New South Wales
CHIPPENDALE - $150 million
Chippendale’s Four Points by Sheraton hotel has been picked up by KSL Capital, netting Jerry Schwartz a tidy $150 million. Located at 88 Broadway, the three-years old hotel presents 297 suites.
JLL’s Mark Durran managed the deal.
TAMWORTH - $14.5 million
East coast medical centre developer, Hampton Property Group, have recently offloaded a new project in Tamworth for $14.5 million.
Located at 279B Marius Street, the three-storey, mixed-use building, known as East Tamworth Medical Centre, was secured by Clarence Property. The asset holds corporate grade suites, a pharmacy, and a 41-place childcare centre leased to Little Kindy.
The developer secured the development site in 2016 for $1.4 million before completing construction in 2019.
BOMADERRY - $8.05 million
A convenience complex in Bomaderry, 160km south of Sydney, has recently sold for $8.05 million.
Located at 273 Princes Highway, the 5,030sqm site presents three standalone buildings and was sold fully leased to Elephant Car Wash, Red Rooster and Domino’s.
Cushman & Wakefield’s Michael Collins and Yosh Mendis managed the deal.
BALMAIN - $3.86 million
A local owner occupier has acquired 79 Elliott Street, Balmain at auction for $3.86 million ($360,000 above reserve) under on-site auction conditions
This prime freehold corner asset was previously let to Turkish restaurant Efendy and has for the last 18 years been a local hot spot for Balmain locals. Sitting on a large 398sqm site, the asset has a commercial kitchen, large outdoor seating area and has 297sqm of NLA over two levels.
Despite its heritage restrictions, the purchaser aims to refurb the interior, and re-position as another restaurant and bar.
Savills Australia’s Nick Lower, Selin Ince and Oliver Ridley.
Victoria
CARRUM DOWNS - $13.8 million
A Carrum Downs base operated out of by pump manufacturer Nov Mono has traded from Carrum Downs Property Group to a local investor for $13.8 million.
Located at 75 Frankston Gardens Drive the 2.23 hectare Industrial 1 zoned property boasts a 9,587sqm facility and was sold fully leased to Nov Mono, with the lease expiring in 2026.
Colliers’ James Stott, Gordon Code and Daniel Telling managed the deal
DANDENONG SOUTH – Undisclosed
Centuria Industrial REIT (CIP) has picked up a business park from Cadence Property Group in Dandenong South on a funds-through basis.
The 40,380sqm estate is set to make way for an $88.8 million project that will incorporate Green Building Council of Australia Design and Five Star Green Star rating. Features will include solar panels, recycled building materials and native vegetation.
Cadence will deliver the project with help from Texco Constructions.
Colliers’ James Stott managed the deal.
Queensland
TOOWOOMBA - $145 million
The Toowoomba’s Clifford Gardens shopping centre has been traded from Blackstone to Elanor Funds Management for $145 million. Blackstone originally purchased the centre from Vicinity in 2016 for $188.5 million.
Elanor plans to reposition Clifford Gardens with non-discretionary tenants. They also refurbished a basement to allow for 1,000sqm of healthcare tenancies. Two additional fast food outlets are also planned.
The nine-hectare shopping centre sits three kms south west of central Toowoomba and was first developed in 1982.
MOUNT ISA - $44.2 million
SCA Property Group has acquired Mount Isa Village shopping centre for $44.2 million.
With a floor area of 9,685sqm, the Coles and Kmart anchored sub-regional mall is the largest shopping centre servicing the Mount Isa trade area. Mt Isa Village features 19 specialty tenancies and comprises the City’s only enclosed mall. The campaign included 11 separate buyer groups, including institutional investors, syndicators and private investors.
Savills Australia’s Peter Tyson, Steven Lerche and Jon Tyson managed the sale.
SUNSHINE COAST HINTERLAND - $4.28 million
Three modern medical centres have been sold by a single local vendor in the Sunshine Coast Hinterland for a combined total value of $4.28 million.
Cooroy’s 8 Emerald Street sold for $1.88 million, 6 Imbil Island Road in Imbil sold for $1.2 million, and Pomona’s 5 Factory Street also sold for $1.2 million. The centres were a mix of free-standing custom-fit and custom-built buildings originally used for the vendor’s medical group.
All three leased properties were sold by Ray White Commercial’s Tracey Ryan.
Western Australia
PERTH - $260 million
A Perth CBD office tower has been picked up by a partnership between Primewest and a BlackRock Real Assets advised fund for $260 million. BlackRock will hold the majority equity.
140 St Georges Terrace extends skyward 30 stories and presents 29,800sqm of GFA. The new owners will pursue a new leasing and management structure once settlement is complete. The tower is primarily occupied by AMP Capital, Department of Veteran’s Affairs, Downer Group, Fair Work Australia and Servcorp.
YANCHEP - $41 million
A shopping centre in Yanchep, in Perth’s north, has traded hands for $41 million, marking one of the biggest deals of its kind in WA this year.
The Woolworths-anchored centre, Yanchep Central, presents 6,673sqm of land at 2 Peony Boulevard. Including Woolworths, the asset is occupied by 16 specialty stores, a BWS, Pharmacy 777 and a McDonald’s. The deal includes four hectares of developable land adjoining the property.
Vendor Yanchep Beach Estates made the deal with Adelaide-based FRP Capital, who will add the asset to its new Diversified Essential Services Fund (DESF).
Jenkins Advisory’s Lloyd Jenkins negotiated the sale.
South Australia
ADELAIDE - $210 million
Rundle Place, one of Adelaide CBD’s most iconic shopping destinations, has recently sold for near $210 million, marking one of the biggest single retail deals since the health crisis began in March 2020.
Blackstone are the vendors to a partnership between Irongate and Fortius the incoming owner. Additionally, Fortius has also secured the Grenfell Street car park which adjoins Rundle Place, as part of the deal.
The retail destination is home to Adelaide’s only Apple store, the Adelaide City Library, a Coles and upwards of 50 specialty shops.
The deal was overseen by McVay Real Estate and Knight Frank.
KIDMAN PARK - $41.5 million
An 11.92 hectare cold storage investment asset in Kidman Park in Adelaide’s West has traded from the ARA Logos Logistics Trust to 1835 Capital for $41.5 million.
Located at 404-450 Findon Road, the vendor first acquired the asset in 2015 for $57 million. The key factor for the property’s discount has been attributed to the current tenant, Metcash, coming to the end of their lease with intentions to relocate.
PORT ADELAIDE – Undisclosed
Black Rhino Hotel Group has begun an acquisition spree targeting gaming hotels in metro and regional South Australia following gaming reform in the state.
The group’s most recent purchase involves the Newmarket Hotel on the corner of Commercial Road and Dale Street in Port Adelaide. David Tomsic, owner and managing director of Black Rhino Hotel Group, is the owner of 20 pubs in Victoria, with more on the way over the next 12 months – however, this appetite for growth in his home state has been slowed by the all-time premiums being sought.
“Our plans are to buy pubs and keep the existing staff on, inject some capital into them, upgrade the product on the floor and deliver high-quality venues back to the patrons and locals,” Mr Tomsic commented on the group’s strategy.
The deal was brokered jointly by CBRE’s Mathew George and McGees’ Grant Clarke.
