Deals of the Week - 18th March 2024

Victoria

CRANBOURNE - Speculated over $170 million 

Salta Properties has offloaded a 64.4ha land parcel in Melbourne's South East to a 50:50 joint venture between ESR Australia and Frasers Property Industrial, which plans to develop a circa $900 million industrial estate.

Located at 635 Hall Road, the joint venture will develop the industrial facilities on the majority of the estate, with part of the land earmarked for small lot sub-divisions for sale. Salta will also retain 60 ha of land to the north of the site. 

The deal was brokered by GO Commercial Industrial's Andrew O'Connell.

MOONEE PONDS - $3.2 million 

A fully fitted commercial office with a lease to a longstanding co-working and flexible office space provider One Plus One Business Centre was purchased by a private investor. 

Located at Levels 1 & 2,  5 Everage Street, the deal was negotiated by Fitzroys’ Ervin Niyaz and David Bourke in conjunction with Patrick O’Callaghan of O&Co.

CASTLEMAINE - Undisclosed, Over $2.75 million 

Heavenly Trio has sold the distinctive former Presbyterian church in Castlemaine for an undisclosed price over its $2.75 million price guide.  

Located at 11-13 Lyttleton Street, the show-stopping Italian Gothic church was built in c.1861 while the church hall was constructed in c.1855. The church features striking period detailing including a pitched roof, slate tiles, magnificent stained glass windows and eye-catching original timber doorways.  

Burgess Rawson’s David Napoleone, Romanor Falconer and Raoul Holderheadm, in conjunction with Cantwell Property Castlemaine’s Michael Cantwell handled the transaction. 

CARLTON - $1.78 million

A Lygon Street newsagency in the heart of the Carlton sold at auction on a tight 4% yield after land tax to a local property owner. 

The property came leased to longstanding tenant Carlton Newsagency, which has been at the property for around 20 years, returning a rental income of $77,712 per annum. 

Fitzroys’ Mark Talbot and Shane Mills brokered the deal on behalf of the Saffar and Durlacher families.

New South Wales 

BALGOWLAH -  $155 million 

Stockland has successfully offloaded their 12,802 sqm Stockland Balgowlah Shopping Centre to private development firm, Revelop.

Located at 197-215 Condamine Street, the centre was developed in 2009 by Stockland, alongside 240 residential apartments, today the centre attracts over 3.5 million customers annually and is anchored by Coles. After this purchase, Revelop now owns 25 neighbourhood shopping centres across Victoria, New South Wales and South Australia. 

The deal was negotiated by JLL's Sam Hatcher and Nick Willis. 

GRAFTON - $6.3 million

The Tyas Family’s Real Estate Development arm, CADRE has this week announced the acquisition of a 3.42ha landholding at 21 Through Street in the Northern Rivers of NSW for a new $70M Gateway Regional Centre in Clarence Valley Council.  

This acquisition continues CADRE’s expansion into the Northern Rivers of NSW, and across Australia into regional centres via communities, centres and large-format retail developments. The Tyas Family has submitted plans for a large-format retail project at this location which is set to become the region’s largest regional town centre.