Deals of the Week - 3rd March 2025

Victoria 

PRESTON - $385 million 

Melbourne-based Nikos Property Group has forged its fourth partnership with Vicinity Centres after settling on a $385 million deal to acquire the GPT Wholesale Shopping Centre Fund’s 50% interest in Northland Shopping Centre. 

CBRE’s Simon Rooney introduced Nikos and negotiated the transaction, alongside co-agent, Colliers' Lachlan MacGillivray.

It is the largest Victorian retail transaction since 2018 and further strengthens Nikos Property Group’s relationship with Vicinity Centres, which co-owns and manages the asset. 

Northland Shopping Centre occupies a prominent 19.04-hectare site and offers significant development potential via a masterplan for a 30-year staged development.

The centre has a substantial gross lettable area of approximately 98,238sqm and is anchored by leading national retailers, including one of the best performing Myer stores in Victoria, Coles, Woolworths, Aldi, Kmart, Target and Hoyts Cinemas. 

MELTON - $44 million

Maximise Group has announced the acquisition of a significant 12-hectare landholding at 2231-2257 Melton Highway, Melton, reinforcing the company’s commitment to strategic investment in Melbourne’s high-growth corridors.

The site, which was purchased for $44 million, presents a unique opportunity to develop a major gateway industrial and retail precinct, capitalising on the region’s strong population growth and increasing commercial demand. 

The transaction was brokered by Jones Real Estate's Tim Spargo.

SPRINGVALE - $4.8 million

A newly opened KFC in Springvale has sold for $4.8 million, yielding 4.19%. The transaction was managed by Burgess Rawson’s team: Matthew Wright, Zomart He, Justin Kramersh, and Beau Coulter, and took place at Investment Portfolio Auction 174. 

The property, located at 98-106 Westall Road, attracted strong interest due to its long-term lease with KFC, Australia’s popular fast-food brand. The 10-year lease runs through 2034, with options extending to 2064, providing a secure investment under Southern Restaurants Group, Australia’s largest KFC franchise operator.

The high-profile corner site features dual-lane drive-thru facilities and receives significant exposure from 58,000 vehicles daily. Additionally, the rapid population growth in Springvale and the expanding economy of Greater Dandenong enhance the asset's investment potential.

BRAYBROOK - $4.55 million

A private investor has paid $4,550,000 for an industrial property in Braybrook, reflecting a sharp 5.51% yield. 

The sale of 188 Duke Street and 62 Burke Street was handled by Burgess Rawson’s Jamie Perlinger and David Napoleone and attracted significant interest, generating 65 enquiries.

The property, occupied by AMA Group Limited, was offered as part of Auction Investment Portfolio 174. 

It benefits from a renewed five-year net lease to AMA Group Limited until October 2028, with an additional five-year option extending to 2033. The lease structure ensures AMA Group Limited is responsible for all outgoings, including single-holding land tax, while fixed annual rent increases of 3% provide built-in income growth.

CLYDE NORTH - $3.7 million

A premium mixed-use building that came fully leased to Mirvac Group was purchased by Oreana Group for $3.7 million. 

Completed in 2023, the two-level freehold building at 35 O'Connor Avenue spans 632 sqm of GLA and features high-quality finishes, excellent natural light, and energy-efficient systems. The property is prominently positioned on a 2,334 sqm site and includes convenient on-site car parking.

The building's adaptable layout and multiple workspaces offer various future uses, with medium-term rental and capital growth potential through repositioning or redevelopment to meet the evolving needs of the growing Clyde North residential area. 

The sale was managed by Colliers' Tim McIntosh and Lucas Soccio. 

SALE - $3.647 million

A prime retail asset in Sale has changed hands, with the BCF store at 82 MacArthur Street selling for $3.647 million. 

Burgess Rawson’s Romanor Falconer and Shaun Venables in conjunction with Graham Chalmer’s Chris Morrison, facilitated the transaction.

Mr Falconer said the campaign attracted a high level of interest from local and interstate investors drawn to the highly coveted tenant profile and its central CBD position.  

The property was secured on a semi-gross lease with 4.4 years remaining on the current term. The sale price reflected a yield of just over 6.0%.

South Australia 

KILBURN - Circa $3.52 million 

A prime corner site at Kilburn generated strong competition, with 221 bids before selling for $3,520,500 at auction.

The property, Kilburn Village, was secured by a Sydney investor after fending off nine other bidders.

Located on a 1,836 sqm site at the corner of Prospect Rd and Jersey Avenue, the retail asset attracted significant interest. 

The property sold reflecting a 1.9% yield, with the sales campaign being managed by LJ Hooker Commercial Adelaide’s Mark Tettis and Charles Parletta.

Western Australia 

OSBORN PARK - $1 million

An industrial unit in a landmark strata development in the sought-after Osborne Park in Perth’s inner north has sold following a strong sale campaign.  

The office/warehouse property at 3/7 Hector Street West in the Tower Plaza Business Centre has 323sq of strata area, with four exclusive-use car parks.  

It was purchased by a local business for circa $1 million excluding GST in a deal negotiated by Knight Frank's Lachlan Lewis and Geoff Thomson on behalf of the vendor.