Deals of the Week - 15th July 2024

Western Australia

MADDINGTON CENTRAL - $107 million 

Australian-based investment and funds management company Realside Property has purchased Perth’s Maddington Central in its first retail acquisition. 

Located 18km south-east of the Perth CBD, the 27,661sqm convenience-based sub-regional shopping centre is anchored by Coles, Woolworths and Kmart, which contribute $138.1 million to the centre’s annual turnover of $208.7 million. 

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

MOUNT PLEASANT - $2.96 million 

A retail property in Perth’s south has sold in a deal demonstrating the high demand for retail assets in Western Australia. 

The property at 76 & 78 Cranford Avenue was sold following an Offers to Purchase campaign run by Knight Frank's Cory Dell’Olio and Tony Delich.  

It consists of a fully leased dual-tenancy retail complex with 308 sqm of floor area on a 424 sqm site. 

Victoria

CORIO - $12 million 

Gross Waddell ICR's Danny Clark, Andrew Waddell and Glenn Ye have sold an infill development site in Greater Geelong on behalf of the State Government. 

97 Hendy Street, Corio was sold for close to $12,000,000 and was spread across a sprawling 7.3 ha* landholding, representing approximately $1.615 million per ha*.

The property was purchased by a Melbourne-based developer who has experience within the Geelong region. Given the property had a yield study showing potential for 124 house lots (STCA), this experienced developer jumped at the opportunity and purchased the property unconditionally.

RINGWOOD - $3.255 million

Stan Dawidowski and Jarrod Moran of CVA Property Consultants have successfully sold a significant corner allotment at the junction of Maroondah Highway and New Street. 

The property, which has been in the same family since 1963, was purchased by a local owner-occupier, with plans to transform it into a prominent showroom. 

SOUTH YARRA - $2 million 

Fitzroys’ Lewis Waddell and Ben Liu sold 80 Toorak Road following a successful auction campaign for $2 million, on a sharp 3.8% net yield. 

The 120 sqm building was offered with a brand-new five-year lease to Toorak Road mainstay Avoca Hill Bookstore. It is on a 162 sqm site in a prime South Yarra location surrounded by local and national tenants including Australia Post, Mecca, Kidstuff, Gum Tree Good Food, OPSM, Melbourne institution France Soir, Bar Carolina, Neds Bake and many more. 

New South Wales

RYDE - $9.25 million 

The sale of a two-storey freehold office building in Ryde has set a benchmark for the area as one of the largest investment sales in the suburb in over a decade. 

CBRE’s Ray Ahsan and Lord Darkoh brokered the deal for 19-27 Devlin Street, with the sale price reflecting a 6.5% yield. It was ultimately sold to an undisclosed cash buyer in an unconditional transaction with an expedited settlement. 

The building, situated just 250 metres from Top Ryde City Shopping Centre, was purpose-built for The Commonwealth of Australia, with Services Australia the sole occupant of the building since its construction in 1991.

Queensland

BELLMERE - $7.4 million

A Melbourne investor has snapped up a high-performing service centre anchored by 7-Eleven in Bellmere, with significant buyer interest in securing a long-term lease with one of the world’s largest convenience retailers.  

Transacted by Colliers' Hunter Higgins and Sam Polichronis, the 4,518 sqm service centre is located at 84 Bellmere Road. 

Offering a diversified income stream with four specialty tenants additional to 7-Eleven including Champion Liquor, Bellmere Vet, The Dental Club and Re/Max, this was a rare opportunity to market. 

AIRLIE BEACH - $7.3 million 

A premium Whitsunday investment has been sold to a private investor for $7.3 million through Burgess Rawson’s Craig Chapman. 

The property, located at 33 Port Drive, holds a prime waterfront location overlooking the Port of Airlie Marina. 

The asset has a net lettable area of 1,719 sqm, with the tenancies including leading national retailers Billabong and Seafolly, supported by established restaurant and tourism services, ensuring a strong tenancy mix.

SAMFORD VILLAGE - $4 million

A syndicate of interstate investors have snapped up a 1,730 sqm site anchored by Snap Fitness with an opportunity for further development.

Transacted through an expressions of interest process by Colliers Queensland agent Nick Wedge on behalf of a valued private client, the 1,730 sqm Snap Fitness site is located at 26 Main Street (3 Cash Avenue), Samford Village. 

FORTITUDE VALLEY - $3.9 million 

A freestanding commercial building in Brisbane’s Fortitude Valley, next to the city’s CBD, has sold following a competitive on-market Expressions of Interest campaign.

The property at 45 Amelia Street consists of a two-level office building providing 419 sqm of high-quality office space on a 430 sqm site, with onsite parking for up to 11 vehicles.

It was purchased by a local private investor following a campaign run by Knight Frank's Hayden Ryan and Jacob Heinke, on behalf of Health Centre Property No 1 Pty Ltd.