Queensland
FORTITUDE VALLEY - $110 million
A modern office in Fortitude Valley has been sold for $110 million by London-based fund manager, M&G Real Estate. The property was purchased by Savills Investment Management, in a deal facilitated by CBRE's Peter Chapple and Bruce Baker with Justin Bond and Paul Roberts of Knight Frank representing M&G.
New South Wales
CHATSWOOD & RYDALMERE - circa $100 million
JLL Hotels & Hospitality Group has sold the Rydalmere Tavern and Chelsea Hotel in a combined deal worth more than $100 million. The deal was brokered by JLL Hotels & Hospitality Group's Managing Director, John Musca and Senior Vice President, Ben McDonald. While the purchaser has remained anonymous, it is said to be a private hotelier with significant interest in the pub space.
VILLAWOOD - $90.09 million
Leading CRE investment firm, MaxCap Group and multi-disciplined property developer Time & Place have sold an industrial site in Sydney's west to alternative asset management firm, Brookfield for over $90 million. The deal was brokered by Jason Edge, a senior director in CBRE’s industrial capital markets team, on behalf of MaxCap and Time & Place. “Land values in industrial precincts such as Villawood continue to experience strong growth, with values having increased by 39 per cent across Sydney in 2022,” Mr Edge said.
POMONA & COLDRIDGE - $62.5 million
Agricultural asset management firm, Warakirri, has purchased The Coldridge vineyard in South Australia's Riverland wine region as well as the Grande Junction vineyard in Southern NSW's Pomona. The deal came to $62.5 million in a sale-and-leaseback deal with Australian Vintage, who own McGuigan Wines and Barossa Valley Wine Company.
BLACKTOWN - $11 million
A partially built 184-apartment tower built by Sydney Developer Merhis Corp has sold for $11 million. Mehris Corp went into liquidation earlier this year, with PwC now managing the site. The deal was brokered by Colliers' Matthew Meynell, James Cown and Jordan McConnell, who worked with Lincoln Blackledge of Stonebridge to sell the property.
Victoria
EAST MELBOURNE - $51.785 million
A five-level office building located on Wellington Parade South in East Melbourne has sold for over $51 million to a local commercial property investment manager, Bayley Stuart. The deal was brokered by Colliers agents Daniel Wolman, Matt Stagg, Oliver Hay and Leon Ma on behalf of Harmony Property Investments. Daniel Wolman, Colliers Head of Investment Services Victoria, said the sale indicates long-term investor confidence in the Melbourne office market regardless of interest rate rises.
DANDENONG SOUTH - $20 million
A logistics building with expansion potential in Melbourne’s southeast has sold in an off-market deal with a leaseback for nearly $20 million. The facility in Dandenong South was purchased by Centennial for $19.8 million. It was sold by leading floral industry supplier, Apack, on the condition that the buyer enters into a leaseback at settlement, with the lease term being three years.
The off-market deal was negotiated by Scott Braithwaite of Knight Frank. Mr Braithwaite said the length of tenure and age of the building provided scope for the incoming purchaser to implement a longer-term asset refurbishment broadly in line with their investment strategy in the Australian market.
MORNINGTON PENINSULA - $9.73 million
Melbourne fund managers Ben Gray and Dion Hershan have partnered to buy boutique Mornington Peninsula winery, T'Gallant Wines. Notably the first major vineyard in pinot grigio and pinot gris in Australia, the property was sold by Treasury Wine Estates for $9.7 million.
FITZROY NORTH - $5.6 million
A prized land-rich landholding in Fitzroy North has sold for $5.6 million after an array of buyers competed for the rare opportunity to occupy or redevelop in Melbourne’s highly sought-after inner north. Fitzroys’ Chris Kombi and Ervin Niyaz sold 726-732 Nicholson Street via Expressions of Interest on behalf of a private investor, with the final sale price well above expectations. A land banking developer was the purchaser of the 669 sqm site that currently comprises four shops on three titles of a combined 463sqm. It has eight rear on-site car parks accessible via Scotchmer Street, and has an expansive frontage to Nicholson Street of 21.95 metres.
South Australia
SEACLIFF - $6.01 million
A childcare centre in the southern coastal town of Seacliff has sold for $6.01 million. The centre currently holds a 15-year net lease to G8 Education, Australia's largest childcare provider. It was purchased by a private Melbourne-based interstate investor following a sales campaign run by Oliver Totani and Jack Dyson of Knight Frank and Adam Thomas and Natalie Couper of Burgess Rawson.
POMONA & COLDRIDGE - $62.5 million
As previously mentioned. Agricultural asset management firm, Warakirri, has purchased a Coolridge vineyard in South Australia's Riverland wine region as well as the Grande Junction vineyard in Southern NSW's Pomona. The deal came to $62.5 million in a sale-and-leaseback deal with Australian Vintage, who own McGuigan Wines and Barossa Valley Wine Company.
