Deals of the Week - 22nd May 2023

Pictured above: Woolworths Mountview

Queensland

REDBANK PLAINS - $35.2 million

Woolworths has continued its streak of selling four shopping centres in the past two weeks, with the sale of their recently constructed 4,981 sqm Mountview store.

Brokered by CBRE's Michael Hedger, Joe Tynan and James Douglas, the asset was purchased by an offshore investor, with the final sale price reflecting a 5.27% yield.

New South Wales

ENGADINE -  $35 million

The Engadine Tavern in Sydney's Sutherland Shire has been offloaded by Tony Denny.

Located at 50 Station Street, the pub asset was purchased by publican Chris Ferros, owner of Feros Hotel Group, which owns and operates several venues within the area, including the Prince, Highfields Hotel and the Taren Point Tavern. 

The deal was brokered by HTL Property's Daniel Dragicevich and Sam Handy, in conjunction with Highland Commercial Property's Andrew Highland and Luke Barbuto.  

CARGO - Circa $30 million 

One of the largest rural properties in central NSW, the 3,817 sqm 'Checkers', has been sold by its 45-year owners, the Mathieu family. 

Brokered by Inglis Rural Porpery's Sam Triggs, Jamie Inglis and Liam Griffiths, the property was purchased by a private NSW farming family business with existing livestock.  

BATHURST - $17.5 million

A neighbourhood shopping centre in Bathurst has been offloaded by Quanta Investment Funds for $17.5 million. 

'Bathurst Chase' was purchased by Mintus in a deal brokered by CBRE's James Douglas, Joe Tynan and Michael Hedger in conjunction with Stonebridge's Alex James-Elliot, Justin Dowes and Phillip Gartland. 

The substantial 11,777 sqm asset in central Bathurst houses the only Coles within the region, with the final sale price reflecting a passing yield of 7.36%. 

HUNTER VALLEY & BLUE MOUNTAINS - Undisclosed 

Australian-owned global fund management firm, Salter Brothers, has purchased the Escarpment Group's collection of luxury hotels and estates in regional NSW. 

The collection included Lilianfels Resort & Spa, The Hydro Majestic Hote, Echoes Boutique Hotel, Parklands Country Gardens & Lodges, and The Convent Hunter Valley.

The portfolio consists of 237 rooms in irreplaceable locations, all with significant landholdings and signature 'hatted' restaurants such as Darley’s Restaurant at Lilianfels Resort & Spa and Circa 1876 at The Convent Hunter Valley.

MARRICKVILLE - $8.05 million

Bragg Media has sold a two-storey commercial building on a 575 sqm block at 248-250 Marrickville Road to a local investor on a short 42-day settlement in an off-market sale.

The property, with ground-floor retail and a first-floor office, is found in Sydney’s highly sought-after Inner West, boasting an impressive three-street frontage along one of Marrickville’s most desirable retail village settings.

Demi Carigliano and Anthony Pirrottina of Knight Frank negotiated the sale. 

Victoria

ABBOTSFORD - $19 million 

Fitzroy's Paul Burns and Chris James have sold the former Kodak building and Carlton & United Breweries headquarters for $19 million. 

Located at 2-6 Southampton Crescent, 27-29 Duke Street and 36 Bond Street, the 3,099 sqm asset was sold on behalf of Australian property development firm, Hengyi.

Purchased by a national self-storage operator, Hozit My China Pty Ltd, who plans to repurpose the asset into a self-storage facility. 

WYNDHAM VALE - $13.8 million

A land parcel in Melbourne’s western corridor suburb of Wyndham Vale has been bought by diversified developer, Oreana Property Group, for $13.8 million.

The 20.77-hectare site at 290 Hobbs Road was sold via Expressions of Interest by Fitzroys’ Brent Glassford and Marco Sandrin, in conjunction with Andrew Lepa of Oliver Hume, on behalf of a private owner.

Located within the City of Wyndham, the land is situated within the approved Ballan Road Precinct Structure Plan and features Werribee River frontage. 

CONCORD WEST - $4.21m

A local developer has purchased a 1,631 sqm blank canvas development site at 1-3 Harrison Avenue from a mortgagee. The property was sold at auction, following 17 bids from three bidders, after a campaign that yielded 124 enquiries.

The developer will build three duplexes (six dwellings) on the site, which is within walking distance of the Rhodes shopping centre and train station.

Anthony Pirrottina and Mark Litwin of Knight Frank negotiated the sale.

NORTH MELBOURNE - $4.5 million

A 375 sqm single-storey office/warehouse asset at 112 Peel Street has been sold to a private investor.

With Gorman Allard Shelton acting for the vendor, and Raff De Luise of Gross Waddell ICR acting for the buyer, the site sold for $4.5 million, reflecting a land rate of  $12,133/sqm and representing a 1.6% yield. 

FITZROY - $2.58 million

A hospitality asset located in inner Melbourne's Fitzroy has sold for $2.58 million.

Located at 312 Brunswick Street, the asset houses an experienced hospitality tenant, Witches in Britches Pty Ltd, who have recently renewed their lease for a further five years. The deal was brokered by Gross Waddell ICR's Raff De Luise and Julian Materia. 

BLACKBURN - $2.35 million

Pace Development Group has sold the Daiku Japanese Restaurant in its Blackburn development for $2.35 million, providing a return of 5.45% for its new owner. 

Located at 168 Whitehorse Road, the 358 sqm restaurant is leased on a 10-year basis at a net annual rental of $128,160. 

Burgess Rawson’s Shaun Venables, Romanor Falconer, Matthew Wright and Liming Qiao sold the property. 

South Australia

MARLESTON - $4 million

A property at 1-5 Bruce Avenue in Adelaide’s inner west has sold for $4 million via a Private Sale negotiated by Knight Frank's David Ludlow and Marco Onorato.

The 2,819 sqm property was purchased by a local private who plans to undertake a refurbishment on part of the site, and a full redevelopment on a further portion of the site.

The sale took place after the property was on the market for just three weeks, demonstrating the strong demand for industrial property in Adelaide. 

Western Australia

WEST PERTH - $3 million

Colliers' Shane Isaacs, in conjunction with SVN I Perth's Rocco Demaio, has sold a freehold office building in West Perth.

Purchased by a local owner, the two-storey, 1,256 sqm office building came with vacant possession, representing a land rate of $3,322/sqm.