Deals of the week – 4 October 2021

National

COMMERCIAL ASSETS VIC, SA & NSW - $30.35 million

A recent portfolio auction saw six commercial assets across VIC, SA and NSW find new owners, totalling $30.35 million.

All assets were sold with leasebacks, the most expensive being a Sunbury Ford dealership, which secured $9.61 million. Elsewhere in Victoria a Cheltenham property traded for $3.83 million, while United service stations were sold in Somerville ($3.625 million) and Lilydale ($4.75 million).

Over in Seaton in South Australia, another convenience retail investment went under the hammer for $4.35 million. In NSW, an Albury medical centre secured $4.185 million.

The sales were part of a Burgess Rawson portfolio which saw a total of $83.26 million change hands.

CONVENIENCE RETAIL NSW & QLD - $24.4 million

Two convenience retail investments in Riverview (Brisbane, QLD) and Dubbo (NSW), have been scooped up by APN Funds Management for $24.4 million. The pair will be placed in APN’s Convenience Retail REIT (AQR), bringing the total value to $762 million.

Riverview’s Warrego Highway Travel Centre comprises $16 million of the total, and was completed two years ago with Ampol, Carl Jr and two local retailers on the lease. The Dubbo centre will hold a Mobil service station as well as a Carl Jr restaurant.

New South Wales

KEMPS CREEK - $123 million

Securing one of the final opportunities of scale within the Mamre Road Precinct, Dexus has purchased 30 hectares of vacant industrial land located at 113-153 Aldington Road, Kemps Creek.

The property comprises three lots and will provide circa 150,000sqm of industrial space with Dexus already securing a pre-lease with McPhee Distribution Services for circa 72,000sqm.

The Mamre Road Precinct is set to benefit from the NSW government’s commitment to $2.6 billion in funding to go towards the future development of the area and to deliver key infrastructure. This will include local roads, drainage and local open spaces.

The off-market deal was negotiated by Colliers’ David Hall, Fab Dalfonso, Phillip Bradac and Jock Tyson.

DOUBLE DAY - $94 million

Emerging integrated property group, Top Spring Australia, has exchanged contracts on a landmark 1,334sqm site at 19-27 Cross Street, Double Bay, for $94 million, bolstering its Eastern Suburbs boutique apartment portfolio.

The site, which is currently home to the Double Bay Plaza, is positioned on the corner of Cross Street and Transvaal Avenue, directly adjacent the InterContinental Sydney Double Bay. It was sold complete with a DA-approved Luigi Rosselli Architects-designed mixed-use building featuring 18 apartments, including three penthouses, across five levels, atop four large format ground floor commercial/retail spaces.

The plan also includes a north-facing plaza to connect potential food and beverage operators with the existing dining spaces.

The deal was brokered by 1st City Real Estate Group’s Brad Caldwell-Eyles.

NEWTOWN - $13 million

A historic mixed-use building in the heart of Newtown has sold under the hammer for $13 million.

Built in the late 1800s to early 1900s, the 724sqm mixed-use trophy building at 287-291 King Street, comprises two retail shops, office consulting rooms, and nine apartments.

With a stable income from a mix of tenants, anchored by a healthfood supermarket, the property attracted keen interest from investors with 89 enquiries prior to auction and 25 private inspections. The building was purchased by a local investor.

Ray White Commercial’s Peter Vines and Joseph Assaf managed the sale.

AUSTRAL - $4.8 million

A residential development in Austral near the upcoming Western Sydney Airport has recently transacted for $4.8 million – 60% above the reserve.

The property, located at 310 Fourth Avenue, offers 7,092sqm of R2 Low Density Residential zoned land and presents a potential yield of 14 Torrens Title lots.

CBRE’s Andrew Sukkar, Leo Guzman and Alex Mirzaian managed the sale.

Victoria

CRAIGIEBURN – $30 million

An 8.1-hectare parcel of land in Melbourne’s north-west has been picked up by NZ’s Summerset Group for a speculated $30 million.

Located at 1480 Mickleham Road, the asset was sold with plans for a 200-lot retirement village and serviced and dementia care apartments.

Biggin & Scott Land’s Andrew Egan and Callum Williamson managed the deal.

OAKLEIGH SOUTH – Undisclosed

Retirement village and aged care provider Summerset has snapped up an infill development site bordering The Metropolitan Golf Club in Oakleigh South for an undisclosed amount.

The 18,257sqm property, located at 52 Golf Road in Oakleigh South, was sold with an approved development plan for 83 dwellings and offered three street frontages to Golf Road, Beryl Avenue and Bakers Road of 276m in total.

The off-market deal was negotiated by Colliers’ Hamish Burgess, Trent Hobart and Joe Kairouz.

WOLLERT - Undisclosed

Peet Limited have recently acquired off-market the permit approved Mystique Estate in Wollert – the final sale price is yet to be disclosed. 

The 25.75-hectare (63.63 acres) landholding is set to yield close to 300 lots. The estate will encompass a total of 550 lots, with 250 have already been sold, constructed and settled.

The site is surrounded by large masterplanned communities, Cedar Woods ‘Mason Quarter’, Dahua’s ‘Wollert Rise’, Bauenort’s ‘FindonView Estate’ and AV Jennings ‘Lyndarum North’.

The transaction was negotiated by Core Projects’ Kane Malcomson, Chris Jabs, and Trent Malcomson.

Queensland

CAROLE PARK - $3.7 million

Demand for southeast Queensland industrial assets continues with interstate investors snapping up 142 Mica Street, Carole Park, in an off-market deal. The fully leased 4,802sqm property sold for $3.7 million.

The property is leased to PR Polymers who have occupied the site for more than five years and have just over two years left on their current term,

Ray White’s Harry Egan and James Balfour managed the deal.

WINDSOR - $2.41 million

A block of flats located at 50 Bess Street, Windsor, has sold for $2.41 million at auction — 25% above reserve.

The 885sqm site comprises four two-bedroom flats and two one-bedroom flats and is development approved for a four-lot subdivision with freehold title houses.

Ray White Special Projects’ Matthew Fritzsche and Andrew Burke managed the sale.

BIRTINYA - $1.9 million

A full-floor commercial office strata in the Kawana Business Village in Birtinya has been snapped up by local company Campbell Construction for $1.9 million.

Lot 7 in the ‘Regatta Lake’ development at 4-6 Innovation Parkway Birtinya was sold with a short-term lease remaining to global company GHD who are soon to move to Maroochydore.

The full floor property features approximately 525sqm of internal NLA with an exceptional fit out in place as legacy from the previous owner Rylson Group plus 24 exclusive use car parks. The buyer will soon occupy the space following internal modifications.

The deal was negotiated by Savills Australia’s Jason O’Meara.