Deals of the week – 29 March 2021

New South Wales

NORTH RYDE - $115 million

The North Ryde’s Binary Centre has traded hands from Goodman to Melbourne’s Quintessential Equity for $115 million.

Situated at 3 Richardson Place, on the northern bank of the river, the property comprises of two six-level buildings and presents a total 17,178sqm of A-Grade office space.

Colliers’ Jon Chomley and Sophie Tieman managed the deal.

BONDI BEACH - $17 million

Investor Vaughan Blank has splashed out $17 million for a Bondi beach trophy site, the former Westpac Bank, located at 26 Hall Street, last traded in 2013 for $6.42 million.

The property was sold vacant and offers a total land area of 513sqm with Mixed-Use Zoning. The new owner is planning to keep the asset as a long-term hold, with the potential for future development.

Colliers’s Miron Solomons and Matt Pontey made the sale at auction.

NEWCASTLE - $4.45 million

A local investor has snapped up a freehold commercial building fully leased to Westpac Banking Corporation in Newcastle for $4.45 million representing a 5.6 percent yield.

Located at 49 Hunter Street, the 375sqm site is a highly sought-after mixed-use investment in Newcastle’s core commercial precinct. Ideally positioned on a corner site, exposed with prominent street frontages, it is set to benefit from surrounding infrastructure and the populated business catchment.
 
The property was sold by Savills Australia’s Jordan Lee and Michael and Adam Leacy of Commercial Collective.

WOOLLAHRA - $4.1 million

Trinity Global has purchased a 260sqm freehold medical clinic at 31 Grosvenor Street, Woollahra, from a private owner for $4.1 million at auction.

The property is located in the heart of Woollahra and is positioned on the Grosvenor Street ‘Medical Strip.’ This property has been used for medical purposes for over 30 years and presented the perfect opportunity for an owner occupier to relocate their business into the highly sought-after suburb of Woollahra.  
 
Comprising of a single-level freehold cosmetic clinic, totalling 260sqm on a 350sqm parcel of land, plus 4 off-street car parking spaces with rear lane access.
 
The deal was negotiated by Savills Australia’s Nick Lower, Ollie Ridley and Selin Ince.

Victoria

DANDENONG SOUTH - $17.86 million

An institutional investor has purchased a 13,000sqm modern industrial investment at 6-24 Monash Drive, from a local private owner for $17.86 million.

The property is currently occupied by family-owned packaging company, O’Kelly Group with 7.5 years remaining on the lease term.
 
Originally constructed by Pellicano Group, the modern facility comprises of a single level corporate office, a main warehouse with 8.5 metre minimum clearance, plus a standalone clearspan warehouse. The asset has excellent loading facilities with two drive-through canopies, full drive around access and an expansive concrete hardstand.
 
The deal was negotiated by Savills Australia’s Brad Esler.

ABBOTSFORD - $7 million

A riverside Abbotsford property with development approval for a five-storey office has been picked up by a partnership deal (including the architect David Carabott) for a little over $7 million. The property was originally purchased in 2017 for $6.2 million.

Holding address at 42-50 Flockhart Street, the 4,047sqm property offers unobstructed north and east facing Yarra River views.

JLL’s Josh Rutman managed the deal.

PRESTON - $7 million

A 6,500sqm landholding in Preston has been scooped up by Sector Property Group for $7 million. The vendors are Point Property Group, who have retained a similar sized property next door. 

Located at 44 Albert Street, the new owners intend to use the asset as a storage facility under the brand The Base and as well as a micro warehouse complex.

CBRE’s Bryce Pane and Daniel Eramo managed the deal.

Queensland

BRISBANE - $210 million

Commercial property fund manager AsheMorgan has settled its $210 million acquisition of Brisbane’s landmark 310 Ann Street tower signifying the city’s largest office deal since early 2020.

The tower offers a 7.6 year weighted average lease expiry (WALE) and is 94% leased to blue-chip tenants such as Allianz and the Queensland Government. Completely re-built in 2017, the 20-level tower provides a net lettable area of 18,362 sqm and benefits from a 5.5-star NABERS Energy rating.

The building is adjacent to Central Station, one of only four stations servicing the entire Queensland Rail network, and offers superior tenant amenity, including a two-storey end-of-trip facility.

CBRE’s Bruce Baker, Flint Davidson and Peter Chapple together with JLL’s Seb Turnbull and Paul Noonan negotiated the sale.

ROBINA - $66 million

The large format retail asset Home+Life Robina, has traded hands from QIC to Primewest for $66 million.

Located around 10km south of Surfers Paradise, the centre offers a total floor area of 14,782sqm catering to 13 showrooms and a café, on a 3.62-hectare site. It was sold with 2,280sqm vacant, however when fully leased the asset should return around $3.95 million pa.

Savills Australia’s Jon Tyson and Peter Tyson managed the campaign with JLL’s Sam Hatcher and Jacob Swan.

NEWSTEAD - $20.5 million

An office property in Newstead has traded to RV Corval for $20.5 million.

Located at 33 Longland Street, the three-storey warehouse conversion is known as The Limestore and offers a total of 3,000sqm floor space. The property was also sold with development approval for an extension allowing for a further 1,310sqm of GFA.

CBRE’s Jack Morrison and Peter Chapple brokered the deal with Yourcommercial’s Chris McLeod.

NORTH LAKES - $2.65 million

Local owner-occupier Aquahub have found their new distribution centre, securing a 1,282sqm freestanding industrial building for $2.65 million.

Located at 15 Torres Crescent in North Lakes, some 30 km north of the Brisbane CBD, the building sits on a 2,590sqm allotment. It provides direct access to Diamond Jubilee Way through to the Bruce Highway, making it ideal for users such as Aquahub which are reliant on access to Northern and Southern markets.

JLL’s Fraser Power and Nick Bandiera managed the deal.

MERMAID WATERS - $1.3 million

A DA Approved Blue Chip property in Mermaid Waters on the Gold Coast recently sold under the hammer for $1.3 million; $200,000 above the reserve. The hotly contested auction was attended by over 100 people and saw eight registered bidders compete.

The 847sqm corner property was offered for sale with approval for 5 x 2-Bedroom NDIS apartments designed to Platinum Level SDA.

Harcourts Coastal Commercial’s Jared Johnson & Lachlan Marshall managed the sale.