Deals of the week – 21 February 2022

New South Wales

FOREST LODGE - $52 million

The Tramsheds complex at Forest Lodge has traded from Mirvac to Revelop for near $52 million; around 53% above its book value.

The incoming owners have announced that they will undertake a renovation of the early-20th century complex, which encompasses 2.3 hectares. Located at located 1 Dalgal Way, the centre comprises of 18 specialty stores with an anchor tenancy to Supamart -  total annual revenue is $2.55 million.

JLL’s Nick Willis and Sam Hatcher brokered the deal.

SCHOFIELDS - $37.5 million

The Woolworths-anchored neighbourhood shopping centre in Schofields has traded from Firmus Capital to a private investor for $37.5 million.

The modern centre occupies a 1.184-Ha site directly opposite Schofields Railway Station and sold at a GLA rate of $8,378 per sqm. It is anchored by a full line 4,245sqm Woolworths supermarket and is supported by essential service specialties including BWS, Terry White Pharmacy and a café.

The off-market transaction was negotiated by Colliers’ Harry Bui and James Wilson.

MIRANDA - $29.8 million

A renovated Telsa backed dealership in Sydney’s Miranda has recently traded from Stamford Capital to Charter Hall for just shy of $30 million. The vendor picked up the property, which was originally a small Bunnings, in 2020 for $15 million.

Located at 100-104 Parraweena Road, the property encompasses a two-level building on a 4,530sqm land area.

Victoria

ALTONA - $24.5 million

Sector Property Group has purchased a 6.19 Ha land parcel in Altona for $24.5 million.
 
The Melbourne-based developer will subdivide the site at 341-359 Kororoit Creek Road into serviced lots over the coming months. The front half of the property is currently occupied by a pair of transport operators, separated by a cul-de-sac that provides access to the rear of the site.
 
CBRE’s Bryce Pane and Ricardo Cappelletti negotiated the transaction.

BURWOOD EAST - $13 million

BFX Family Office has purchased 16 Lakeside Drive, Burwood East, from Harbour Horizon No. 2 Pty Ltd for $13 million

The two-level, fully leased office building is situated within Tally Ho Business Park, around 18km east of the Melbourne CBD. The property is 100% leased to the Country Fire Authority (CFA), Everkeen Group and Cora Group at a net passing income of $798,998 per annum which provides a WALE of 2.3 years.

The deal was negotiated by Colliers’ Peter Bremner, Rachael Clohesy and Leon Ma, in conjunction with Gross Waddell ICR’s Raoul Salter.

SOUTH MELBOURNE - $3.05 million

A freehold three level building in South Melbourne has recently traded hands for $3.05 million.

Located at 11 Meaden Street, South Melbourne, the property presents an 831sqm gross building area. The premises is set to undergo and significant refurbishment and cater to one to two occupiers.

CVA’s John Nockles managed the deal.

KEILOR PARK - $2.82 million

85 Wright Road, Keilor Park Colliers has sold a

A vacant industrial site of 2,664sqm has recently sold for a record land rate at $2.82 million.

Located at 85 Wright Road in Keilor Park, the property, which was sold via online auction, represented one of the last remaining vacant sites within the Translink Business Park.

Colliers’ Corey Vraca and Mitch Purcell managed the deal.

CAMPBELLFIELD - $2.06 million

2/94 Capital Link Drive, Campbellfield has recently sold for just over $2 million.

Originally offered to the market for lease, the property was purchased by local business Marson Industries.

Colliers’ Corey Vraca and Mitch Purcell handled the sale.

Queensland

VARSITY LAKES - $15 million

A modern Varsity Lakes office known as SteelX House has recently sold to a Melbourne based education group for a speculated $15 million.

Located at 2 Boston Court, the four-storey building was sold fully leased returning a total annual net rent is $1,008,947 across 3,225sqm of A-grade area. The building sits on a 2,419sqm land area.

NSL Property Group’s Guy Naselli managed the deal.

SALISBURY - $8.414 million

Thecaves@salisbury, consisting of 12 industrial units, has sold out in eight months to a total of $8.414 million.

Part of the brand new and refurbished development at 233 Evans Road, units ranged in size from 174sqm to 399sqm in size.

Buyers consist of four investors and eight owner occupiers including Landmark Seafoods, Noosa Longboards, Electric Scooter Australia, The Thrifty Mumma and Building Services Consulting Australia.

The assets were sold off the plan by Ray White Commercial’s Jack Gwyn and Jared Doyle, alongside CBRE’s Jack Hardy.

TOOWOOMBA - Undisclosed

Toowoomba’s iconic Westridge Shopping Centre has recently sold off-market to a locally formed consortium of private investors for an undisclosed amount.

The large 3,052sqm of net lettable premises are currently host to 144 onsite car parks and 24 tenancies, including many well-established and award-winning local businesses as well as national brands.

For more than 30 years, the Westridge Shopping Centre has been owned and developed by local businessman and property developer Ian Knox of Hallmark Property. However, last week, Mr. Knox officially finalised its off-market sale, facilitated by Dan Dwan of Colliers Toowoomba.

South Australia

KILBURN - $11.5 million

The freehold going concern of Kilburn’s Empire Hotel has recently traded to Endeavour Group (formerly ALH) for $11.5 million.

Sitting on a 7,604sqm site area, the complex presents a bar, a bistro, a drive-through bottle shop and TAB gaming facilities.

JLL’s John Musca, Will Connolly and TJ Board brokered the off-market deal.

Western Australia

MARGARET RIVER - $8 million

Goldfields has recently picked up a housing estate site in Margaret River for $8 million.

Located at 211 Darch Road, the 47.12-hectare landholding will be home to around 400 individual lots, with construction expected to commence by the end of the year.

Knight Frank managed the deal.