Deals of the week – 16 August 2021

New South Wales

CONCORD - ~$11.5 million

A large, three-storey, vacant commercial building in Sydney’s Concord has successfully sold. While the price remains undisclosed, we can report that the final number sits between $11 and $12 million.

Located at 111 Parramatta Road, the 1,724sqm site presents a building with a total NLA 3,161sqm. The asset is Zoned B6 – Enterprise Corridor and was marketed with both investment and development potential. The current building offers a NABERS rating of 2 stars, and has internal lift access, a ground floor lobby and 80 car spaces along with a loading dock.

PropertyFox’s Tom Ovenden and Tim Fox managed the deal.

FAIRFIELD EAST - $9.625 million

A manufacturer of home cabinets and furnishings, Good Kitchen & Bathroom has sold its western Sydney headquarters to a private investor for $9.625 million.

The 7,147sqm site at 34-38 Lisbon Street, Fairfield East, features two buildings totalling 6,359sqm.

Good Kitchen & Bathroom will remain at the site through a leaseback, occupying the warehouse, office and showroom at 34-36 Lisbon Street on a three-year lease with two further three-year options. The smaller building, 38 Lisbon Street, is a showroom office with a basement.

CBRE’s Janet Joljian and Elijah Shakir managed the sales campaign.

AUBURN - $8.5 million

A prominent site in the sought-after Parramatta Road corridor, in the heart of Auburn’s bulky goods precinct, has sold for the first time in over three decades. A local furniture company was the successful bidder, securing the asset for $8.5 million.

The site has a B6 enterprise corridor zoning and features three street frontages on Parramatta Road, Junction Street and Short Street. Current improvements on the 3,439sqm site at 259/261-263 Parramatta Rd include a 2,655sqm freestanding warehouse and office building with a ground floor showroom area and signage potential. 

CBRE’s Robert Dowdy managed the deal.

MT DRUITT - $3.2 million

A private purchaser has snapped up a sought-after industrial property in Mt Druitt for $3.2 million amid Western Sydney’s severe property shortage.

Located at 72 Kurrajong Avenue, the secure 992sqm building offers generous parking and access via a shared driveaway. The one line sale includes four strata titled units, each of which is tenanted with flexible terms. Together the units are expected to return an approximate income of $97,972.92 per annum. 

CBRE’s Brendan Wein, Matthew Alessi and John Micallef brokered the off-market deal.

MURWILLUMBAH – Undisclosed

The ‘Courthouse Hotel’ in Murwillumbah has recently been sold for an undisclosed amount through a confidential and selective off-market sales process. 

Located at 60-62 Main Street, the asset was discreetly placed to a specific group of operators and sold within only a matter of a few weeks of being offered to these parties.

Occupying an 898sqm site, the hotel benefits from high vehicular and pedestrian traffic due to its central position on Murwillumbah’s Main Street. Facilities include a Main Bar, 21 Poker Machines, Café, Beer Garden, 16 Hotel Rooms and a Managers Residence.

The sale was managed by Savills Australia’s Nick Lower, Selin Ince and Leon Alaban.

Victoria

OFFICER - $43 million

A major infill site at Officer in Melbourne’s south east has been sold to a local residential developer for $43 million on an unconditional basis. The sale price represents a new record rate of $3.65 million per hectare
 
The sale marks the first time the corner General Residential landholding, Lot 1, Rix Road, had been offered for sale in over 33 years. The circa 12.28 Ha vacant site forms part of the Officer Precinct Structure Plan (PSP), which allows for 15 dwellings per net developable hectare.  

CBRE’s David Minty, Nathan Mufale and JJ Heng managed the deal

PORT MELBOURNE - $32.12 million

Investment House Wingate is ramping up its new direct property platform business with the acquisition of the prominent Westgate Freeway Service Centre for $32.12 million.

Holding address at 62 Cook Street, Port Melbourne, the multi-store convenience complex houses a Shell Service Station with accompanying Coles Express in addition to drive through Hungry Jacks and Red Rooster tenancies. The property holds a 9-year WALE and allows potential for investment upside through the implementation of active leasing and asset management strategies.

The sale was brokered by Dawkins Occhiuto’s Chris Jones.

OAKLEIGHT SOUTH - $24.25 million

The 1980s Melbourne headquarters of Atari, the iconic name behind video and arcade games such as Pong and Pac-Man, has changed hands for $24.25 million.

Sector Property Group purchased the 26,000sqm site at 1076 Centre Road, Oakleigh South, on a short settlement with a leaseback to current tenant Glasskote.

Sector plans to build another of its work-store-play projects at the site, which has a distinctive 5,506sqm building dating back to Atari’s emergence in the early-1980s.

CBRE’s Bryce Pane and Lachlan Ferguson negotiated the transaction.

WANTIRNA SOUTH - $13.3 million

An interstate purchaser has secured a development site in Melbourne’s east for $13.3 million. The sale represents one of the highest per square metre rates in the region demonstrating optimism for multi-level development in future.

Located at 390 Burwood Highway, Wantirna South, the property has mixed-use zoning allowing for multi-level residential / commercial development. The 7,610sqm corner site benefits from a 120m frontage to Stud Road and 35m frontage to Burwood Highway. Improvements include a single level building of 623sqm.

CVA’s Daniel Philip and Ian Angelico managed the deal.

SORRENTO - $4.85 million

A local investor has purchased a modern retail freehold on Sorrento’s main street at 141-147 Ocean Beach Road, for $4.85 million on a 1.57% yield. 

Sitting on a prime 992sqm land parcel with 17.5m frontage to the Ocean Beach Road retail strip, the modern retail freehold of 250sqm is split across 2 tenancies.

The deal was negotiated by Savills Australia’s Benson Zhou and Julian Heatherich.

EPPING – Undisclosed

A premium 2.245 Ha permit approved townhouse development site in Epping has successfully transacted for an undisclosed amount.

The site, located at 305 Harvest Home Road, also comprises a further two super lots positioned close to Aurora Town Centre.

The campaign saw over 100 unique Australian and offshore developer enquiries, and 9 formal offers received. The final purchaser was an Australian based private developer.

The transaction was negotiated by Core Projects’ Kane Malcomson, Chris Jabs, and Trent Malcomson.

Queensland

TOOWOOMBA - $34.34 million

SCA Property Group has recently snapped up the Drayton Central Shopping Centre in Toowoomba for $34.34 million. The sale has set a new benchmark yield for the neighbourhood asset class in regional Queensland of 5.39%, surpassing previous records.

Located in Drayton, an outer southern suburb of Toowoomba, the Woolworths anchored centre was built in 2014 by the local Hughes family. The asset also features 11 specialty tenancies including medical, dental, pharmacy and other daily needs based traders.

The off-market transaction was negotiated by Savills Australia’s Peter Tyson and Jon Tyson.

KALLANGUR - $22.45 million

The Kallangur Fair Shopping Centre has traded from an offshore investor to Sydney based Ganellen Asset Management for $22.45 million.

The Woolworths anchored neighbourhood centre is located in Brisbane’s outer northern suburb of Kallangur and comprises an enclosed mall featuring a 3,247sqm Woolworths supermarket, a 420sqm discount variety mini-major and 10 specialties with a total GLA of 4,703sqm.

Savills Australia’s Peter Tyson and Jon Tyson negotiated the sale.

MT ISA - $16.91 million

Investor appetite for regional retail assets continues with the Woolworths Supermarket in Mount Isa selling for $16.91 million.

The strongly trading 4,441sqm standalone supermarket is situated in Mount Isa’s city centre with three street frontages on a 5,084sqm site and features open and under-croft parking for around 80 cars.

The building was extensively upgraded in recent years, including the introduction of an online pick up facility last year and is one of only two major supermarkets servicing the extensive Mount Isa catchment and region.

The deal was brokered by Savills Australia’s Peter Tyson and Jon Tyson.

YERONGA - ~$3 million

A highly sought-after, development approved, childcare centre site in Yeronga was sold to a private boutique childcare operator.

The 2,275sqm site located at 11-15 Querrin Street sold for a price in the early $3 millions. The childcare centre development site has development approval for 90 places. 

Ray White Commercial’s Jose Rojas sold the property off-market, stating that there was a lot of interest in the site both on and off-market, with the buyers paying a premium price to secure it before an on-market campaign.

Western Australia

KEWDALE - $3.05 million

An industrial property in Kewdale, which is currently tenanted by pest-control company Rentokil, has sold for $3.05 million, representing a return of 7.54% on the current rental.

Located at 4 Aitken Way, the 4,048sqm property is located in a blue-chip industrial sector and was held for approximately 30 years by the previous owner.

The deal was managed off-market by Ray White Commercial’s Martin Vogt and Lachlan Burrows.

South Australia

HALLETT COVE - $71 million ($181 million)

South Australian developer Antunes Group has snared Adelaide’s Hallett Cove Shopping Centre for $71 million in the latest in a three-centre Makris Group portfolio sale program totalling $181 million.
 
CBRE’s Simon Rooney negotiated the three Adelaide deals on behalf of Makris Group, South Australia’s largest privately-owned retail property group.
 
The Hallett Cove sale follows Sydney property group Revelop’s acquisition of the landmark City Cross Shopping Centre in Rundle Mall for $60 million, while investment firm Greenpool Capital, with backing from Qualitas, acquired North Adelaide Village and an adjoining site at 85-87 O’Connell Street in a deal valued at $50 million.
 
Hallett Cove is a triple supermarket, convenience-based sub regional shopping centre with gross lettable area of 19,913sqm. The centre is securely anchored to national retailers Woolworths, Aldi and Drakes supermarkets and a Big W discount department store.