Deals of the Week - 3rd February 2025

Victoria

MELBOURNE - $223.5 million

Melbourne-based fund manager, IP Generation, has purchased the iconic David Jones building at Bourke Street Mall. Comprising approximately 25,000 sqm of gross lettable area across seven levels, the building is fully leased to David Jones on a secure triple net lease with 18 years remaining.

The David Jones store at Bourke Street Mall is a Melbourne retail icon and Australia’s longest-operating retail establishment. Originally built in 1911 for Buckley & Nunn’s department store, it was acquired by David Jones in 1982. Since then, David Jones has preserved the building’s historic charm while modernising it for today’s retail needs.

The sale was exclusively brokered by JLL's Nick Willis and Sam Hatcher.

BENDIGO - Circa $35 million

Colliers has announced the successful transaction of 10 Atkins Street, North Bendigo, on behalf of Morrison, following a highly competitive Expression of Interest campaign. 

The fully leased long WALE asset has been sold to an undisclosed social infrastructure investor, after having attracted a diversified profile of buyers. 

The asset comprises 120 well-maintained apartments across eleven three-storey buildings and is fully leased to Bendigo Health Care Group until March 2044. 

The deal was managed by Colliers' Ian Sanders, Robert Papaleo, Rob Joyes and Travis Hurst.

DANDENONG SOUTH - $13.7 million

An owner-occupier has purchased a modern office/warehouse facility located at 9 Quality Drive, within one of Australia's most tightly held industrial markets.

The freestanding facility came well-equipped with infrastructure, including a natural gas connection and high power supply, the 4,964 sqm facility is highly appealing to a broad range of manufacturing and warehousing occupiers sitting on a large 11,616 sqm site. 

The off-market deal was managed by Colliers' Gordon Code, James Stott, and Daniel Telling. 

HEALESVILLE - Undisclosed

The Brown Family Wine Group has successfully offloaded the renowned Innocent Bystander's hospitality venue, located at 334 Maroondah Highway.

Colliers' Ben Baines, Lucas Soccio, Duncan McCulloch, and James Zhuang, managed the transaction and sold the asset unconditionally to a local owner-occupier, Zonzo Estate, just two weeks after the close of the Expressions of Interest campaign.

The asset, which includes both the business and the property, was first acquired by The Brown Family Wine Group in 2016. Recognising the significant potential of its prime location near the world-class wine region of the Yarra Valley, about one hour drive from Melbourne CBD, the group has continually invested in the site, trading as Innocent Bystander, completing a substantial upgrade in 2017. 

Tasmania

HOWRAH - $50.25 million

Glebe Hill Village, Tasmania’s most technologically advanced and sustainable retail centre, has been acquired by a Charter Hall-managed fund.

Opened in 2022, the centre is located in Howrah, 8 kilometres east of Hobart’s CBD. Glebe Hill Village spans 6,002 sqm and is anchored by a state-of-the-art Coles supermarket, a full-line Priceline, a 24-hour drive-thru McDonald’s, Tasmania’s first-ever Liquorland, and 16 specialty stores.

Developed by Tipalea Partners, Glebe Hill Village is the first neighbourhood shopping centre to be developed in Hobart in over a decade and the most technologically and environmentally advanced neighbourhood centre in Tasmania.

The sale was managed by JLL’s Jacob Swan, Stuart Taylor, and Tom Noonan.

Queensland

ROCHEDALE. $11.49 million

Rochedale Central, a prime convenience retail centre in Brisbane, has been sold to a private investor for A$11.49 million.

The sale of the property at 11 Lorisch Way had local buyers showing strong interest, with the centre’s recent construction as a key selling point. The asset holds a strategic location and diverse tenancy mix, along with its 94% occupancy rate by Gross Leasable Area (GLA). The 1,757sqm property features 89 parking bays, further enhancing its appeal as a high-performing retail asset.

The sale of the property at 11 Lorisch Way, was managed by JLL’s Ned McKendry, Jacob Swan, and Liam Cox.

Western Australia

PERTH - $18.5 million

Chesterfield Property Group, a prominent West Australian investor, has successfully acquired the Rendezvous Hotel Perth Central for A$18.5 million.

Chesterfield plans to make significant investments in the 103-room hotel, exploring alternative uses to meet evolving market demands. This acquisition aligns with Perth's urban revitalisation agenda and provides Chesterfield with a strategic CBD address, enhancing its growing portfolio.

The sale also supports Far East Orchard’s proactive asset management strategy, aiming to realise the value of the Rendezvous Hotel Perth Central and optimise capital allocation moving forward.

 The transaction was brokered by JLL's Andrew Langsford.

New South Wales

WESTMEAD - $8 million

A 26.39% stake in The Specialist Medical Centre in Sydney’s Westmead, otherwise known as The Skin & Cancer Foundation, has been sold for $8 million.

The stake in the Specialist Medical Centre includes 1,611sq m, consisting of a three-level freestanding building at 7 Ashley Lane, predominantly leased to long-established tenant The Skin Hospital, as well as adjoining suites 203 and 204 in the neighbouring strata-titled building at 151 Hawkesbury Road.

It was acquired by a local private high-net-worth investor from the Skin & Cancer Foundation, a non-profit teaching hospital, in a deal negotiated by Knight Frank's Sam Biggins and Jessen O’Sullivan, working alongside Archerfield Property Group as Transaction Advisors.