Victoria
CAROLINE SPRINGS - $85 million
In Victoria’s highest ever recorded pub sale, the WestWaters Hotel and Entertainment Complex sold offmarket to Oscars Hotels, for a combined price of $85 million. Occupying a 7,000 sqm site within the Caroline Springs retail precinct, the complex contains a Mecure Hotels with 98 guest rooms, a bistro and sports bar that feature sports betting and gaming facilities, an indoor heated swimming pool, and extensive on-site parking. The property was sold by the Hawthorn Football Club, as part of their plan to wind down exposure to the gaming industry.
The sale was brokered by JLL’s Vice President, Will Connolly and Managing Director, John Musca.
COBURG NORTH - $48.2 million
NZX-listed retirement village operator Ryman Healthcare have purchased 14-22 Gaffney Street in Coburg North, and have announced plans to develop a $350 million mixed use village, that includes an aged care facility, alongside commercial and retail developments on the southernmost edge of the property. The vendor was an owner-occupier and long-term landholder.
Melbourne Acqusitions’ James Latos and Dominic Gibson represented the vendors, whilst Colliers agents Hamish Burgess and Joe Kairouz represented Ryman Healthcare.
ABBOTSFORD - $22.023 million
Amber Property Group has purchased five low-rise showrooms at 422-430 Johnston Street, which covers a total of 2,428 sqm. The Commercial 1 zoned block is expected to be entirely replaced once the final unit on the property becomes vacant in 2025. Plans indicate that Amber has considered developing a 10-storey tower on the site.
The vendors were the individual owners of the five showrooms. It is estimated that the owners have tripled their projected sale price by selling collectively. JLL Property’s Nick Peden, Josh Rutman and Jesse Radisich brokered the sale.
MELBOURNE CBD - $8.45 million
A triple storey art deco asset, located at 267 Little Collins St, has been sold by lawyer Peter Vodicka, who had held the property for over a quarter of a century. Sitting on a 203 sqm Capital City 1 zoned block, the site possesses 380 sqm of lettable area, with an annual return of $110,000. Current tenants include music bar Fika Island, who hold a five year lease, and a month-to-month retailer on the ground floor. The property was sold to an unidentified private investor. The deal was arranged by Fitzroys’ Chris Kombi, in an off-market sale.
New South Wales
ALEXANDRIA - $200 million
The Goodman Group has purchased the Alexandria Homemaker Centre on O’Riordan Street from the private investment vehicle, Arkadia. The Homemaker Centre is a 22,417 sqm, two-level hub whose tenants include The Good Guys, Spotlight, and Forty Winks. This latest acquisition for Goodman reportedly netted a 4% yield.
WAGGA WAGGA – Less than $10 million
The Red Steer Hotel and Motel has been sold to Sydney hospitality operator Feros Group. The property offers multiple bars, a gaming room with nine machines, a bistro, commercial kitchen, and a large beer garden. The landholding also possesses a freestanding motel with 13 accommodation rooms.
Feros will be temporarily shutting the pub for cosmetic renovations, subsequent to closure of the sale. HTL Property’s Xavier Plunkett was responsible for the deal.
SURRY HILLS – Circa $10 million
The Royal Albert Hotel was purchased by Marcello Colosimo’s Momento Hospitality, for a reported price of $10 million. The 211 sqm, two-storey corner pub holds a midnight licence and gaming room. The property was sold by a consortium of private investors, which notably includes former NRL player Bryan Fletcher.
The purchase is Momento’s second inner-city hotel acquisition, following last week’s announcement that the group was purchasing the Friend in Hand Hotel from the Young family. The sale was brokered by HTL Property’s Sam Handy and Blake Edwards.
BERRIMA - $7 million
The gaol in the Southern Highlands that was formerly known as the Berrima Correctional Centre has sold to the Blue Sox Group, after a “rigorous” Expressions of Interest process conducted by Property and Development NSW. The site was sold with the acknowledgement that the historical significance of the property would not be disrupted by the incoming owners.
Blue Sox are intending to redevelop the heritage site, with proposals indicating that they are to incorporate a boutique hotel, alongside small business opportunities, such as antique and book shops, art galleries, libraries, and a museum. The Colliers team of Nick Estephen, Thomas Mosca and Frank Oliveri worked in conjunction with Property and Development NSW to broker the sale.
Queensland
EIGHT MILES PLAIN - $19.735 million
A recently constructed building in one of Brisbane’s leading business districts was sold for just under $20 million in an off-market deal, organised by Knight Frank’s Matt Barker and Blake Goddard. The 3,118 sqm property at 1 Miles Platting Road has 2,808 sqm of net lettable area, spread over a two-storey building. The property was sold by the Alceon Group, to the Southern Cross Group.
South Australia
ADELAIDE CBD - $20.9 million
The Sentinel Property Group have initiated their maiden foray into the South Australian commercial property market, purchasing the five-level office component of the 19 storey mixed-use building, The Conservatory on Hindmarsh Square, located at 131-139 Grenfell Street. The strata-titled asset was offered by the Centuria-managed Office REIT. The offices are fully leased to SA Health and the federal government’s Australian Trade and Investment Commission, with a Weighted Average Lease Expiry (WALE) of 3.2 (as of the property’s listing in March).
CBRE’s Alistair Laycock and Ian Thomas, in conjunction with Knight Frank’s Guy Bennett, marketed 131-139 Grenfell Street.
Northern Territory
RAPID CREEK – Circa $25 million
Darwin’s popular Beachfront Hotel was sold by longtime owner, Doug Sallis, to leading hospitality operator Endeavour Group. Featuring facilities such as TAB, a public bar, gaming room, bistro, and dual lane drive-through bottle shop, the Beachfront Hotel is an award-winning freehold that was being offered to the market via an Expressions of Interest campaign, run by HTL Property’s Brent McCarthy and Glenn Price.
Tasmania
SOUTH HOBART – Price Undisclosed
Hobart’s award-winning Islington Hotel has been sold to hotel management company, La Vie Hotels & Resorts. The 175-year-old establishment is considered one of Tasmania’s finest boutique properties, containing 11 rooms and an impressive art collection, as well as an enviable view of the adjacent Mount Wellington.
