Deals of the week – 28 June 2021

National

CHILDCARE PORTFOLIO - $33.992 million

Following a portfolio auction event held by Burgess Rawson, six childcare centres successfully sold under the hammer for a total of $33.992 million.

Starting with the highest value, 322-328 High Street, Belmont (Geelong, VIC), secured $7.6 million reflecting a 4.99 per cent return. Other centres include; a G8 Education backed asset at 73-75 Tareeda Way, Ocean Grove (VIC); a centre at 2A-4 Roseberry Grove, Glen Huntly (VIC); 85 Bellview Drive, Sunbury (VIC); 157 Rockingham Road, Hamilton Hill (WA); and 855 Ruthven St, Kearney Hills (QLD).

Natalie Couper, Adam Thomas, Sean Venables, Craig Chapman, and Chris Carcione were the agents.

New South Wales

DOUBLE BAY – $35 million

Double Bay’s Savoy hotel has been scooped up by Anthony Scali (managing director of Nick Scali) for $35 million.

The four-storey asset located at 35-45 Knox Street sits on a 616sqm landholding and presents a mid-rise residential development proposal. It was sold fully leased to the hotel until 2024, with three further tenancies.

The deal was handled by Colliers’ Miron Solomons and Matt Pontey, along with Ray White Commercial’s Grant Whiteman.

PENRITH - $4.7 million

An investor has swooped on a newly-renovated and tenanted industrial property in Penrith, with a $4.7 million purchase at auction.
 
The sale price for the 1,776sqm facility at 51 Leland Street was $150,000 above reserve, and reflects a yield of 4.83% and building rate of $2,690/sqm.
 
The two-level facility is leased to Valley Collision Centre on a new, three-year term for a net annual rent of $227,110+GST, with an additional five-year option. Recent renovation work encompasses the facade, office space, roller doors, fencing and landscaping.
 
CBRE’s Brendan Wein, Matthew Alessi and John Micallef managed the sale, in conjunction with PRD Commercial’s Jay Morosi and Robert Tappouras. 

CAMPSIE $3.2 million

Favela Developments have sold a 1,100sqm DA-approved boutique site across two lots at 56-58 Fifth Avenue in Campsie for $3.2 million.

The purchaser, a private developer, is looking to construct the DA-approved 36 studios.

Knight Frank’s Demi Carigliano & Anthony Pirrottina negotiated the sale.

Victoria

BRIGHTON - $12.2 million

An offshore developer has snapped up a premium development opportunity from World Class Group in Brighton for $12.2 million.

With an approved permit for 16 luxury apartments, the 2,295sqm site at 7 & 9 Halifax Street in Brighton represents an opportunity to deliver an ultra-luxury project with the apartments averaging a large internal area of 137sqm.

Savills Australia’s Benson Zhou and Julian Heatherich managed the sale.

YARRAVILLLE - $10.9 million

A service station in Yarraville has transacted for $10.9 million

The shell-back asset, located at 250-258 Whitehall Street, recently replaced a Beaurepaires, following a redevelopment by Elite Property Group. It was sold with a 10-year lease.

Burgess Rawson’s Zomart He, Jamie Perlinger, Scott Meighan and Billy Holderhead managed the deal.

BALACLAVA - $5.35 million

Two neighbouring Balaclava warehouses have been picked up by an Asia-based developer for $5.35 million. The property was offered with plans for a mixed-use project.

Located at 6-10 William Street, the properties present a total landholding of 1,158sqm.

JLL’s Josh Rutman and MingXuan Li were the agents.

HAWTHORN EAST - $4.2 million

A warehouse and office building in Hawthorn East has transacted off-market for $4.2 million.

The sale represented a 4.5% yield for the largely warehouse building located at 17 Cato Street, which was sold leased to Gerflor Australasia, a flooring manufacturer. 

Despite the current lease term only having 18 months remaining, the purchaser has an optimistic approach to the future of the city fringe office and warehouse market, with feedback from business they have substantially stabilised now following the on-set of COVID-19 more than 12 months ago. 

Stonebridge’s Dylan Kilner and Max Warren managed the off-market sale.

DOCKLANDS - $2.2 million

A Docklands commercial property has recently transacted for $2.2 million with a local investor picking up the asset through a private sale.

Shop 13/42 New Quay Promenade presents a fully fitted restaurant in the heart of the Docklands, on a high exposure corner frontage which comes complete with a commercial kitchen and office space spanning 323sqm, licensed to hold 120 patrons indoor and 60 patrons outdoor.

CVA’s Ben Quennell and Jarrod Moran managed the deal.

Queensland

BRISBANE - $50 million

A Brisbane CBD office building located at 444 Queen Street has recently been picked up by Dmann Corporation for a little over $50 million.

Built around 1965, the 23-storey building offers 13,968sqm of NLA on a 1,708sqm site area, and was sold around 75% tenanted. The asset offers potential for a taller skyscraper development, with the airspace allowing for around 274m (80-storeys).

CBRE’s Peter Chapple and Tom Phipps managed the sale with Knight Frank’s Justin Bond and Blake Goddard.

BRISBANE - $29.75 million

A five-storey building on the corner of Albert and Elizabeth streets in Brisbane’s centre has traded from Haymarket’s Tivoli Theatres to Sydney Roosters chairman Nick Politis for $29.75 million. The vendors have held the asset for 55 years.

162 Albert Street offers a 911sqm landholding (zoned Principal Centre 1) with 3,164sqm of lettable area. It was sold with leases to JD Sports, ESRI Australia and Co Co Tea.

JLL’s Campbell Brown, Ned McKendry and Jacob Swan managed the deal with Morrison Project Consulting’s Richard Morrison.

RICHLANDS - $21.5 million

A yet-to-be-built warehouse in Richlands has traded hands from Frasers Property Industrial to EG for $21.5 million; the asset will be added to EG’s Australian Core Enhanced Fund (ACE), now comprising nine assets in total.

Located at 28 Flint Street, the 12,157sqm warehouse will be constructed by the vendors.

Western Australia

MIRRABOOKA - $195 million

The Square Mirrabooka has traded from Perron Group to Melbourne-based Fawkner Properties for $195 million, following 32 years of ownership. The incoming owners will hold the asset in its Essential Services Trust 18.

Located at 43 Yirrigan Drive, Mirrabooka, the mall was originally developed in 1978 and presents a 13.6 hectare land area with around 42,800sqm of NLA. Major tenants include Big W, Coles, Kmart and Woolworths, with mini-majors Aldi and Chemist Warehouse, as well as Chicken Treat, KFC, Hungry Jack’s, a Sonic Healthcare backed medical centre, and over 100 specialty fit-outs.

Colliers’ Lachlan MacGillivray managed the deal.

BELMONT - $22 million

A Belmont office and nearby open-air car park have recently transacted, moving from Lester Group to Australian Development Capital for $22 million. The vendor originally paid $19.1 million for the assets in 2013.

Both properties, located at 181 Great Eastern Highway and 67 Cleaver Street, cover 1.07 hectares and were sold leased to NRW Holdings until 2026.

Colliers’ Wayne Lawrence and Tory Packer brokered the deal.