Deals of the Week - 4th December 2023

Western Australia 

KIMBERLY - $300 million 

Canadian investment firm, Alberta Investment Management Corporation, and Australian sustainable agricultural investment firm, New Agriculture, have purchased a 2.9 million hectare aggregation in Western Australia. 

The land is made up of seven pastoral leases and five sub-leases and was offloaded by Youngawalla Pastoral Co and Argyle Cattle Co, which were previously held by Hui Ming Mau, founder of Hong Kong property development firm, Shimao Group. 

The deal was handled by LAWD's Danny Thomas and Simon Wilkinson 

WELSHPOOL - $3.05 million 

A fully leased, multi-tenanted freehold industrial property at 10 Karratha Street was sold to a private group, with the final price reflecting a yield of 4.4%. 

In a deal brokered by Cushman & Wakefield's Alec Di Lollo and Emma Quill, the freehold industrial office and warehouse garnered much interest from both local and national investors. 

BIBRA LAKE - $2.45 million 

An industrial property south of Perth was sold to a local business owner after a sales campaign managed by RWC WA's Victor Aloi on behalf of a local owner-occupier. 

Located at 12 Winchester Road, the property is found in a prominent industrial precinct and comprises an office space, a workshop and two warehouses.

Victoria

TRUGANINA - $94.1 million

Charter Hall's Core Logistics Partnership has offloaded a large 46,933 sqm industrial property at 2-30 Saintly Drive for over $94 million, reflecting a passing yield of 4.7%. 

The Core Logistics Partnership purchased the asset in 2015 for $41.7 million. The asset is tenanted by online retailer Catch and Efflog operations. The fund plans to invest the proceeds into accreditive investments such as Charter Hall's inner-city multi-level warehouse in Sydney.

The deal was brokered by Cushman & Wakefield's Tony Iuliano, while the asset was purchased by global investment manager, Barings.

MANNINGHAM - $52 million 

The Manningham Medical Centre was sold to a local private family investor, marking the largest strata healthcare sale in Victorian history, and one of the largest in Australia since 2021. 

The deal was negotiated by CBRE's Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto, with the final price reflecting a yield of circa 6.4%. 

Part of Australian Unity’s Healthcare Property Trust, the property which is strata titled has recently undergone a substantial refurbishment, featuring a gross floor area exceeding 5,000 sqm across 6 levels and a passing income of circa $2.9 million.

SOUTH MELBOURNE - $17.5 million 

Property developer R.Corporation has sold a ground-level Coles and Liquorland at its 6-level R.Iconic residential tower in South Melbourne. 

In a deal brokered by Fitzroys' Chris Kombi, Chris James and Ben Liu, the asset came with a 10-year lease to Coles and was purchased by a Melbourne-based private self-managed super fund investor. 

CRAIGIEBURN & CAMPBELLFIELD - $5.2 million

Two assets, located on 205-207 Northbourne Road, Campbellfield and 34 Yellowbox Drive, Craigieburn, sold in an off-market deal orchestrated by Colliers' Mitch Purcell and Corey Vraca.

Totalling a land area of 5,679 sqm, the final sale price represents a significant land rate that illustrates the continued high demand for land in Melbourne's northern industrial market.

The assets were purchased by two owner-occupiers who are looking to expand their operations.

Queensland

KATOOMBA - $5.05 million

Local food distributor Colless Foods has sold a refrigerated warehouse in Katoomba as owner Tom Colless is set to retire.

Located at 32 Woodlands Road, the 19,291 sqm site comprises a 3,647 sqm purpose-built cold storage facility with trade retail capability, a new diesel generator, 306 solar panels and a 50,000-litre underground fuel tank.

CBRE’s Matthew Alessi and Brendan Wein brokered the deal on behalf of Colless Foods.