Deals of the week – 22 February 2021

New South Wales

SYDNEY - $132 million

The five-star Primus Hotel in Sydney’s centre has traded from Greenland to Pro-Invest Group for $132 million, following the collapse of a proposed $140 million deal to Qatar Airlines.

Located at 339-341 Pitt Street, the five-year old facility forms part of the mixed-use Greenland Centre which upon completion will contain the city’s tallest apartment tower.

JLL’s Mark Durran managed the deal.

PARRAMATTA - $41.435 million

Amid strong ongoing demand for non-discretionary retail investment opportunities, a private Australian investment trust has acquired Entrada Shopping Centre in Parramatta for $41.435 million.

Situated 1km north of the Parramatta CBD, on the high-profile corner of Victoria Road and Church Street, the centre is anchored by a strong-performing Coles supermarket. It has a gross lettable area of 5,570sqm and features its own 196-space car park.
 
CBRE’s James Douglas negotiated the sale.

ULTIMO - $1.565 million

Leading Sydney-based media and tech company Rogue Creative Properties has purchased a 224sqm office Ultimo for $1.565 million.

C19, 38-48 MacArthur Street is set to be used as their new headquarters with the property comprising a modern ground floor office within the iconic heritage-listed Dalgety Square. The office was acquired with vacant possession and reflected a building rate of $6,978 per square metre.
 
The asset presents an open plan office floor with exposed heritage wooden columns, high ceilings, executive boardrooms, two secure car parking spaces and access to Dalgety Square’s facilities including a gym, pool and barbeque courtyard.
 
 The deal was negotiated by Savills Australia’s Ollie Ridley and Nick Lower.

Victoria

DANDENONG SOUTH - ~$8.16 million

An interstate owner occupier has expanded its footprint in the Melbourne market after purchasing a 1.6 Ha site in Dandenong South for around $8.16 million to develop its newest facility. 

A building product specialist plans to develop a state-of-the-art facility spanning 8,000sqm on the property, situated at Lot 6, 91 Colemans Road. Upon completion, the facility will be used as its new Melbourne headquarters for production and distribution.  

The site, which boast dual street frontage onto Colemans Road and Jamieson Way, enables full drive through capabilities. 

CBRE’s David Aiello and Patrick Noone negotiated the off-market transaction on behalf of Chadwick Investments. The sale reflected a record land rate of circa $510 per square metre for Dandenong South. 

MELBOURNE - $2.6 million

Strong buyer competition has resulted in the sales to an offshore investor of two shops in Melbourne’s ‘The Edition’ building for a combined total of $2,608,713.

The 31sqm and 61sqm square metre shops, located at Shop 4 and 6, 517 Flinders Lane,

are leased to hospitality tenants Delhi Streets and Hunters Roots and were sold with five- and six-year leases respectively. The respective net incomes are $77,715 and $44,900 per annum.

CBRE’s Alex Brierley, Nathan Mufale and JJ Heng managed the sales.

LANCEFIELD – Undisclosed

The Freehold Going Concern of Cleveland Winery in Victoria’s pristine Macedon Ranges has sold, marking yet another milestone in market confidence to the Victorian Regional Tourism & Leisure industry. 

The asset is set on an enormous 40.3-hectare site at 55 Shannons Road Lancefield, with facilities including 50 guest rooms, 7 function spaces, restaurant, and a cellar door with a working vineyard of varying grape variety. The successful bidder was renowned and award-winning boutique hotel specialist, Lancemore Group

JLL’s Nick MacFie and Will Connolly managed the campaign.

HAMPTON – Undisclosed

The popular Hampton Street shopping strip is set for a new chapter, after neighbouring owners joined together to create and sell a 1,358sqm site in a generational deal.

The site comprised six separate shops ranging from 75sqm to 94sqm, some occupied on monthly tenancies, others vacant, and one with tenancy subject to a development clause.

The purchaser is expected to make use of the favourable development potential of the site with Commercial 1 zoning and a highly attractive DD 012 Development Overlay promoting four-storey developments.

The price was undisclosed, but a very strong result is believed to be achieved on the basis of expectations of $8 million-plus.

Fitzroys agents Mark Talbot and Shawn Luo sold the property.

Queensland

FORTITUDE VALLEY - $15.8 million

Property investment, asset management and development firm RG Property has expanded its Brisbane portfolio with the $15.8 million acquisition of an historic Fortitude Valley office complex.

The asset occupies a large 5,094sqm inner-city land holding at 37 Kennigo Street with two street frontages.   The deal represents the latest acquisition for RG Property, a group with a proven track record in active asset management. Last year, RG sold Brisbane’s 410 Queen Street office building for $53.5 million after acquiring the asset in 2011 for $28.8 million.

CBRE’s Jack Morrison and Peter Chapple negotiated the sale in conjunction with Cushman & Wakefield’s Peter Court and Mike Walsh.

MORAYFIELD - $8.8 million

Helmsman Invest has divested a 2.17 Ha industrial site to a self-storage business, receiving $8.8 million as a result.
 
Next to the busy Morayfield Woolworths, the leased facility features approximately 7,466sqm of warehouse space over multiple buildings, returning a secure income and offering development upside.
 
CBRE’s Hugh Adnam and Dillon Murphy negotiated the sale off-market.

TINGALPA - $7 million

A private investor has purchased a 3,571sqm industrial manufacturing facility in Tingalpa for $7 million.

Located at 36 Proprietary Street, the property is currently occupied by Polyfoam who manufacture polystyrene foam packaging. They have had a long 13-year lease in place with approximately 4 years remaining. They had relocated to larger premises a year ago in Darra and were trying to sub lease the property, but they chose to return to the property with demand within their business rapidly on the increase.  
 
The deal was negotiated off market by Savills Australia’s Shaw Harrison.

EAGLE FARM - $3.85 million

The commercial market north of Brisbane, the suburb of Eagle Farm in particular, remains in great shape with another stellar sale as 87 Links Avenue South sold for $3.85 million.

The property, which came with a 1,880sqm building GFA on a 5,162sqm land area, was picked up by a local developer who intends to enjoy the income, as well as land-banking the site for the future.

The asset was sold off-market by Ray White Commercial’s Paul Anderson, Andrew Doyle, and Aaron Aleckson.

Western Australia

MANDURAH - $16 million

Perth-based commercial funds management company, Mair Property Funds, has acquired a second asset for its MPF Diversified Fund No. 3, a mixed commercial centre in Mandurah for $16 million.
 
Located at 35 Minilya Parkway, the Greenfields Commercial Centre sits on a 8,801sqm site and features three buildings that are currently leased to strong multinational retail and medical tenants, McDonald’s, Caltex and GenesisCare.
 

CBRE’s Richard Cash negotiated the sale.

GLENFIELD - $10.4 million

The Glenfield Shopping Centre in WA’s Midwest has changed hands for $10.4 million.

Located just north of the regional town of Geraldton, the centre is anchored by a strong performing IGA and drive-through Cellarbrations liquor store – both on new 10-year leases. With an additional eight specialty tenants, the sale reflects a secure long-term income stream of more than $800,000 per annum.

CBRE’s Richard Cash negotiated the sale on behalf.