Deals of the Week - 26th August 2024

Western Australia 

JOONDALUP - $420 million 

Vicinity Centres has outlaid $420 million for a 50 per cent stake in Western Australia’s coveted Lakeside Joondalup in Australia’s largest 2024 retail transaction.

Lakeside Joondalup has a gross lettable area of 99,832sqm and is securely anchored by Myer, Kmart, Big W, Target, Coles, Woolworths, Aldi and Hoyts Cinemas.

The deal was brokered by CBRE’s Head of Retail Capital Markets Simon Rooney, acting on behalf of the Future Fund to sell the stake, with the remaining interest in the landmark centre owned by Lendlease’s APPF Retail Fund.

CLAREMONT – Undisclosed
Perth based commercial property company Hawaiian has exercised it pre-emptive rights to purchase a 50% interest in Claremont Quarter.

Claremont Quarter is positioned approximately 9km south-west of the Perth, in what is considered one of the city’s most prestigious suburbs, Claremont Quarter offers a gross lettable area of 29,766sqm and is securely anchored by David Jones, Coles and Jack’s Whole Foods & Groceries, supported by five mini-majors and 108 speciality stores and kiosks.

CBRE’s Head of Retail Capital Markets – Pacific, Simon Rooney and McVay Real Estate’s Sam McVay and Dan McVay exclusively acted on behalf of QIC to market the shopping centre stake.

New South Wales

BONDI JUNCTION – Circa $75 million

The flagship Tea Gardens Hotel in Sydney’s Bondi Junction has sold to John and Sally Ryan from the Purkis family, who have owned the hotel for 10 years.

Inside, there’s a VIP gaming room with 30 poker machines, a main bar on the ground floor, and a balcony bar above with a cocktail bar, indoor lounge, front balcony overlooking Bronte Street, and an outdoor deck at the back.

The sale was conducted off-market by HTL’s Managing Director, Andrew Jolliffe.

LAKE MACQUARIE - $20.5 million

A Belmont North Development Site and former 12,820sqm Bunnings Warehouse has sold to a retail developer.

The site, situated at 393 Pacific Highway in Lake Macquarie, on an expansive land holding of 40,380sqm, provides an excellent repositioning opportunity for industrial, retail or mixed-use usages (Subject to Council Approval).

The site was sold by James Wilson and Ben Wilkinson of Colliers, on behalf of BWP Trust.

BATHURST - $13 million

The renowned Mantra Bathurst Hotel has sold to a local owner-operator on behalf of the MA Real Asset Opportunities Fund, managed by MA Financial Group’s MA Growth Ventures team.

The Mantra Bathurst Hotel, presenting 50 well-appointed guest rooms and suites, has been an integral part of Bathurst's hospitality landscape along with its prominent location with direct access to Bathurst CBD and Mount Panorama.

The deal was transacted off-market by JLL Hotels & Hospitality Group’s Andrew Langsford.

South Australia

North Adelaide – Circa $50 million

McGees Adelaide’s James Juers and Simon Lambert have sold the 1.9-hectare North Adelaide Lutheran Church site to four different buyers, integral among them being Chris Diamantis’ Genworth Group.

One of the parcels will become the most expensive-ever parcel of land in Adelaide for a single dwelling (the private purchaser is going to use it for one single home).

The Sydney-based purchaser of Hebart Hall building will transform the circa-1882 building into a residence for the first time in its history.

Victoria

KEILOR PARK – Circa $12.5 million

79 Keilor Park Drive has sold off-market, a premier industrial property located in Melbourne’s Keilor Park.

This site represents one of the last large vacant allotments in the Keilor Park area. Covering an expansive 9,368 square metres, the site features an impressive 99-metre frontage to Keilor Park Drive, offering exceptional visibility and accessibility.

The transaction, managed by Colliers agents Mitch Purcell, Corey Vraca, and Nick O’Brien.

LANGWARRIN - $8.7 million

National childcare developer Accord Property has sold its Guardian Early Learning Centre at Langwarrin to a private investor.

The single level property, located at 88 Potts Road, is licensed for 110 childcare places and is fully leased to private equity owned operator Guardian with a 20-year initial lease term to 2044 plus further.

The deal was brokered by CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat.

CAMBERWELL - $5.08 million

A double-tenanted Burke Road, Camberwell shop sells for more than $5.08 million - nearly $1 million above the reserve.

626 Burke Road, Camberwell, dual-fronted 261sqm freehold features a new six- and five-year leases to established tenants, with Frankie4 occupying the Burke Road tenancy, and Lucky Well Tattslotto at the rear Market Place tenancy.

The deal was managed by Fitzroys’ Chris James and Ben Liu.

ST KILDA - $4.4 million

133 Acland Street has sold on behalf of private vendors who have owned the property for 26 years.

On a 460sqm Commercial 1-zoned site, CBA has occupied the property for over 50 years and has 3.5 years remaining on the lease with further options. The distinctive and high-profile 233sqm building recently underwent a major refurbishment.

The property was sold through Fitzroy’s Mark Talbot and David Bourke.

GEELONG - $1.150 million

A premium industrial warehouse located in the highly desirable suburb of Newtown on the outskirts of Geelong has successfully sold.

The 290sqm property at 19/5 Bridge Street has changed hands to a local owner-occupier for $1,150,000, achieving an impressive $5,750 per sqm across the ground floor area.

The transaction was expertly managed by Colliers’ agents Ned Tansey, Jonathon Lumsden, and Jackson Carrick.

Queensland

BRISBANE - $2.6 million

A commercial building on the fringe of Brisbane’s CBD has sold in an off-market deal as demand for quality, well-located freestanding assets in the city continues to strengthen.

The property at 232 Boundary Street in Spring Hill consists of a 308sq m building on a 258sq m site, with six undercover car parks.

The sale was negotiated by Hayden Ryan and Jacob Heinke of Knight Frank on behalf of the vendor, a local private investor.

BRISBANE - $1.150 million 

A record price has been achieved for a rare Queen Street frontage retail space, located on the ground floor of Spire Residences.

The successful purchaser was a private interstate investor that had high-end convenience store tenant, quikstop minimart, lined up to move in and take advantage of the high number of residents in the catchment.

The deal was transacted by Colliers Queensland experts Tony Wang and Shaun Seeto.

DRAYTON – Undisclosed

JLL Hotels & Hospitality Group is pleased to announce the sale of the Downs Hotel in Drayton, Toowoomba. The hotel was sold via a private treaty process after a thorough and targeted campaign.

The Downs features a strong food & beverage operation, alongside a stylish gaming room featuring 30 modern and high demand EGMs. Situated on a prime 3,804sqm corner site.

The deal was transacted by JLL Hotels & Hospitality Group’s Tom Gleeson, Christian Tsalikis and Mark Walsh.