Deals of the week – 21 March 2022

New South Wales

MILPERRA - $152 million

A Milperra industrial investment has changed hands from Leda Holdings to ESR for $152 million.

The 7.71-hectare property, located 270-286 Horsely Road, was held by the vendor for four years. ESR plan to build a multi-level business park.

Colliers’ Gavin Bishop, Trent Gallagher and Sean Thompson managed the deal off-market.

BEGA - $54.05 million

A private investor has paid the Woolworths Group $54.05 million for Sapphire Marketplace on the NSW south coast town of Bega.

The prominent 17,310sqm Bega centre comprises 15,327sqm of retail and 1,983sqm of office space. It is securely anchored by a rare triple major tenant profile including a Woolworths supermarket, Dan Murphy’s liquor and the only full-line Big W discount department store within 200km, providing an attractive major tenant WALE of 8.4 years.
 
CBRE’s James Douglas negotiated the sale.

HUNTINGVIEW - $12.655 million

A 57-hectare parcel of land, which is comprised of five adjoining lots, in the Hunter Valley’s Huntingview has been picked up by Multipart Property for $12.655 million.

The property was offered with plans for a house and land project, with a close to 400 lot subdivision planned.

WILLOUGHBY - $6.185 million

A showroom and office building in Willoughby recently transacted off-market for $6.185 million.

Located at 596-598 Willoughby Road, the property offers 800sqm of net lettable area in a prominent corner position sitting on 556sqm of land.    

X Commercial’s Alex Bennett managed the deal.

Victoria

CLYDE NORTH - $47.4 million

A plot within the St Germain housing estate on Thompsons Road, Clyde North, has been picked up by Stockland for $47.4 million.

The 13.15-hectare block sits opposite a proposed town centre. The new development will comprise approximately 278 homes, a clubhouse and recreation facilities and will fall under the Halycon brand.

Colliers’ Trent Hobart, Robert Papaleo and Michael Gardiner managed the deal.

DANDENONG - $14 million

A fully leased office building positioned within the Central Dandenong Activity precinct has exchanged unconditionally for $14 million to a private family office.

Located at 40-42 Scott Street, Dandenong, the asset forms part of the $290 million Dandenong revitalisation plan. The building comprises 2,605sqm of net lettable area and a reliable income stream. The property is anchored by Macpherson Kelley Lawyers.

JLL’s Josh Rutman, Tim Carr and MingXuan Li sold the asset.

RINGWOOD - $3.86 million 

A Melbourne investor has trumped several rivals at auction to pay $3.86 million – more than 60 per cent over the reserve - for an office/warehouse in Ringwood.

Located at 5 Pilgrim Court, the property comprises a 1,224sqm building, including 993sqm of clear span warehouse, on a 1,449sqm site, with 18 metres frontage to Pilgrim Court and 10 on-site car spaces. It was sold subject to a short-term lease at an annual return of $116,643.

Teska Carson’s George Takis managed the deal.

Queensland

BENOWA - $60.5 million

Benowa Gardens, which sits four kilometres west of Surfers Paradise, has recently traded from IJ Capital to a local investment group for $60.5 million. The vendors purchased the mall in March 2020 for $40.1 million before undertaking a renovation.

Located at 203 Ashmore Road, the shopping centre contains 5,856sqm of GFA on a 1.766 Ha land area with 36 tenancies (four of which are vacant) anchored by Coles, plus an additional freestanding building rented to KFC.

Savills’ Peter Tyson managed the deal.

WOOLLOONGABBA - $7 million

Woolloongabba’s Redbrick Hotel has recently changed hands from Hakfoort Group to the Mathieson family for a speculated $7 million.

The historic 1890s pub sits on a 680sqm land area located at 83 Annerley Road. The property offers a 120-person bistro, a bar, first floor function spaces, plus a gaming room contains 30 electronic gambling machines.

Savills’ Leon Alaban and Tony Bargwanna managed the deal.

Western Australia

PERTH - $12.85 million

Four retail lots as part of The Towers at Elizabeth Quay have sold for a total of $12.85 million.

Located at 11 Barrack Street, Perth, the properties traded from Far East Consortium to a private local investor and a private investor from Hong Kong.

Lot 276 sold for $6 million and is currently tenanted by Six Senses Thai restaurant with a ten year lease. Lot 278 sold for $4 million and is currently occupied as a sales office by Perth FEC with 3 years left on the lease. Lot 279 sold for $1.505 million and is currently leased to Cargo Convenience for ten years. Lot 280 sold for $1.345 million and is currently tenanted by Lucky Necko Japanese restaurant with seven years left on the lease.

The properties were all marketed by Ray White Commercial’s Brett Wilkins and Phil Zioti.