Deals of the Week - 29th May 2023

Pictured above: Ottley Station

Queensland

QUEENSLAND & NEW SOUTH WALES - $80 million

Gina Rinehart has continued reshaping her agricultural portfolio, focusing on high-value Wagyu, purchasing two prime cattle stations in Queensland and New South Wales.

The $80 million acquisition came with over 18,000 hectares of land and was offloaded by former agricultural business figure Tom Strachan's Packhorse Pastoral. Strachan passed away in a plane crash in August 2022.

CRYSTALBROOK - $14 million

Syrian billionaire, Ghassan Aboud, has offloaded his Crystalbrook cattle asset to a local family for $14 million.

In a deal brokered by Queensland Rural's Peter MacPherson and Troy Trevor, the 33,900-hectare Crystalbrook Station produces premium beef, which was previously utilised to supply Mr Aboud's restaurant hospitality assets.

The asset was sold with roughly 2,750 Brahman and Brahman-cross cattle breeds.

CASSOWARY COAST - $7 million

Ghassan Aboud sold a second cattle asset, Silkwood Station, to a separate local family in a deal also brokered by Queensland Rural's Peter MacPherson and Troy Trevor.

Silkwood Station was sold without any livestock, although it came with a reputation as a 'drought-free' coastal fattening property.

New South Wales

PORT STEPHENS - Circa $30 million

After being owned and operated by the Feneley family for 36 years, the Bull and Bush Hotel has been sold in a deal negotiated by HTL Property's Dan Dragicevich, Blake Edwards and Xavier Plunkett.

The substantial 13,000 sqm property was purchased by a local syndicate spearheaded by Nick Quinn. 

VARIOUS - $11.2 million

Three South Sydney suburban care assets have changed hands in a portfolio sale.

A two-storey home in Bexley, known as Griffin House, which was purpose-built to accommodate participants under the NDIS has sold, as well as a neighbouring three-level vacant purpose-built 111-bed aged care facility at 1-5 Verdun St.

The third asset to sell was 34 Bayview Street in Arncliffe, which is a vacant aged care asset over 2 levels, with a DA to convert into a Supported Independent Living Group Home. 

The sale to a local private investor was negotiated following an Expressions of Interest campaign run by Knight Frank's Mark Litwin and Anthony Pirrottina, on behalf of Phil Carter and Daniel Walley of PwC as Receivers and Managers.

CLYDE - $4.76 million

After a sales campaign that saw over 120 enquiries, a piano company has snapped up a Clyde site at 35-37 Parramatta Road with plans to open a major showroom.

CBRE’s Robert Dowdy negotiated the deal amid heightened interest in high exposure, main road properties.

PADDINGTON - $3.75 million

A retail and commercial building in a very tightly held area in Sydney’s Paddington has sold with a strong result for the market. 

The two-storey 153 sqm property at 227 Glenmore Road sold for $3.75 million in an off-market deal negotiated by Knight Frank's James Masselos, Demi Carigliano and Anthony Pirrottina, reflecting a record-breaking rate of $31,780/sqm.

It was purchased by a local investor from the Ockenden Family, who had owned the property for around eight years.

Western Australia

COTTESLOE - $11.8 million

Cottesloe Medical Centre has been sold after a competitive sales campaign that saw eight formal offers and 110 enquiries for the property.

Brokered by JLL's Nigel Freshwater and Simon Quinn, 525 Stirling Highway was sold by Westbridge Funds Management, who initially acquired the asset for $4.85 million, reflecting a return of 540%. 

The property was purchased by a private investor represented by LJ Hooker Commercial's Brian Neo.   

Victoria

CLYDE NORTH - $4.7 million

A newly constructed industrial asset has been sold in one of Melbourne's fastest-growing industrial precincts.

Brokered by Colliers' Fraser Pearce and Luke Lowden, the industrial warehouse located at 28 Palladium Circuit was sold on behalf of Maliku Group for $4.7 million to a growing fast food production occupier.

MOORABBIN - $4.16 million

A 1,754 sqm industrial warehouse has been sold in a deal brokered by Ray White Commercial Oakleigh's Ryan Amler.

Selling under the hammer for $4.16 million, the asset located at 14-16 Roberna Street was purchased by a local investor.