Deals of the week – 14 March 2022

New South Wales

PYRMONT - $185 million

Elanor Investors Group (ENN) has just picked up a modern Pyrmont office for $185 million. It will sit in their Elanor Commercial Property Fund.

The building is located at 19 Harris Street and was previously held by Boston based AEW Capital managed Value Investors Fund, which purchased the asset from UBS Asset Management for $143 million in 2018.

The seven-storey building presents 12,649sqm of NLA and has a WALE of 2.5 years. It sits on a 2,298sqm landholding with 136 basement car parks.

PARRAMATTA - $42 million

Parramatta’s Rose & Crown Hotel has recently traded to Warren Livingstone for $42 million.

The circa-1823 two storey pub is located at 11 Victoria Road and includes a renovated bistro, outdoor dining and sports bar with 30 electronic gambling machines. The vendors, Pub Invest, originally purchased the hotel in 2014 for $13.1 million.

HTL Property’s Daniel Dragicevich and Sam Handy also managed the pub deal as part of a portfolio liquidation.

WOLLONGONG - $32.5 million

Pub Invest have also divested from the Corrimal Hotel, located around six kilometres north of Wollongong, for $32.5 million. They purchased the asset in 2016 for just shy of $10 million.

The 1901 pub, located at 286 Princes Highway, Corrimal, was renovated four years ago and includes a bistro, bottle shop and two function rooms.

HTL Property’s Daniel Dragicevich and Sam Handy also managed the pub deal.

marketed the assets for Andrew McCabe and Joseph Hayes of Wexted Advisors, receiver and manager for the fund, also known as Peak Investments, established by ex-Citibank executive Damian Kelly on behalf of private shareholders.

Victoria

CAMPBELLFIELD - $9 million

Three adjoining Campbellfield industrial lots have recently traded from GLJS Investments to an owner occupier for $9 million.

The 1.193-hectare landholding encompasses 54, 56 and 58 Metrolink Circuit and will see part occupied by the new owner with the remaining set for development.

CBRE’s Daniel Eramo, Joe Brzezek and Jake George managed the deal.

KEILOR PARK - Undisclosed

An industrial property in Melbourne’s Keilor Park has recently sold for an undisclosed amount, however the agent did disclose that it was ‘well and truly over vendor expectation’.

Located at 37 McGregors Drive, the building featuring dual two tonne overhead gantry cranes and natural gas connection paired with a high-quality warehouse with two levels of modern, air-conditioned offices needed no further enhancements by the eventual purchaser who plans to occupy the premises. 

The sale was managed by CVA’s Leo Mancino.

Queensland

FERNVALE - $35.55 million

A small shopping centre and neighbouring development site at Fernvale have transacted together for $35.55 million.

Fernvale Village, located at 1455 Brisbane Valley Highway, includes a 5,824sqm mall land area sitting on a 1.78 hectare site area with 221 car parks. The centre is anchored by Woolworths and is supported by The Reject Shop and 14 specialty stores.

The adjoining 1.15 Ha development block is approved for 3,285sqm of retail space and 180 parking bays.

The deal ws neogiated by CBRE’s Michael Hedger and Joe Tynan with Colliers’ James Wilson and Stewart Gilchrist.

RICHLANDS - $14 million

A 3.12 hectare commercial development site in Brisbane’s south has traded from Gordon Corp to property and investment company Home Co for $14 million.

The site at 159-177 Progress Road, Richlands, is District Centre zoned, just metres from Richlands Train Station and bus interchange. The site has a 182 m main road frontage and is easily accessible from the Centenary Highway.

The sale was negotiated by Colliers’s Philip O’Dwyer and Sam Biggins in conjunction with JLL’s Nick Bandiera and Gary Hyland.

ASHGROVE - $13.66 million

A unique land holding in Brisbane’s inner-city suburb of Ashgrove has recently been picked up by SKF Development for $13.66 million.

Located at 199 Ashgrove Avenue & 18-20 Somme Street, Ashgrove, the 2.62-hectare sale will be the latest project undertaken by the new owners.

Colliers’ Brendan Hogan and Adam Rubie managed the deal.

HIGHGATE HILL - $3.2 million

A commercial building at Highgate Hill has sold to a local investor with long term aspirations to redevelop the site for $3.2 million.

The 1,220sqm combined site includes two freehold commercial buildings with a combined total of 742sqm, both of which are occupied – one with a six-year lease term expiring February 2024 with option.

Colliers’ Samuel Biggins and Tony Wang managed the deal.