Deals of the Week - 22nd April 2024

New South Wales

PYRMONT - $55 million 

Hong Kong-based boutique hotel developer Ovolo Hotels offloaded The Woolstore 1888 Hotel at Darling Harbour after purchasing the hotel for $33 million in 2014.

Purchased by Shakespeare Property Group, the real estate arm of fund manager Prime Value, the hotel was originally constructed in 1888 and has 90 guest rooms over four floors on a 626 sqm parcel. 

The deal was brokered by CBRE's Michael Simpson, Wayne Bunz, Steve Carroll and Hayley Manvell. 

FAIRFIELD - $47.5 million 

MA Financial's Redcape Hotel Group has unfrozen the unlisted fund after offloading the Crescent Hotel in Sydney's west. 

The sale of the Crescent Hotel marks more than $200 million of divestments for MA in less than 12 months, with the Mount Annan Hotel, Unanderra Hotel, the Aspley and Grove Hotel being sold. 

The deal was handled by JLL's Ben McDonald and John Musca, while the hotel was purchased by Patrick Gallagher's Gallagher Hotel Group. 

GUILFORD -  Circa $2 million 

A co-living development site sold within seven days of being on the market to a local developer.

The site at 266 Railway Terrace in Guildford to a local developer from Morehouse Investments following, a campaign run by Knight Frank's Anthony Pirrottina, Demi Carigliano and Grant Bulpett. 

The 831.4 sqm development site, which is situated within 350 metres of Guildford train station and retail village, has approval for 33 self-contained co-living studio apartments.

Victoria 

BEACONSFIELD - $8 million 

An early learning investment sold with the final price reflecting a sharp yield of 5.05%, well below the current cost of debt. 

In a deal handled by CBRE's Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat, the property located at 2 Pink Hill Boulevard, holds a 15-year lease to 2036 with three further 10-year options to 2066 and 

PAKENHAM - $2.85 million 

A commercial land parcel spanning 3,734 square metres in Melbourne’s southeast has been sold to a non-disclosed private developer.  

Located at 12 O’Sullivan Street, the property came permit well connected to arterials used frequently for commercial operations in the Pakenham area and is surrounded by retail and trade amenity. 

The deal was handled by Jones Real Estate's Dan Hannebery. 

SOUTH YARRA - $2.16 million 

Melbourne’s prime shopping strip market has passed another test in 2024, with a corner property on Toorak Road selling under the hammer for $2.16 million, on a sharp 3.7% yield. 

Fitzroys’ Lewis Waddell, Ben Liu and David Bourke sold 17 Toorak Road on behalf of a private owner for the first time the property had been offered to the market in 28 years. 

The strong bidding from multiple parties pushed the price $210,000 beyond the reserve, with a local buyer eventually winning out.

Queensland 

KALLANGUR - $6.1 million 

An interstate investor has snapped up a high-performing Hungry Jack’s asset at Kallangur in a competitive auction for $6,100,000, demonstrating strong investor interest in premium assets.  

Located at 1381-1385 Anzac Avenue, the property was sold by Colliers' Hunter Higgins and Sam Polichronis on behalf of a valued private client. 

Colliers Queensland National Director Investment Services Hunter Higgins said it was a competitive auction with many bidders trying to secure the high-performing asset.