Deals of the Week - 20th March 2023

Pictured above: 71 Longueville Road, Lane Cove

New South Wales

LANE COVE - $33 million 

Private equity investor, Property Bank Australia, has sold 71 Longueville Road in Lane Cove to Laundy Hotels for its new head office. 

The sale of the four-storey building which has 4,096 sqm of net lettable area and is on a 1,880sq m corner site, was brokered by Chris Hartigan of Hartigan Bolt and Tyler Talbot of Knight Frank. 

The property sold for $33 million with the yield on passing income being around 6 per cent and a rate of $8,056 per square metre.  

LOWER NAMOI - $12.35 million

A water entitlement in New South Wales Lower Namoi region has sold for 16% over its reserve.

In the wake of a rare triple-dip La Niña, farmers are now bracing for forecasts of drier conditions, enhancing the attractiveness of water and irrigation-related assets. Local farmers have swooped on a number of Namoi River water licenses at an online auction. 

A 1944ML general security entitlement sold for $12.35 million to an irrigator from Wee Waa after a competitive auction garnering 142 bids from three bidders through the online auction marketplace, AuctionPlus. 

The sales campaign was managed by Rural Property NSW's Michael Guest, with the asset being offloaded by Robin and Yvonne Findley. 

LOWER NAMOI - $11.64 million

As part of the above auction, a second water entitlement in Lower Namoi was offloaded by Robin and Yvonne Findley to a separate Wee Waa farmer.

Victoria

RICHMOND - $5.9 million

A local buyer has snapped up a sought-after vacant allotment in Richmond.

In a deal brokered by Colliers agents Ted Dwyer, Ben Baines and Alex Browne, the 916 sqm site was sold by a private owner for $5.9 million.

Colliers' Director of Investment Services, Ted Dwyer, said the vacant allotment received over 60 enquires during the campaign, mainly from land bankers and developers before local buyer Michael Spektor of National Retail Group secured it. 

HAWTHORN - $5.1 million

A trophy-style commercial asset in Melbourne’s Hawthorn changes hands for the first time in over 30 years.

157 Auburn Road was sold as two individual land parcels comprising a 1,183 sqm two-storey building on a 668 sqm and a separate 369 sqm site on behalf of Marco Fabrics, who has been operating the premises for the past 30 years. 

After a highly competitive campaign that generated over 100 enquiries from owner-occupiers and investors, the property sold for $5.1 million to a local owner-occupier in a deal brokered by Colliers' Ben Baines and Alex Browne.

Western Australia

KALGAN - $7.55 million

A mix-use cattle and hay production farm, The Candyup Hill Farm, has sold for $7.55 to Wayne and Mandy Tapscott.

The 227-hectare farm will be used by the Tapscott's for an Angus breeding operation, which is facilitated by a permanent creek running through the property that is sheltered by trees, providing a level of water security.

The deal was brokered by LAWD's Simon Wilkinson.