Pictured above: The Tower Hotel, Adelaide
South Australia
ADELAIDE - $160 million
A portfolio of 11 pubs in Adelaide has sold for $160 million.
10 of the 11 pubs were previously owned by controversial ASX-listed fund management firm, Blue Sky, who purchased the assets seven years ago. The sale reflects a more than double increase from the purchasing price of $67 million.
The properties are a mix of freehold and leasehold investments, sold following a sale campaign that began last year, attracting strong interest from investors and publicans.
The portfolio of pubs, known as GM Hotels, was sold by private equity firm Fortitude Investment Partners and was purchased by multiple investors, groups and publicans including ALH, Harvest Hotels and RD Jones Group.
The sale of the portfolio was brokered by JLL's Hotels & Hospitality Managing Director of JLL's Hotels & Hospitality, John Musca.
New South Wales
LIVERPOOL - $55 million
Stirling Property Partners has divested a Greater Sydney office tower located in Liverpool.
Located at 203 Northumberland Street, the recently refurbished B-grade office tower was purchased by Sydney's Inner West Council for $55 million and holds a 95% occupancy rate with tenants including NSW Department of Health, Commonwealth Bank, Westpac Bank, Brydens and Catholic Care.
Stirling acquired the building in late 2019 for $46.8 million, with its representing a 5.95% yield.
The deal was brokered by Wally Scales of Knight Frank and John McCann of Colliers.
ORANGE - $6.3 million
A Guzman Y Gomez in Orange has been offloaded by retail and hospitality property developer, Spectrum Retail Group.
Located at 2-6 Bathurst Road, the property was purpose-built by Spectrum Retail Group in December 2022 and sold with a net rental income of $240,000.
the Mexican-inspired fast food outlet sold for $6.3 million to a private Sydney-based investor, with the deal being brokered by Yosh Mendis of Burgess Rawson.
Victoria
TRUGANINA - $33 million
Melbourne-based independent light industrial developer, Maximise, has purchased an 8.9Ha land parcel in Truganina.
The group received a confirmation of permit from the Wyndham City Council to develop the site into 180 mixed-use, light industrial units, known as the MODE Business Park West.
Located at 211 Leakes Road, the units will not be exclusive to industrial uses, with other uses including office, restricted retail, food and beverage outlets being suitable.
While the sale of the site was handled directly, the units are being sold and leased by Westo Real Estate.
EPPING - $8.94 million
A private investor has purchased an Epping industrial warehouse for $8.94 million, reflecting a record yield of 4.25%, despite recent interest rate rises.
The 3,970sqm facility at 67 Gateway Boulevard is fully leased to Automatic Heating Global, a nationwide solutions provider for water-based heating, cooling and energy systems in building services.
CBRE’s Joe Brzezek and Daniel Eramo brokered the deal on behalf of a local vendor.
“There is still high demand for industrial assets with a flight to quality from purchasers who are still willing to pay premiums for prime grade assets with strong fundamentals and this sale reflects that,” Mr Eramo commented.
Queensland
EAGLE FARM - $32.25 million
Altis Property Partners has purchased a multi-tenanted industrial complex in Brisbane's inner northern suburb of Eagle Farm.
The complex is currently leased to six tenants, with the long-term tenant the Brisbane City Council providing a steady anchor for the investment.
Located at 112 Cullen Avenue, the location forms part of the Trade Coast Precinct, which is Queensland's second-largest employment zone outside of the Brisbane CBD.
Altis' Director of Capital Transactions, Gareth Price stated: "This new industrial acquisition fits within our strategy of buying in core markets, centrally and conveniently located to employment hubs, with access to key infrastructure.”
The deal was handled directly by Altis.
PINKENBA - $15.6 million
Independent property management firm, Centennial, has acquired a Pinkenba industrial site for $15.6 million.
Located on the Australian Trade Coast, this purchase marks Centennial's logistics and investment portfolio to 63 assets across the country, valued at approximately $1 billion.
The site is tactically located next to two adjoining industrial sites owned by Centennial, allowing them to amalgamate them into one singular large-scale asset.
The deal was brokered by Colliers' agents Anthony White and Jared Conway.
FORTITUDE VALLEY - 1.85 million
The historic and infamous Les Bubbles building in the heart of Fortitude Valley’s retail and entertainment precinct in Brisbane has sold for $1.85 million.
The property at 144 Wickham Street was purchased by a local investor who already owns three other heritage-style buildings in the immediate vicinity.
It was sold by Sunshine Coast investors Shaun and Sam Juniper, in a deal negotiated by Christian Sandstrom of Knight Frank.
The Les Bubbles building gained some notoriety in the 1980s when it was named in Queensland’s Crime and Corruption Commission’s Fitzgerald Report as the site of an illegal casino on the upper floor.
ELLIS BEACH - Undisclosed
Far North Hotels has purchased a Northern Queensland holiday park.
The 117,300 sqm holiday park, known as the Ellis Beach Holiday Park, was sold by an interstate vendor and currently houses 28 bungalows and cabins, 25 camping sites, a bar and grill and 46 powered caravan sites.
Along with the existing facilities, the property came with development approval for 221 motel, resort and hotel rooms, as well as a 20-year State Government lease over the land.
The sale was brokered by CBRE's Scott Callow and Danny Betros.
