Deals of the week – 22 November 2021

Queensland

EARLVILLE - $146 million

The Stockland Cairns shopping centre in Earville has traded from Stockland to Fawkner Property for $146 million.

The 11.13-hectare property is expected to be renamed and is comprised of circa 50,000sqm of GFA with access to near 2,400 car parks. The asset is anchored by Coles and Woolworths along with Big W, Target and BBC Cinemas plus 115 plus specialty stores.

CBRE’s Simon Rooney brokered the off-market deal.

HERVEY BAY - $58.6 million

A brand-new Bunnings Warehouse located in Queensland’s Hervey Bay has been sold by Bunnings, to Cook Property, an offshore private investor, for $58.6 million on a record 4% yield amid strong investor demand.  

The 17,421 sqm warehouse is currently under construction and due to be completed in late 2022, attracted significant interest Australia-wide and internationally with more than 200 buyer enquiries. The centre was sold with a 10-year net lease to Bunnings Group Limited, with options extending until 2080.

The deal was jointly negotiated by Savills Australia’s Peter Tyson and Stonebridge’s Phil Gartland and Justin Dowers.

REDBANK - $17 million

An industrial site in Redbank has changed hands from Cadence Property Group to an owner occupier for $17 million. The vendor’s originally purchased the property in October 2020 for $10.5 million.

Located at 36-48 River Road, the 8.625 Ha property comprises of 14,829sqm of existing buildings and has 6.1 Ha which is developable.

Crew Commercial’s Clint Bott and Corbin Crain managed the deal.

New South Wales

SYDNEY - $38.8 million

Avari Capital have recently made a successful play for the majority interest in Sydney’s Amalgamated Wireless Australasia (AWA) building, in a deal worth $38.8 million.

The circa 1939 building, located at 45-47 York Street, held the title as Australia’s tallest for two decades, rising 14 levels (133m) on a 430sqm land area.

CBRE’s Harry George was the agent.

RYDAL - $6.9 million

Vietnam-backed syndicate AALM Partners has scooped up the Eagle View Escape in the Blue Mountains for a speculated $6.9 million. The 47.7 hectare asset is located at 421 Sandalls Drive and was sold under management and is comprised of 25 suites, a manager’s cottage and an administration building.

HTL Property’s Nic Simaroo and Andrew Jackson managed the deal.

ROSEBERY - $4.35 million

Fashion retailers Coco and Lola have purchased a 750sqm freehold two-storey commercial/retail building in Rosebery at auction for $4.35 million ($750,000 over the reserve) amid competition from 9 bidders.

Situated on 467.9sqm of land at 949 Botany Road, the high-profile land holding has two street frontages and repositioning potential, with favourable planning controls permitting mixed-use development, subject to council approval.

Knight Frank’s Anthony Pirrottina and Demi Carigliano negotiated the sale.

PADDINGTON $3.65 million

A private investor has purchased a 133sqm two-level mixed-use freehold property at 225 Glenmore Road in Paddington from Factoring Investments Pty Ltd for $3.65 million.

The property is situated in the heart of Paddington’s iconic Five Ways precinct. Juniper Café occupies the ground floor retail component and rear half of the ground residence, while level one consists of a three-bedroom residential apartment.

The property was sold at auction after being offered to the market for the first time in 40 years and was attractive to buyers largely due to its location, strong rental history and uplift potential.

Knight Frank’s James Masselos, Demi Carigliano and Anthony Pirrottina negotiated the sale.

Victoria

BURWOOD EAST - $35.8 million

ISPT has purchased the Burwood East office building that serves as the headquarters for Victoria’s Country Fire Authority (CFA) for $35.8 million.
 
The 5,456sqm site at 8 Lakeside Drive in Burwood East will form part of ISPT’s CIB Fund, after its purchase from the Singapore-based TE Capital Partners.
 
Developed in the late-1980s, the property has been home to the CFA since construction, with the group recently renewing on a new 10-year lease term.
 
CBRE’s Tom Ryan and Scott Orchard managed the off-market sale.

GLEN HUNTLY - $9.51 million

An international investor has purchased a childcare centre in Glen Huntly in Melbourne’s south-eastern suburbs for $9.51 million.
 
The sale of the 1,100sqm property at 181 Grange Road reflects one of this year’s sharpest capitalisation rates in the sector, with an initial yield of 4.5%. The facility opened in 2017 and is occupied by Buddies Early Learning on a 15-year lease.
 
CBRE’s Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto secured the transaction on behalf of the private vendor.

DROUIN - $9 million

A 12-hectare PSP approved residential development site in Drouin recently sold off-market for $9 million. Set to yield circa 150 lots, the sale rate achieved approximately $63,000+ per lot.

Real Properties’ Lucas Gentile managed the off-market deal.

MONT ALBERT - $8.05 million

A private investor/developer group has secured 701-703, 705 & 707 Whitehorse Road, Mont Albert, for a total $8.05 million; the sale results in a 2.48% yield and $5,783 land rate p/sqm.

Zoned mixed-use and totalling 1,392sqm land area with 34sqm frontage, the property has sky-high potential in its current and future state and is suited for mixed-use purpose across retail, office or residential, development and more.

CVA’s Jarrod Moran and Ian Angelico handled the sale.

HAWTHORN EAST - $7.5 million

An offshore-backed developer has purchased a 1,592sqm prime development site at 336-338 Riversdale Road & 2 Clive Road, Hawthorn East for $7.5 million before the on market campaign even launched.

The site comprises a rare and premium corner landholding of 1,592sqm in a high profile and tightly held Hawthorn East location. The property benefits from three street frontages totalling 114m with prominent main road frontage to Riversdale Road.

The opportunity is primed for development being located within a flexible Residential Growth Zone 1.

The deal was negotiated by Julian Heatherich of Savills.

CORIO - $5.64 million

A local developer has purchased a 2.02 Ha infill development site in Corio, VIC in a hotly contested auction that generated 90 bids before selling for $5.64 million; $1 million plus over reserve.

Located at 38-56 Vermont Ave, the vacant site is zoned General Residential Zone 4 suiting a variety of development outcomes and boasts triple street frontage.

The deal was negotiated by Savills’ Julian Heatherich, Benson Zhou & Nick Garoni.

MULGRAVE - $1.52 million

A purpose-built office investment located at 39-41 Clunies Ross Crescent, Mulgrave, has recently transacted for $1.52 million.

Spanning 370sqm of building and 392sqm of land across two titles, the office investment is secured by a tenant of over 30 years and offers potential for future development. The lease returns an income of $123,805 pa.

CVA’s David Napoleone and Daniel Philip managed the deal.

CAULFIELD NORTH - $1.52 million

A local investor was the successful final bidder for 152 Hawthorn Road, Caulfield North, which settled for $1.520 million, well above vendor expectations.

The property represented a quality investment, well located within the Caulfield Junction retail strip with two tenants returning $53,245 pa. This was the first time in over 40 years that the property was offered for sale.

Gross Waddell ICR managed the deal.

South Australia

EDINBURGH - $13.4 million

An Adelaide warehouse in Edinburgh has traded hands from transport group Genox to Queensland Investment Corporation for $13.4 million.

Located at 60-70 Purling Avenue, the 4.7 hectare property carries two years on a lease to Wine Storage & Logistic.

Leedwell’s Steve Smith managed the deal off-market.