Deals of the Week - 1st July 2024

New South Wales

GLENDALE - $315 million 

IP Generation has purchased the 19-hectare Stockland Glendale shopping centre, marketing the largest NSW sub-regional transaction in over 18 years. 

Offloaded by Stockland, the centre is anchored by Coles, Woolworths, Kmart Target, and other retailers such as Rebel Sport and JB Hi-Fi, leading to an annual sales figure of $366 million in February 2024. 

The deal was brokered by Colliers' Lachlan MacGillivray. 

EASTWOOD - $5.625 million 

A worn-down strip retail shopfront was offloaded as part of a deceased estate, with the final sale price at more than double the reserve of $2.5 million. 

Originally purchased for $245,000 in 1995, the sale price reflects an over 2000% price uplift from the original. The two-storey asset was purchased by the tenant, who has operated on the premises for over 20 years. 

The deal was managed by Colliers' Harry Bui and Andrew Bui.

Victoria 

LARA - $26.31 million 

AW Industrial, represented by Al Armstrong and Max Weinzierl, has successfully concluded the sale of a significant 12.414-hectare block of Industrial 2 zone land on behalf of a private vendor. 

The campaign attracted substantial interest from developers and neighbouring owner-occupiers, ultimately resulting in the successful sale of the land to a developer, the short settlement and favourable terms reinforced the purchaser's strong interest in the location. 

Located at 130 Heales Road, the final sale price reflects a land rate of $220/sqm, with the site being purchased by an established developer.

BRUNSWICK - Combined $2.96 million

After 66 years of ownership, vendors have successfully sold two adjacent Brunswick warehouse showrooms. 

The properties were ultimately sold to two different purchasers: 270-272 Victoria Street was acquired by an investor for $1,700,000 reflecting a yield of 3.4%. At the same time, 274 Victoria Street was purchased by an owner-occupier for $1,260,000. The combined sale price underscores a mixed-use land rate of $4,088 per sqm and a building rate of $5,193 per sqm.

The sale was managed by Gross Waddell ICR's Raff De Luise and Julian Materia.

MANSFIELD - $1.475 million

A significant 3,004 sqm land parcel in Mansfield has been purchased by an undisclosed private buyer. 

Located at the foothills of Victoria’s Alps at 25-27 Malcolm Street, the land holding is positioned on a high-exposure corner with a 71m frontage to Malcolm Street and a 36m frontage to Chenery Street. 

The Commercial 1 Zone block is one of the last remaining vacant commercial landholdings in the area that enjoys excellent connectivity to the Mansfield Town Centre and Mount Buller. It is also well-supported by surrounding amenities including Kmart, IGA and FoodWorks supermarkets, BP and Ampol service stations, as well as car dealership Mansfield Motor Group.

The deal was managed by Jones Real Estate's Tim Spargo.

Queensland 

BUDERIM - $1.5 million 

A local investor has purchased a 1,000 sqm freehold industrial asset in the Sunshine Coast after a sales campaign managed by RWC's Tracey Ryan and Alanna Shapland. 

The asset, offloaded by a private vendor who had owned the property since 2004, sold at auction with 15 bidders on the day competing for the asset.