Deals of the week – 18 October 2021

National

CHILDCARE PORTFOLIO - $98 million

The largest publicly marketed Australian early learning investment portfolio in recent history has sold to Home Consortium’s ASX listed HealthCo Healthcare & Wellness REIT (HCW) for $98 million.
 
The portfolio comprises 12 premium childcare centres located in Victoria and Western Australia developed by Allaf Property, Australia’s leading childcare centre and specialty assets developer. A broader partnership between Home Consortium and Allaf Property will also see a strong pipeline of new assets delivered.
 
The global Expressions of Interest campaign for the investment grade assets was jointly managed by CBRE, Burgess Rawson and Savills.

New South Wales

MASCOT - $802 million

In one of the most anticipated deals of the year, LOGOS in partnership with AustralianSuper, has secured four major industrial sites near Sydney’s Kingsford Smith Airport in Mascot from Qantas for $802 million – around $200m above expectations.

The deal covers a total of 13.8 hectares, and includes a 21,795sqm distribution centre leased by Qantas, as well as a 9.865 Ha land area that will make way for a e-commerce and last mile logistics hub that upon completion is expected to be worth around $2 billion.

The Consortium and Qantas have also entered into discussions regarding potential future development options for the sites, including the creation of a dedicated precinct for Qantas, as well as the sale of an additional 3ha of land that adjoins some of the lots being sold.

MOOREBANK - $44 million

An industrial site with plans for a 34,000sqm logistics park in Moorebank has been scooped up by Dexus and its managed Industria REIT (Industria).

The property, located at 112 Church Street, will undergo development for a multi-level building with 15-20 units. Both investors will each own 50% shares.

Victoria

RINGWOOD - $15 million

The long-held Ringwood Mazda dealership site in Melbourne’s eastern suburbs has sold for $15 million.
 
The 8,878sqm landholding and showroom at 391 Maroondah Highway, Ringwood, has been owned by the Coopersmith Group since a $400,000 auction purchase in October 1981.
 
Sold to the operators of Ringwood Mazda, the deal represents a yield of 4.33%.
 
CBRE’s David Aiello managed the deal.

ARMADALE - $10 million

A Melbourne investor has outbid several rivals for an Armadale retail and commercial property with a final bid of $10 million at what is believed to be a record land rate of $18,248 per sqm.

The hotly contested online auction for the 1213-1217 High Street property followed more than 100 enquiries.

The property comprises a two level, 674sqm building on a 548sqm site with an 18m frontage and rear laneway access to 12 on-site, undercover, car spaces. It was sold subject to a lease to longstanding tenant, Jellis Craig, at a net rental of $370,920 pa, with just over 12 months to run.

Teska Carson’s George Takis and Michael Ludski managed the campaign in conjunction with JLL.

Queensland

BIGGERA WATERS - $358 million

The Lendlease managed Australian Prime Property Fund Retail (APPF Retail) has reached conditional agreement on the sale of its 50% interest in Harbour Town Gold Coast to Vicinity Centres for circa $358.0 million.
 
A premium direct factory outlet with a total GLA of approximately 55,000 sqm, Harbour Town Gold Coast services a growing residential catchment, and in December 2018 it opened the redeveloped ‘Harbour Town Eats’ dining precinct.
 
APPF Retail received strong interest from prospective buyers for its stake in Harbour Town Gold Coast, which was attractive due to the tightly held nature of the retail outlet mall sub-sector, surrounding population growth and tourist spend during normalised trading conditions.
 
CBRE's Simon Rooney and Sam McVay and Dan McVay from McVay Real Estate managed the sale.

RUNAWAY BAY - $128 million

Perth’s Greenpool Capital in partnership with investment firm Qualitas has made its latest retail play, acquiring a 50% stake in the Gold Coast’s Runaway Bay Shopping Centre for $128 million. 

The 42,862sqm sub regional centre presents as one of the premier sub-regional shopping centres in Sout East Queensland, benefitting from a diverse tenancy mix, with a focus on convenience, lifestyle and a necessity based, service and fresh food offer.

CBRE’s Simon Rooney negotiated the off-market sale.

ASHGROVE - $51.9 million

The Highpoint Wellness Hub in Brisbane’s Ashgrove has traded hands from Aviator Capital to Elanor Investors Group (ENN) for a total of $51.9 million. Aviator originally purchased the asset in 2017 for $33.5 million.

Located at 240 Waterworks Road the property presents a 5,648sqm landholding with 230 car parks. The healthcare building spread over two floors, and is tenanted by Good Life Health Club gym, a GP clinic, serviced offices and a Bank of Queensland.

JLL’s Elliott O’Shea and Seb Turnbull managed the deal.

SPRING HILL - $19.5 million

Land & Homes group have divested their Spring Hill asset for $19.5 million.

The subject property, located at 203-207 Wharf street, represented a 2,433sqm land holding and was comprised of a 4 storey, 4,695sqm NLA office building situated in an elevated position, offering outstanding views of the CBD and river vistas upon redevelopment to a 30-storey height limit (STCA).

A private local owner occupier were the successful purchaser, and have plans to refurbish the building and partly occupy the space.

Colliers’ agents Adam Rubie, Brendan Hogan and Hunter Higgins facilitated the sale.

South Australia

INDUSTRIAL INVESTMENTS - $102 million

Two government backed industrial investments have recently been picked up by Charter hall for a combined sale price of $102 million.

The largest of the two deals involves the Netley Commercial Park, which has cost $71.3 million. Located at 300 Richmond Road, on a 13.47-hectare landholding, the asset presents 42,000sqm of building area that is fully occupied by the SA state government.

The second deal took place at Gepps Cross, with a deal worth $30.7 million. Located at 27-35 Matthews Road, the property presents an office/warehouse recently purpose built for SA Health which is staying on as a tenant with a lease expiring in 2036.

KURRALTA PARK - $92.75 million

Adelaide’s Tennyson Centre has recently traded hands, with New Zealand listed Vital Healthcare Property Trust paying $92.75 million for the asset.

Located at 502-520 South Road, Kurralta Park, the 1.26-hectare landholding holds a 6,567sqm cancer centre that is part occupied by Nexus Hospitals. The property also includes a 1,920sqm tract which Vital has announced will be redeveloped shortly.

Knight Frank’s Jack Dyson and Guy Bennett brokered the deal.

Western Australia

BENTLEY - $2.7 million

A development site in Bentley has sold for $2.7 million to a local not-for-profit organisation.

Located at 1136 Albany Highway, the 4,264sqm property was sold on behalf of the City of Canning. The buyers intend to use the site to build a complex providing primary healthcare services for the local community.

Ray White Commercial’s Enrique Reyes and Chris Matthews managed the deal.

BIBRA LAKE - $1.95 million & $1.85 million

Two back-to-back properties in Bibra Lakes’ premium industrial precinct have been sold to two separate buyers.

The first property located at 46 Discovery Way was sold for $1.95 million and was purchased by a national business owner. The second property at 36 Sustainable Avenue was sold for $1.85 million to a local owner-occupier.

The vendor had run a national business from the adjoining properties, but outgrew the spaces and decided to put them on the market.

Ray White Commercial’s Enrique Reyes managed the sale.