Deals of the week – 22 OCTOBER 2018

Victoria

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DOREEN - $15 million
A 2,780sqm mixed-use asset, including a 132-place child care centre and several retail shops, has been sold to a Singaporean investor, accompanied by the Angelo Property Group and Better Living Group, for $15 million.

Sitting on the corner of Painted Hills Road and Hazel Glen Drive, Doreen (Melbourne’s south-east), the recently completed development drew widespread attention due largely to the property situated within one of Melbourne’s designated growth corridors.

"The recent opening of the Mernda rail extension and extensive housing estate developments has provided a huge boost to the local area, providing investors with the opportunity to capitalise on one of Melbourne's growth hot spots," Selling agent Clinton Baxter said. 

Mr Baxter sold the property accompanied by Savills Australia colleagues Jesse Radisich and Benson Zhou.

MELBOURNE - $14.5 million
A rare, freestanding building in a Melbourne CBD laneway has been sold for $14.5 million. Jeff Xu, Golden Age founder and former owner of the property, originally had plans to install a karaoke bar on the top level, however these plans changed after Mr Xu struck a deal with Crown Melbourne to operate a karaoke bar at the casino. 

McKillop House, as the building is known, is a former CBD nightclub at 12-14 McKillop Street – between Bourke Street and Little Collins Street. New owners, the Mantzis family, said that they are “very excited to secure this CBD icon, and look forward to restoring it to its former glory. (We) consider the building to be a blank canvas full of character and future potential."

CBRE’s Josh Rutman, Dylan Kilner, Nathan Mufale and Mark Wizel handled the sale auction.

ROWVILLE - $13 million
Private investors have traded an office/warehouse in Melbourne’s eastern suburbs for $13 million. The two-hectare site at 800 Wellington Road, Rowville, accommodates an 8,140sqm building with a 9.5m internal height clearance.

The warehouse was sold via an off-market campaign lead by Savills' Kosta Filinis and Lynton Williams in conjunction with Charter Keck Cramer.

BULLEEN - $3.25 million
Three adjoining residential lots in Melbourne’s east have been sold as one to a private developer for $3.25 million.

The new owner of 54, 56 and 58 Thompsons Road Bulleen, plans to develop the space into a childcare centre.

Knight Frank's Andrew Greenway and James Thorpe and Australian Professionals Property Service's Paul Doherty brokered the deal.
 

New South Wales

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LIDCOMBE - $145 million
The Lidcombe Centre in Sydney’s west has been traded for $145 million, from a wholesale fund managed by Vicinity Centres to a Sydney-based investor.

The mall encompasses 36,000sqm of land with 1,000 car spaces and direct exposure to Parramatta Road.

The sale of this sub-regional mall, at 92 Parramatta Rd Lidcombe, brings the 2018 ‘year-to-date’ national transaction total ahead of 2017’s full year total; more than $1.3 billion has been transacted so far, which is up 17% on last year's total.

JLL's Simon Rooney brokered the deal.

HAYMARKET - $5.6 million
A 434sqm three-level commercial building, at 8 Cunningham Street in Sydney's Haymarket, has recently been sold for $5.6 million to a private investor.

The new owner has plans to refurbish the property and develop a creative working space to attract higher rents.

Savills' David Hickey and Nick Tuxworth made the sale at auction.
 

Queensland

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URRAWEEN - $4.5 million
A 5.7-hectare lot in the commercial heart of Hervey Bay has recently sold for $4.5 million. The greenfield site, at 101 Boat Harbour Drive, Hervey Bay, was zoned medium density residential and specialised centre allowing for multiple outcomes.

New owners, Scott PDI, are said to be developing a new Shell Service Station on Boat Harbour Drive, which will be connected to this site.

Philip O’Dwyer and Guy Stafford of Colliers International managed the sale.

SOUTHPORT - $3 million
A recently completed residential development in Southport, in the northern Gold Coast region, has been sold for $3 million after a price reduction. The site at 18 Lenneberg Street, Southport, encompassed six tri-level terrace homes, all fully leased at the time of sale.

Steven King of Ray White Commercial handled the sale.
 

Western Australia

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INNALOO - $2.3 million
An 898sqm six-storey building, sitting on a 1,519sqm freehold land parcel, has recently sold for $2.3 million. The site, at 373 Scarborough Beach Road, Innaloo, was zoned ‘Development’ and marketed with potential for a 6-storey mixed-use new development.

Michael Milne of CBRE handled the expressions of interest campaign.

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