Deals of the Week - 29th July 2024

Victoria 

TARNEIT - $73 million 

Melbourne property developer Salvo has transacted for a 61.55-hectare prime landholding in Tarneit in Melbourne’s west, with plans to develop a master-planned community comprising up to 1,700 dwellings with JV partner Casey Capital.

The site was acquired from a long-term owner and settled this month through alternative real estate investment manager Qualitas. Located at 1228 Leakes Road, the landholding sits within the Urban Growth Zone and future Oakbank Precinct Structure Plan.

Directly opposite the site is the future 15,000-capacity Wyndham City Stadium, which will be home to A-League franchise Western United Football Club. 

CRAGIEBURN - $17.07 million

A strata full-line Woolworths supermarket has been acquired by a private investor, marking the first full-line metro supermarket sale since Coles Middle Camberwell sold in late 2022. 

Forming part of the Craigieburn Plaza Shopping Centre, Woolworths Craigieburn's final sale price reflected a strong yield of 5.71%. 

The deal was managed by Stonebridge's Justin Dowers and Kevin Tong.

New South Wales

DEE WHY - $60 million

A private investor has purchased the Dee Why Grand Shopping Centre in Sydney's North, highlighting the demand for quality strategically located retail assets within the Sydney market.

ISPT offloaded the shopping centre after managing it for nearly 10 years. Dee Why Grand holds an NLA of just under 10,000, with anchor leases from Aldi and Coles, which are complemented by a mix of non-discretionary focused speciality retailers.

The deal was managed by JLL's Nick Willis and Sam Hatcher in conjunction with Stonebridge's Carl Molony, Philip Gartland and Justin Dowers.

HAMILTON NORTH - $31 million

The former Electric Lamp Manufacturers site at 54 Clyde Street, Hamilton North, was sold to a national investor who plans to renovate the 26-tenanted property.

Previously the headquarters of the Electric Lamp Manufacturers of Australia, the asset is now a mixed-use asset sitting on a 2.81-hectare parcel, with a diverse tenant mix generating over $2.14 million in gross rental income per annum.

The sales campaign was managed by Commercial Collective's Benjamin Morello and Brad Crouch.

MOUNT KURING-GAI - $19.75 million

A large 18,840 sqm industrial development site has been sold to a private purchaser.

The site, located at 26-32 Beaumont Road, has less than 10% site coverage and sits within an E4 General Industrial zone, allowing for future development to re-use.

The deal was managed by Colliers' Trent Gallagher, Sam Thomlinson and John Carney in conjunction with One Commercial's Ben Byford and Joshua Charles.

Queensland 

ACACIA RIDGE - $55 million 

Centennial sold its newly upgraded Acacia Industrial Park to a private interstate investor, with the final sale price being over three times the price paid for the site four years ago. 

After acquiring the 4.7-hectare site for $17.5 in 2019, Centennial completed $12.5 million in upgrades to the warehouse, transforming it from one large warehouse into four separate tenancies. The site was fully leased shortly prior to practical completion. 

The deal was managed by Savills' Callum Stenson. 

PELICAN WATERS - $13.459 million 

A local private Asian investor has snapped up a fully leased, brand new, 1,578 sqm shopping centre anchored by IGA in a show of strong demand for essential service assets.  

Transacted through a targeted off-market process by Colliers Queensland agents Nick Wedge, Sam Polichronis, Harry Dever and Nick Dowling on behalf of Flux Property Group, Dockside Village is located at 1 The Basin. 

Dockside Village is the highly anticipated retail and lifestyle destination, next to the brand new Pelican Waters Marina, which has just opened its doors to the public with tenants including IGA Supermarket, Cellarbrations, and Sushi Ari.  

BULIMBA - $4.2 million

A local investor has successfully offloaded a freestanding Grill'd after owning the asset for 30 years. 

The 195 sqm property located at 124 Oxford Street was purchased by a Victorian investor, with the sale price reflecting a yield of 5.43% and a building rate of $21,538/sqm. 

The deal was managed by RWC Retail's Michael Feltoe and Lachlan O'Keeffe. 

KELVIN GROVE - $2.8 million 

A commercial building on an arterial thoroughfare in Brisbane's inner north has sold in an off-market deal, demonstrating the strong demand for freestanding value-add assets in the city fringe. 

The property, located at 185 Kelvin Grove Road, consists of an 832 sqm building on a 486 sqm site, with a net lettable area of 510 sqm, and is 100% occupied by Wilson Ross Accountants. 

The asset was sold following an off-market campaign by Knight Frank's Jacob Heinke and Hayden Ryan, acting on behalf of the vendor, JWONG GLOBAL 2022 PTY LTD. 

It was purchased for $2.8 million by a private investor, reflecting a yield of 6.3%.