Deals of the Week - 20th May 2024

New South Wales 

SOUTH EVERLEIGH - $103 million

Centuria Capital Group has offloaded, the Biomed Building, an office asset located a 1 Central Avenue. 

Purchased by a private investor, the final sale price reflects a 150% capital appreciation over Centuria's eight years of ownership. The Biomed Building is over 97% occupied, with the anchor tenant being The University of Sydney.

The off-market deal was handled by Rebus Property's Scott Timbrell, while the purchaser was advised by Kurraba Group.

GUNDAGAI - $7.2 million  

A New South Wales-based private investor has purchased Woolworths Gundagai following a sales campaign managed by Jones Real Estate's Paul Jones and Tim Spargo. 

Woolworths Gundagai holds a net passing return of over $555k, with a WALE by income of 7.61 years. The asset was offloaded by a private vendor.  

NARRANDERA - $6.1 million

In a second supermarket deal for the week, Coles Narrandera has swapped hands with two private investors.

Purchased by a Melbourne-based private investor, the asset came 100% leased to Coles and holds a base rental income of over $464k.  

The deal was Jones Real Estate's Paul Jones and Tim Spargo. 

MUDGEE - Undisclosed 

Hospitality industry veterans Jamie and Gina Fitzgerald have successfully offloaded The Paragon Hotel as they look to consolidate their portfolio to focus on their primary hotel venue, The Woolpack Hotel.

The landmark transaction is the largest hotel deal to occur in Mudgee which is reflective of the venue’s excellent profitability and valuable underlying real property. The sale included the Paragon Hotel, a residential cottage on 82 Gladstone Street and 5 strata-titled terrace buildings at 36 Perry Street. All assets sold operate under the greater hotel operation with a total land size comprising of 4,477 sqm.  

The successful purchasing party is a syndicate led by Mudgee local Steve Harding and business partner Scott Still. The group are experienced hoteliers who operate a portfolio of assets 

The deal was negotiated by JLL specialist hotel brokers Greg Jeloudev and Edward Browne 

Victoria  

TRUGANINA - $20.4 million

A private purchaser acquired a 29,825 sqm industrial asset located at 1-23 Banfield Court, reflecting a sharp yield of 2.49%. 

Tenanted by Australia-wide transport solutions company, Punjab Roadtrains, the asset had a 128-metre street frontage and a circa 8.4% site coverage.

 The asset was offloaded by 165-169 Fitzgerald Road Pty Ltd. 

TRUGANINA - $10 million 

An industrial facility in Melbourne's West has changed hands after an off-market campaign managed by AND Property's Ricardo Cappelletti and Bryce Pane, with the final sale price reflecting a sharp yield of 4.03%. 

Located at 13-17 Jessica Way, the industrial asset has a site area of 11,900 sqm with 17.2% site coverage and came tenanted to CTR Truck Sales.  

The asset was purchased by the engineering, design and consulting firm, Foresite Group. 

Queensland 

WILLAWONG - $1.1 million 

An 18-year-old strata unit in the Willawong industrial area was sold for $1,100,000, setting a record for one of the highest rates per square metre in the area. This sale highlights the significant demand for industrial units in Brisbane’s southern corridor.  

Transacted by Corey Allerton, the property at 1/87 Gardens Drive was sold to a private investor who is now offering the warehouse for lease.  

The property transacted for a per-square-metre rate of $3,448 setting a new record for this size range in the area.