Deals of the Week - 5th June 2023

Victoria

BROADMEADOWS -  $134.5 million

Nikos Property founder and rich lister, Nick Andrianakos, has purchased a half-stake in Broadmeadows Shopping Centre in an off-market transaction for $134.5 million.

Acquired from retail property group, Vicinity Centres, Nikos and Vicinity will work in partnership managing the centre, as the two groups also do for Adelaide's Colonnades centre.

The transaction was facilitated by CBRE's Simon Rooney.

MELBOURNE - $25 million

Melbourne CBD boutique hotel, the Adelphie, has been offloaded by Resimax Group founder and managing director Ozzie Kheir along with co-investors Roger and Simon Ongarato for $25 million. 

The hotel was purchased by Virticle, previously known as Core Asset Development, in a deal brokered by JLL's Peter Harper and Nick MacFie in conjunction with CVA's Charles Cini and Ian Angelico.

BURWOOD - $3.125 million

An owner-occupier has snapped up a prime Crown Land parcel, at the former Burwood Police Station. In a fiercely contested auction, 63 bids were placed leading to an exceptional sale price of $3.125m, $790,000, or 34% above the reserve. 

64 Burwood Highway, the corner allotment is zoned Commercial 1, allowing for an array of potential uses. The purchaser plans to capitalise on this prime position and 29,000 daily passing cars to expand their business in this prominent commercial corridor and deliver a tile showroom. 

The sale was facilitated by Julian Heatherich, Benson Zhou, Tim Grant & James Latos of Savills Australia. 

COLLINGWOOD - $2.06 million

A warehouse presenting a commercial development opportunity in Melbourne’s city-fringe hotspot Collingwood has changed hands in an off-market deal negotiated by Colliers Alex Browne and Matt Knox. 

The 240 sqm warehouse on 121 Langridge Street was sold to local owner-occupiers just three days after the vendor appointed the team. It is being sold with a short-term lease before the new owner plans on moving into the premises and utilising it for their business. 

MT BULLER - $1.375 million

A 424 sqm vacant property with a car park, was sold prior to auction, for $1.375 million to Pension Grimus owner Lotte Grimus.

After being on the market for two weeks, the property with a prime frontage Bourke Street ski run was sold by Castran's John Castran on behalf of the Grollo family.

Queensland

SOUTHPORT -  $5.65 million

After a sales campaign that generated over 100 enquires from local and east coast investors, 10 Short Street has sold to a local investor who plans to occupy part of the building.

The building included 1,018 sqm of gross floor area, with the sale price reflecting a rate of $5,550/sqm, representing one of the strongest freehold office building sale rates seen in some years. The deal was brokered by CBRE's Mark Witheriff, Tania Moore, and John Nucifora. 

MOOLOOLABA - $4.35 million

A local family has offloaded a retail centre on the Sunshine Coast after owning it for 15 years.

Located at 128 Brisbane Road, the 862 sqm asset holds four retail tenancies and was sold in an off-market deal orchestrated by Ray White Commercial Northern Corridor's Emily Pendleton.

Western Australia

FREEMANTLE - Undisclosed

The 121-year-old P&O Hotel in Fremantle has sold to local hospitality owners and operators Adrian Fini and Nic Trimboli as they expand their presence in the city’s West End heritage precinct.

CBRE’s Ryan McGinnity and Chloe Mason managed the sale on behalf of several private owners, with the campaign generating over 130 enquiries from buyer groups looking to reinvigorate the heritage-listed property.