Deals of the Week - 30th May 2022

Victoria

TOORAK - $67 million

Real estate developer, Orchard Piper, has agreed to acquire the Mercedes Toorak dealership in Toorak, in a sale brokered by CBRE's Nathan Mufale, David Minty, Scott Hawthorne and JJ Heng, in conjunction with Allard Shelton's Joseph Walton, Christian Hatzis, Michael Ryan and Patrick Barnes. Orchard Piper is expected to replace the 3,589 sqm holding with a major mixed-use project. 

The property was purchased from the family of late car broker John Worrell and his former business partner Karl Hagen, and comes soon after Orchard Piper purchased the amalgamated 1,000 sqm corner site at 424-426 Toorak Road and 109 Mathoura Road in August of last year, in the same suburb.

BRIGHTON - $6.83 million 

A portfolio of Bay Street retail properties in Melbourne's south-east suburb of Brighton have sold for $6.83 million. All three properties were previously owned by an Estate associated with the late Tom Chapman. These properties included 311 Bay Street, sold by Fitzroys' Mark Talbot and Chris James, and 407 and 409 Bay Street, which were both sold by Talbot and Fitzroys' Tom Fisher. The rarity of these sites prompted some ultra-sharp yields, including 311 Bay Street's yield of 1.9%. 311 and 407 Bay Street are both currently occupied with tenants, whilst the versatile 409 Bay Street property is currently vacant. 

MANOR LAKES - $62.7 million

The Verrocchi family, which includes famed businessman Mario Verrocchi, were part of the beneficiaries of a major farm sale in Manor Lakes, a south-east suburb situated 40 minutes away from the Melbourne CBD. Sold to developer Central Equity, the asset contains just over 45-hectares of land at 955 Ballan Road, and was one of the largest parcels still available in the suburb, with all of the surrounding farms possessing less than 12-hectares. 

The secretive sale was arranged by Core Projects Manager of Land, Chris Jabs, and Director of Land, Trent Malcomson.

New South Wales

CASTLE HILL - $105 million 

The Hills Shire has purchased the Castle Mall in Castle Hill from the Queensland government-owned investment company, QIC. The shopping centre contains 9,652 sqm of lettable area, with current tenants providing a strong food, services and medical focus, and sits in close proximity to the new Castle Hill Metro Station, as well as QIC's Castle Towers. Regarding the sale, the Managing Director of QIC Real Estate, Michael O'Brien said that, "QIC continues to be focused on activating its retail-anchored mixed-use town centre masterplan for Castle Towers. As Castle Mall does not form part of this masterplan, it was surplus to our needs."

Stonebridge's Philip Gartland and Lincoln Blackledge, with McVay Real Estate's Dan McVay, were the agents. 

BERKELEY VALE - $55 million

The Seventh-Day Adventist Church has purchased a 6.5-hectare industrial asset in Berkeley Vale, a village located approximately 100km from Sydney's CBD. The acquisition was made with the intention of the property being a warehouse and distribution hub for the church's Sanitarium health food business. The landholding was sold by the Singapore-listed ESR-LOGOS Real Estate Invesment Trust, which owns 21 properties in Australia. 

BATHURST - Circa $16 million

The well-regarded hotelier Liam O'Hara has sold the Kelso Hotel in the New South Wales township of Bathurst, to a syndicate led by Ashton Waugh. The pub adds to Waugh's sizeable regional portfolio, which includes the Family Hotel of Bathurst, and Joe Maguire's Pub and the Tudor Hotel, both located in Tamworth. The hotel operates with 12 accommodation rooms, 20 gaming machines and a liquor licence that extends until 3am, making it a valuable asset in the growing Bathurst market. The property was sold by HTL Property Director, Blake Edwards.

ST MARYS - $24.5 million

A massive 28,090 sqm industrial complex at 54-74 Dunheved Circuit, St Marys has sold for an initial yield of 3.79%, as an extension of a flurry of activity within the Western Sydney investment market. Colliers' Carl Pearce and Matthew Flynn were responsible for the sale of the landholding, which possesses a total building area of 11,613 sqm, and is placed strategically near the M4 and M7 Interchange, Badgerys Creek Airport and future planned road networks. Zoned IN1 Industrial with additional undeveloped land, the property holds long-term upside potential, and with prime rents in Western Sydney growing at an unprecedented rate, the new owners have purchased an exceedingly promising site.

Queensland

REDBANK - Price Undisclosed 

Former Carlton & United Breweries CEO Peter Filipovic and Patrick Ryan of Ryan's Hotel Group have formed together for a new independent pub venture. Their first foray into the market has involved acquiring The Commercial Hotel at Redbank as part of an offmarket campaign steered by CBRE Hotels Senior Director, Paul Fraser. The asset was acquired from Reconcil Pty Ltd.

The Commercial Hotel is situated on a 2,702 sqm site, and possesses a sports bar with a separate TAB area, gaming room, indoor bistro, and walk-in bottle shop. Additionally, it holds four guest rooms and an administration office on the first floor.

HOOK ISLAND - Circa $10 million

A large leasehold on the second largest island in the Cumberland group on the Great Barrier Reef has been sold to Glenn Piper from a company part-owned by Melbourne developer and former theatre owner David Marriner. Piper has now spent approximately $100 million on pubs and resorts since early 2020. Sold by Tom Gibson of CBRE, the expansive 9.3-hectare area with an enviable water frontage and two private beaches property is expected to be developed into a world-class eco resort, with particular emphasis on a world-class food and beverage experience.

BRISBANE - $108.5 million

Melbourne-based fund manager Wingate has obtained a modernised Brisbane office from Cromwell Property Group. The asset contains significant tenants including Secure Parking, Logicamms, as well as Cromwell's own headquarters. Over 20 floors, the landholding is comprised of 13,354 sqm of net lettable area, with flexibility in the subdivision of the floors, and is situated a short distance away from a variety of public transport options, including ferries, buses and trains. The deal was managed by CBRE agents Peter Chapple, Bruce Baker and Tom Phipps. 

PINKENBA - $88 million

Metals and recycling juggernaut Sims has bought a major waterfront investment in Pinkenba from Sentinel Property Group. Currently, the 14-hectare site at 16 Tingira Street is occupied by a liquid and bulk storage facility tenanted as a distribution centre to Incitec Pivot. The asset includes a lease over a 1.5-hectare seabed, meaning direct exportation is possible for Sims. The sale was brokered by Savills agent, Toby Hundertmark.

Western Australia

GAIRDNER - $32.4 million

Sharewest Australian farmers with ambitions of further growth have purchased a portfolio of four farms offered by the local Peacock family. These farms include the massive, 2,403-hectare Cawarra property on Swamp Road, as well as the adjoining properties of Glenshiel (1,166.8-hectares), Readers (989.9-hectares), and Fairfield (1,162-hectares). The deal was brokered by Elders Albany selling agent Simon Thomas, who had indicated in the sales campaign that landholdings in the area are tightly held, and this group of properties served as a rare opportunity for large scale acquisition in Gairdner.