Pictured above: The Sofitel Hotel, Brisbane
Queensland
BRISBANE CITY - $178 million
Marking the largest hotel deal struck in Brisbane in the last four years, the Sofitel Hotel has sold for $178 million.
The hotel was sold by Canadian firm, Brookfield Asset Management, to Singapore, real estate giant City Developments Limited and will continue to operate as a Sofitel by Accor.
Acquired through CDL's Millennium & Copthorne Hotels and its New Zealand subsidiary, the two arms will share 50/50 ownership of the asset.
The deal was brokered by CBRE's Wayne Bunz, Michael Simpson and Tom Gibson in conjunction with McVay Real Estate's Sam McVay and Dan McVay.
Victoria
BURWOOD - 12.588 million
A vacant Burwood aged care home has sold to an international owner-occupier for $12,588,888, setting a new pricing benchmark for the asset class.
The 8-18 Edward Street property occupies a 5,614 sqm landholding and was previously operating as Trinity Aged Care with 45 beds and two adjoining residential properties. The sale price represents a rate per bed of $280,000.
The property has an existing Development Approval for a new 110-bed aged care facility; however, the international buyer plans to utilise the existing improvements for a supported residential services facility focusing on NDIS participants.
CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat brokered the deal.
EPPING - $3 million
A prime vacant industrial allotment in Epping's highly sought-after industrial pocket, just 20 kilometres northwest of Melbourne's CBD, has sold for $3 million, representing a land rate of $1,096 per sqm.
Colliers' Corey Vraca and Mitch Purcell managed the sale of 69 Trafalgar Road, Epping, through an off-market campaign that attracted several offers from developers and owner-occupiers.
The asset was purchased by an owner-occupier.
PACKENHAM - $780,000
A private investor has snapped up a strata retail outlet leased to Thira’s Thai Massage for $780,000.
Located at 11/1 Hunt Way, Pakenham, the 89 sqm property is part of a recently completed neighbourhood retail complex. It is leased on a five-year basis returning a net annual rental of $40,324.
Burgess Rawson’s Shaun Venables, Justin Kramersh, David Napoleone and Romanor Falconer brokered the deal in conjunction with Cameron’s Nicole Robertson.
The sale price reflected a yield of 5.2%.
SOUTH MORANG - Undisclosed
A 12.13-hectare former “chicken farm” has been sold in South Morang.
The property, located at 1215 Plenty Road, was marketed publicly via an expressions of interest campaign, which generated over 180 enquiries from a range of local developers, as well as interstate and off groups eager to secure a significant “infill” development opportunity.
RPM was the exclusive selling agent, led by Victorian Sales Director Zaynoun Melham, alongside Ed Wright and Jun Lai.
Mr Melham commented, “this campaign underpinned what we are witnessing in the marketplace, where well-located future infill development opportunities are highly sought after and achieving strong land rates”.
The agents declined to comment on the price but confirmed that it had been sold to a well-known local private development group, YourLand.
New South Wales
GLENWOOD - $17.5 million
A large landholding close to the Bella Vista metro station in Glenwood, in Sydney’s northwest, has been sold following strong buyer interest.
The 2.25-hectare site, at 1000 Old Windsor Road, was purchased by a local vocational training establishment from The Anglican Schools Corporation for $17.5 million.
The property, which has been occupied by the Plumbing Industry Climate Action Centre, will continue operations on the site for the foreseeable future.
The sale was negotiated by Knight Frank's Grant Bulpett and Mark Litwin.
SOUTHERN TABLELANDS - $15.5 million
Former investment banking executive Rob Topfer and his partner Rebecca Sparks, have sold their farm near Yass for $15.5 million.
The 759-hectare property holds a three-kilometre frontage to the Murrumbidgee River and has a carrying capacity of 500 cattle. Although the property was bought by an overseas investor with local farming investments, the deal is subject to Foreign Investment Review Board Approval.
The sale was brokered by LAWD's Colin Medway and Tim Corcoran.
BOWRAL - $2.672 million
A private investor has paid $2.672 million for a medical centre sold through Burgess Rawson’s Geoff Sinclair and Yosh Mendis.
Located at 45 Bowral Street, the Centre for Gastrointestinal Health occupies the property on a new 10-year lease paying a net annual rental of $135,000.
Mr Sinclair said the strategic asset appealed to a wide range of investors due to the secure long-term lease in place, while underpinned by a sought-after and tightly held Bowral freehold landholding.
The sale price reflected a yield of 5.05%.
South Australia
FREWVILLE - $4.75 million
An office building in a tightly held location in Adelaide’s inner southeast has sold following strong buyer demand during the Expressions of Interest campaign.
The offering across two titles at 211 Glen Osmond Road and 9 Avenue Road in Frewville was sold in three parts to a mixture of owner-occupiers and investors in a deal with a total value of more than $4.75m.
The sale of the vacant asset, which consists of a two-level office building with 712 sqm of net lettable area on a 1,111 sqm site with rear onsite parking from Avenue Road, was negotiated by Oliver Totani and Jack Dyson of Knight Frank.
Western Australia
VICTORIA PARK - $8.75 million
Centrelink building in Perth’s inner southeastern suburb of Victoria Park has been sold for the first time since the property was built more than 30 years ago.
It was purchased by two local investors from six local country families, who originally built the office building for Centrelink.
The property was sold for $8.75 million, reflecting a 6.66% net return in a deal negotiated by Tony Delich of Knight Frank.
The single-story office building at 117 Shepperton Road has 2,352 sqm of net lettable area with 84 undercover car parks and 14 visitor car parks on a 4,082 sqm site.
