Deals of the Week - 2nd October 2023

Victoria

MELBOURNE - Circa $80 million

Renowned property developer Tim Gurner has purchased a circa 5,000 sqm site at 424-426 St Kilda Road for around $80 million.

Gurner plans to redevelop the site into a $800 million luxury build-to-sell apartment project consisting of up to 180 residences. The site was purchased through Gurners build-to-sell fund, which is backed by a $400 million investment from Singaporean-based fund GIC. 

The deal was brokered by JLL's Josh Rutman, Jesse Radisich, Tim Carr and MingXuan Li in conjunction with CBRE's Kiran Pillai, Tom Ryan, Scott McGlone and Scott Orchard.

CLIFTON HILL - Undisclosed

Colliers has just transacted Woolworths Metro Clifton Hill. The busy supermarket sold post auction to a Sydney-based private investor on a low yield of sub 3.30%, in a deal negotiated by Colliers' Tim McIntosh, Matt Stagg and Yvonne Zhou. 

The property came 100% leased to Woolworths with 3% fixed increases and options until 2056 and occupies a prominent corner location on Queens Parade and a stunning façade with a heritage overlay.

The sale represents a recent string of freestanding supermarket sales across metropolitan Melbourne and Victoria, including Woolworths Kerang, Coles Hampton and Woolworths Monbulk, following a period of limited supply of core retail investments coming to market. 

New South Wales 

CASTLE HILL - $50 million

Meriton boss Harry Triguboff has purchased a development site with approval for 300 units in Castle Hill for $50 million. 

Located at 24-34 Fishburn Crescent & 2-12 Sexton Avenue, the site was offloaded by a Hong Kong developer, KWG Group. It is speculated that KWG sold the site to appease lenders. 

The deal was brokered by Knight Frank's Mark Litwin, Grant Bulpett and Dominic Ong. 

BOMADERRY - $40 million 

Woolworths has sold one of its own developments to a Victorian private investor for $40 million, representing a 5.43% yield, the sharpest yield for a NSW neighbourhood shopping centre this year.

The 5,451 sqm shopping centre was developed in 2020 and holds tenancies with Woolworths, a medical centre, gym, pharmacy, plus four other specialty stores and has a fully leased net income of $2.171 million p.a.

The deal was brokered by Colliers' James Wilson and Ben Wilkinson.

BATEMANS BAY & PORT MACQUARIE - $20 million

MA Financial has acquired two marinas in Batemans Bay and Port Macquarie, adding to its boatyard fund, which was initiated with the $225 million purchase of the 10-asset D'Albroa portfolio earlier this year.

The marinas were sold by Marprop Real Estate Investors founder James Marshall, with the final sale price of $20 million reflecting an 8.5% yield.

South Australia

FLEURIEU PENINSULA - $26 million

The Victor Harbor Holiday Park was purchased by Australian family-owned business, Hampshire Property Group.

Located in South Australia's popular Fleurieu Peninsula, the asset was sold by HTL Property's Andrew Jackson on behalf of private owners. Hampshire Property Group has been steadily growing its portfolio of quality tourist accommodation assets around Australia, with a strong leaning towards the holiday park and resort sector. 

Queensland

BRISBANE - Undisclosed 

The Granite Belt Retreat in Stanthorpe was sold by Geoff and Dee Davenport, who owned and operated the venue for 14 years.

The retreat was purchased by Tiger Huang, who plans to enhance beer distribution, add more unique accommodations, and extend the market to international customers. 

The deal was brokered by JLL's Mark Walsh.