Deals of the Week - 25th March 2024

Pictured above: Woolworths Clarkson, WA

Victoria

NIDDRIE - $51 million

Fabcot, the property arm of Woolworth's Group, purchased a 5,112 sqm neighbourhood centre that was developed by Con Angelatos. 

Anchored by Woolworths and BWS, Niddrie Central is located on the bustling Keilor Road and was identified as one of 10 activity centres in Melbourne that will benefit from 60,000 additional homes as part of the Victorian Government's pledge to increase housing across the state. 

The deal was brokered by Stonebridge's Justin Dowers and Kevin Tong.

New South Wales 

PADDINGTON - Circa $30 million 

Australian advertising legend John Singleton has successfully offloaded a secluded office precinct, The Bonython, which headquartered his SPASM ad agency. 

The Bonython, located at 52 Victoria Street, houses 24 executive office suites, a licensed open-air café and a tree-filled atrium, was purchased by fashion designer Annie Cannon-Brookes. 

Annie Cannon-Brookes plans to retain the complex as an income-earning investment while also establishing a family office in the building. 

The deal was managed by Ray White's Ben Vaughan and Randall Kemp.

Queensland

STAFFORD - Circa $5 million 

A local private developer has purchased an infill development site in Stafford for $5.85 million. 

Located at 1 Theodore Street, the 4,018sqm site currently has six houses, each with individual titles. The property has development approvals for three apartment buildings, with a total of 57 one, two and three-bedroom units or 25 three-level townhouses.

The deal was managed by CBRE’s Will Carman and John Nucifora.

BEENLEIGH - $6 million 

An offshore private investor represented by Costello Group has purchased the Taco Bell and Yiros Shop investment in Beenleigh, as quick-service restaurant investments remain one of the most highly sought-after sectors for investors. 

Located at 149 George Street, the investment was developed in 2020 by Enhanced Property Investments and is secured by a 10-year lease to each tenant.

CBRE’s Harrison Coburn and Nick Kennedy managed the sale, with the final price reflecting a yield of 5.51%. 

Tasmania 

HOBART - $2.9 million 

Two side-by-side industrial properties in Hobart have been snapped up by a local investor.

The industrial facilities at 9 and 9A Lampton Avenue in Derwent Park, seven kilometres from the Hobart CBD, were sold for $2.9 million. The two properties have a total lettable area of 1,091 sqm across two main buildings, one on each title, with the substantial building at the rear of the site, which totals 4,269 sqm.  

The deal was negotiated by Knight Frank agents Tom Balcombe and Matthew Wallace on behalf of the syndicate owners.