Australia 

ADELAIDE - $14.2 million 

A private syndicate has purchased a CBD office building, marking the largest Adelaide CBD office transaction in the last 12 months. 

Located at 104 From Street, the five-level office asset holds a passing income of $977,177 and was offloaded by a local private investor. 

The deal was managed by JLL's Ben Parkinson and Jack O'Leary.