Deals of the Week - 24th July 2023

Queensland

YATALA - $56 million

CG Property Group's Michael Callow and Mark Gilbride have sold a 63,109 sqm industrial asset on behalf of a private Sydney-based fund.

The asset is leased to TSS Freight and Bidfoods, with a separate standalone facility on the land parcel leased to Pacific Optics. The asset was purchased by a private investor, with the final sale price of $56 million reflecting a yield of 5.17%.

BUNDALL - $46.25 million

The City of Gold Coast has expanded its investment portfolio with the $46.25 million purchase of the Wyndham Corporate Centre in Bundall from property fund management company RF CorVal.

The 7,931 sqm, 1 Corporate Court building has an occupancy rate of 93%, a fully leased net income of $3,537,960 and a WALE of 5.3 years.

CBRE’s Mark Witheriff, Jack Morrison and Peter Chapple together with Dan McVay and Brock McDermott of McVay Real Estate brokered the deal on behalf of RF Corval.

Tasmania

KING ISLAND - $22.66 million

Property investment and development firm, PGA Group, has offloaded a beef farm in King Island for over $22 million.

The 1048-hectare property known as "Reedy" was purchased by the Crouch family, who already have a substantial presence in King Island, as well as Waverley Station in Scone. After this purchase, the Crouch family owns around 30,000 Angus cattle across King Island, Scone and Gunnedah. 

It is speculated that the deal was negotiated by LAWD's Danny Thomas.

New South Wales

BONDI - Undisclosed

 Located right across the road from Bondi Beach and one of only four hotels in Bondi, Topikos, sold to fifth-generation hotelier Edward Ryan. 

The deal was orchestrated by HTL Property's Andrew Jolliffe, Dan Dragicevich and Xavier Plunkett, who commented on the sales campaign being highly competitive, especially given the increasing interest in hospitality assets in comparison to other investments, due to their revenue-generating nature. 

TAREE - Undisclosed

The Royal Hotel Taree was sold to a group of local investors who add the venue to an existing portfolio of hospitality assets and plan to provide a premium hospitality offering in Taree, in a deal orchestrated by JLL's Edward Browne and Greg Jeloudev.

Situated robustly on the main street of Taree at 202 Victoria Street, the venue sold via a competitive 4-week Expressions of Interest process with contracts exchanged immediately upon the conclusion of the campaign.

Regional hospitality assets positioned in strong NSW towns continue to generate significant interest from the market, particularly those with multiple revenue streams and sound trade figures.

Western Australia

WELSHPOOL - $10.3 million

 Resource transportation firm, Skippers Transport, purchased a 1.82-hectare underdeveloped industrial site at 91-103 Kurnell Road.

Brokered by JLL's Chris Monterosso and Luke Schreier, this deal marks the first time the property has changed hands in 25 years, with the sales campaign garnering interest from over 50 local and interstate developers and owner occupiers. 

The property was sold as part of the Cleveland Freightlines portfolio.