Victoria
TRUGANINA - $61 million
The Goodman Group have parted ways with three recently completed industrial properties in the western Melbourne suburb of Truganina. The sites are fully leased to four tenants, and all three have been purchased by Frasers Logistics and Commercial Trust (FLCT). The trust will be paying approximately $2,431 per sqm for the landholdings, which possess a total lettable area of 25,089 sqm.
In an explanation of the deal, FLCT’s manager, Frasers Logistics & Commercial Asset Management, cited high demand for western Melbourne warehouse space in conjunction with a vacancy rate of less than 1% as key reasons for the purchase. With rent in the area up 15% over the course of the past year, FLCT saw this as a prime opportunity for acquisition.
TONGALA - Circa $18 million
Sydney-based fund manager VIMG has purchased a vacant Nestle food processing plant, for an approximate $18 million. The 78.2-hectare site at 1-85 Bosse Road contains 23,009 sqm over a variety of buildings. VIMG are currently seeking a tenant for the property, preferably in the food industry, as the asset is fully equipped for immediate production.
RIVERWALK - $12.3 million
The property set to house the Riverwalk Town Centre, in the new Riverwalk residential development, has been purchased by property, investment and financial services organisation Oreana Group. The sale was negotiated by Colliers’ Mike Crittenden and Tim McIntosh, who sold the property for Development Victoria.
Located three kilometres from the Werribee Town Centre, the Riverwalk development already accommodates more than 2,500 residents, and contains a primary school, an early education centre, and two community parks.
WENDOUREE - $3.5 million
One of Australia’s largest bedding furniture retailers, Bedshed, has purchased a property on the busy Howitt Street, in the Ballarat suburb of Wendouree. The 1,160 sqm showroom at 1331 Howitt Street was previously a car yard, prior to being redeveloped by Fair Price Furniture, who served as the vendors in this sale.
The deal was struck by Leedwell’s Chris Parry, who stated that, “The property represents a modern showroom with prime frontage to Howitt Street, located directly opposite Harvey Norman, Plush and Snooze.”
EPPING - $2.475 million
The 2,109 sqm vacant allotment at 45 Longford Road has been sold off-market by Colliers’ Mitch Purcell and Corey Vraca. The purchase figure represents an increase of more than 180% since it was last sold, in 2019. Planned at the site is the development of two side-by-side office/warehouses, which will comprise a building area of approximately 757 sqm each.
RICHMOND - $4.153 million
Epworth Healthcare has acquired a two-storey art deco office that sits directly beside its Richmond hospital. 99-101 Bridge Road was held by two separate owners; Epworth paid $2.173 million for 99 Bridge Road, and $1.98 million for the slightly smaller 101 Bridge Road. Epworth is expected to occupy the Commercial 1-zoned building.
99 Bridge Road’s sale was negotiated by Peter Cameron of Melbourne Commercial Group, and 101 Bridge Road was brokered by Dixon Kestles’ Mark Smedley.
New South Wales
NARRABRI - $16.5 million
Whistle Funds Management have divested a Woolworths outlet located in the regional New South Wales township of Narrabri. The buyer was Peter Brukner, a sports medicine specialist who has served two terms as president of the Australasian College of Sports Physicians, and has been team doctor to both the Melbourne and Collingwood AFL teams. The supermarket at 181-189 Maitland Street sold on a yield of 4.4%, and was presented off-market by Savills' Peter Tyson and Jon Tyson.
Queensland
HELENSVALE - $300 million
The Homeworld Helensvale homemaker centre, situated on a 20-hectare site at 502 Hope Island Road, has been acquired by an offshore investor. Located north of Surfers Paradise, the asset is comprised of 36,000 sqm in lettable area, and possesses over 60 stores, including Adairs, Carpet Court, Snooze, and The Good Guys. Additionally, much of the site is currently undeveloped, meaning growth for the property is assured.
The sale was brokered off-market by Colliers' Lachlan MacGillivray and Stewart Gilchrist, in conjunction with Stonebridge's Philip Gartland.
South Australia
MONARTO SOUTH - $21.45 million
VIMG have purchased an ex-Big W distribution centre in Monarto South, 60 kilometres south east of Adelaide. The asset was sold by Lendlease Australian Prime Property Fund Industrial, with the deal being brokered by Knight Frank’s Guy Bennett and David Ludlow, in conjunction with One Commercial’s Joshua Charles and Simon Kent. Billed as South Australia’s largest vacant possession distribution centre, the property is to be offered as a whole, or in tenancies from 10,000 sqm. The landholding has 36.5-hectares that contain over 64,000 sqm of total gross lettable area, and is positioned within the industrial hub of Monarto.
ACT
SYMONSTON - Circa $370 million
The Geoscience Australia headquarters in Symonston is reportedly to be sold to real estate fund manager Charter Hall, in a record-breaking deal. At over $370 million, the transaction will be the most expensive office sale in Canberra, supplanting the previous record high, $335 million. With vacancy rates in Canberra dipping to their lowest level since 2008 back in March, the city’s office market has proven exceedingly profitable, with Charter Hall alone having invested in excess of $1 billion over the past twelve months in the nation’s capital alone (subject to the Geoscience building deal being settled).
Charter Hall are purchasing the property from German investment manager Real IS, who acquired the site in 2006 for $234 million. The sale is being brokered by Colliers’ Paul Powderly, Matthew Winter, Adam Woodward, and James Mitchell, in conjunction with JLL’s Tim Mutton, Luke Billiau, and James Barber.
Western Australia
PERTH - $30 million
Just subsequent to securing funding from a number of banks and institutional investors, the Australian Venue Company have taken a major step in bolstering their portfolio in Western Australia, by securing nine pubs in-and-around Perth. Included in the deal are Durty Nelly’s, Generous Squire, Market Grounds, Galway Hooker, The Peach Pitt, the Scarborough Beach Bar, and the Bassendean Hotel, all purchased from Ark Group.
The final two properties that form part of this batch of acquisitions were part of an asset swap; AVC received Perth’s Royal Hotel, and Applecross’s The Raffles, whilst Colonial Leisure Group have obtained two Melbourne venues in Albert Park’s The Vincent, and South Melbourne’s O’Connell’s Hotel. Upon settlement, AVC’s footprint in Western Australia will be nearly doubled.
