Deals of the Week - 2nd December 2024

New South Wales

MILSONS POINT - Undisclosed

Sydney’s iconic Luna Park, one of Australia’s most recognisable amusement parks, is to be acquired by local company Oscars Group following an international sales campaign.

Oscars Group is one of New South Wales’s largest privately-owned hospitality groups, with a portfolio of hotels and resorts, pubs, events centres, and commercial and retail assets across the Eastern seaboard of Australia.

CBRE’s Simon Rooney, Paul Ryan and James Douglas negotiated the sale of the landmark amusement attraction on behalf of global investment firm Brookfield. The sale was subject to consent by the Luna Park Reserve Trust for the change of control of Luna Park Sydney from Brookfield to the Oscars Group to ensure that Luna Park remains a vibrant and successful amusement park for the enjoyment of the people of Sydney and NSW.

Oscars Group Managing Director Bill Gravanis said Luna Park offered outstanding investment fundamentals, strong brand value and recognition.

GLADESVILLE - Circa $10 million

A vacant block of land in Sydney’s Lower North Shore with development approval for a multi-level strata industrial development has sold for more than $10 million. 

The 4,228sq m infill property at 23-25 Higginbotham Road in Gladesville is approved for 18 warehouses, 29 storage units, a café and a 95-place childcare centre. It includes ground floor parking, with two levels of warehouse and storage above. 

It was purchased by a local developer following an Expressions of Interest campaign run by Knight Frank agents Anthony Pirrottina, Demi Carigliano and Angus Klem on behalf of the vendor, Motive Properties. 

BLACKTOWN - $7.75 million

A private owner-occupier has purchased a prime industrial warehouse in Blacktown from Cetna Holdings for $7.75 million.

Located at 9 Chicago Avenue, the property features a substantial building area of 2,225 sqm and a land area of 3,332 sqm.

The sale, reflecting a 4.5% yield, was managed by CBRE’s Matthew Alessi and Brendan Wein who noted the unique nature of this transaction in an increasingly competitive industrial market.

Mr Alessi said the purchaser intends to occupy the property once the current tenant vacates, showcasing the growing demand for strategic real estate investments in Western Sydney.

Victoria

NUNAWADING - $5.8 million

A landmark commercial property in Nunawading leased to the nationally recognised retailer Early Settler for over 20 years, sold for $5.8 million, achieving a 4% net yield.

The property features a 930 sqm* building on a substantial 1,610 sqm* corner block with an impressive 81.61 sqm of dual frontage to Whitehorse Road and Rooks Road. It generates $232,358 net rental + GST annually, with its Commercial 2 zoning and strategic location offering long-term value and future development potential. 

The deal was managed by CVA's Jarrod Moran and Stan Dawidowski.

BRUNSWICK EAST - $3.75 million

Brunswick East’s famous The Beast sold within just 21 days of being on the market as Fitzroys generated a knockout offer well ahead of the scheduled auction. Fitzroys‘ Chris Kombi, Ervin Niyaz and Ben Liu sold 78-80 Lygon Street to a land banking investor for $3.75 million.

The high-profile property comprises two double-storey shops on one title with a combined building area of 620 sqm, encompassing multiple seating zones, a bar and commercial kitchen, and a live music stage.

It has a street frontage of 12.26m and is on a landholding of 373sqm. The property has a 10-year lease with options for the bar, burgers and band venue. 

Queensland

ARANA HILLS - $2.835 million

A local private investor has purchased the Arana Hills Red Rooster for $2,385,220 marking the first change of ownership of the property in nearly 20 years.

Located at 270 Dawson Parade, the site is strategically located within Patrick’s Place, a strata complex built in 1984 that adjoins the sub-regional Arana Hills Plaza.

The sale, negotiated by CBRE’s Harrison Coburn, achieved a yield of 5.5%.

Mr Coburn said the property attracted significant interest as this asset class is highly sought after by investors.