Deals of the Week - 26th February 2024

New South Wales 

NORTH SYDNEY - $95.5 million

A commercial tower in North Sydney has been purchased by a long-time Australian property investors and Singaporean family office, the Ho family. 

Offloaded by Dexus' Wholesale Australian Property Fund, the 18-storey grade-a office located at 124 Walker Street was sold at a 20% discount to its valuation in June last year of $120 million. 

The purchase was spearheaded by brothers Ho Ninghao and Ho Ningchi, with the deal being negotiated by Stanton Hillier Parker's Bevan Kennedy and Shirley Fan.

SYDNEY - $66 million 

Element Property Group has sold and settled Sydney's RCA House, which was once a Universal Film studio. 

The property, located at 499-501 Kent Street, was purchased by property developer Icon Oceania, who plans to develop the property into a 23-storey luxury hotel. 

Icon announced their plans to purchase the property for an undisclosed price last year, with the sale now being settled. 

Savills' Andy Hu and Jordan Lee brokered the deal.

Queensland

BEENLEIGH - $5.12 million 

A local private investor has purchased Hungry Jacks Beenleigh as the asset class remains highly sought after by investors. 

Located at 151 George Street, the property was built in 2017 as part of a four-stage retail and health precinct developed by Enhance Property Investments. 

CBRE’s Harrison Coburn and Nick Kennedy negotiated the sale which represents a yield of 4.68%. 

BUNDALL - $1.4 million

A local private has paid $1.4m plus GST for a property consisting of six self-contained, single-bedroom apartments on a 511sq m corner allotment at 1 Tiwi Street. The property was previously an NDIS facility but was sold with vacant possession. It was sold by Brisbane-based investment group UpInvest. 

Previously tenanted by Multiple Sclerosis Queensland, the micro village opportunity offered incoming investors various future uses, including medical or supervised living for patients or to lease all units for residential housing. 

The on-market campaign yielded impressive results, drawing a significant level of interest from potential buyers with 57 enquiries, 22 inspections and five formal offers, indicating strong interest in the market.

Knight Frank's Jacob Heinke negotiated the sale.