Deals of the week – 28 February 2022

Queensland

BRISBANE - ~$391 million

Two Brisbane CBD offices have recently changed hands for a combined total of $540 million.

The larger of the two involved 12 Creek Street, which saw Marquette Properties pay Dexus $391 million for a 51% share. The building, known better as Comalco Place, rises 32 storeys in the city’s ‘golden triangle’, and contains 38,746sqm of A-grade NLA.

CBRE’s Bruce Baker and Flint Davidson with Knight Frank’s Justin Bond and Paul Roberts were the marketing agents.

BRISBANE - ~$151 million

The second deal included 179 Turbot Street and saw Mercer pay Malaysia pension fund Kumpulan Wang Persaraan (KWAP) near $151 million for the 27-storey building.

The tower contains 24,904sqm of NLA, half of which is vacant, plus 185 car parks.

The vendor originally paid $172 million for the building in 2013.

HEATHWOOD - $30 million

A 17-hectare development site in south Brisbane has just been picked up by Clarence Property for $30 million.

Located at 731 Johnson Road, the property was offered with an approved permit for a 24-lot subdivision with sites between 500sqm and 7,000sqm. The new owners intend to develop a business park named Heathwood Hub.

Knight Frank’s Mark Clifford managed the sale.

New South Wales

SOUTH NOWRA - $65.3 million

A large format Bunnings asset at 129 Princes Highway, South Nowra, has recently sold on an off-market basis to Charter Hall for $65.3 million.

The brand-new Bunnings Nowra complex opened in January 2021 and features a large main warehouse, a timber trade sales area with a five-lane timber drive through, outdoor nursery and landscape yard, a café and under croft car parking for 428 cars.

The former store was demolished in late 2019 to make way for the new $27.8 million building.

Since the onset of the pandemic, there have been over $1.2 billion of Bunnings transactions, with 12 sales in 2021 totalling $496 million.

JLL’s Sam Hatcher and Nick Willis brokered the deal.

CRONULLA - $38 million

A three-storey apartment block opposite Cronulla Beach has been snapped up by Sammut Group for $38 million.

Located at 67 Gerrale Street, the incoming owners intend to redevelop the property, which sits on 1,292sqm, into a $100 million mixed-use complex, with retail, hospitality and 25 dwellings.

Knight Frank’s Anthony Pirrottina and Demi Carigliano negotiated the deal.

Victoria

MELBOURNE - $150 million

Two high quality, A-Grade Melbourne office investments on a large city land holding have changed hands for $150 million in the first major office transaction of 2022.

The deals include 1010 La Trobe Street, Melbourne and the adjacent Innovation Building. Both which were sold by vendors from City Harbour and SF Australia Property Investment II The properties represent a substantial underlying land area of 6,811sqm contained within two parcels, have been acquired by Straits Real Estate.

1010 La Trobe Street is a nine-level office building incorporating a ground floor foyer, retail tenancy and a garage/storage area, together with eight upper levels of office accommodation.

The five-level Innovation Building incorporates a ground floor foyer, together with four upper levels of office accommodation.  The car parking component for both buildings comprises 163 bays.

Colliers’ John Marasco, Anna Cavar, Oliver Hay and Adam Woodward, in conjunction with CBRE’s Mark Coster, Kiran Pillai, Scott McGlone and Stuart McCann managed the deal.

CLYDE - $140 million

A housing estate development site in Clyde, in Melbourne’s south east, has recently transacted to ID Land for $140 million.

Located at 200-230 Moores Road and 185 Manks Road, the 59.16-hectare landholding will allow for low-density residential development near the proposed Clyde Major Town Centre. The site could see between 1000-1200 lots take shape.

Biggin & Scott Land’s Andrew Egan and Frank Nagle managed the deal.

MALVERN EAST - $2.2 million

A Melbourne based developer has reportedly paid more than $2.2 million for a Malvern East development site at auction. Five bidders battled it out to push the price for the 15 Illowa Street property to well over the vendor’s reserve. The agents declined to confirm specific details on price or purchaser.

The property currently comprises a 555 square metre, Residential Growth Zone site, with a two level apartment block and 67 metres of street frontage.

Teska Carson’s George Takis and Stephen Speck managed the auction.

MCKINNON - $1.775 million

An owner-occupier has paid $1.775 million at auction for a renovated restaurant and bar at McKinnon on Melbourne’s south-eastern bayside.

Located at 135 McKinnon Road, the asset is prominently located within the McKinnon village retail strip and comprises a 250sqm, two-storey building with a recently renovated ground floor bar, restaurant and kitchen. It was sold with vacant possession.

Teska Carson’s George Takis and Stephen Speck handled the sale at auction.

PRESTON – Undisclosed

The High Street home of the Preston Toyota dealership has been acquired by a major build-to-rent developer for an undisclosed amount.

Located at 687 High Street, the 1.41 Ha property was sold on an unconditional basis with a lease to ASX-listed Eagers Automotive Limited, providing a net income of over $1,000,000 per annum.
 
CBRE’s Nathan Mufale, David Minty and JJ Heng negotiated the sale.