Victoria
DANDENONG SOUTH – Circa $300 million
One of Australia’s largest unlisted property fund managers, ISPT, has secured the 62.42-hectare land parcel at 265 Dandenong-Hastings Road, acquiring it from Dr. Leo Cantwell, who had held the asset since 1985, and originally paid $512,000 upon initial purchase. This deal comes shortly after ISPT purchased a 78.9-hectare commercial development site in the suburb of Officer South, reinforcing the renewed focus on logistics and warehousing that ISPT highlighted in their 2021 Annual Review document. CBRE was the agency designated to broker the deal.
DANDENONG - $145 million
The Dandenong Plaza retail complex, located in Melbourne’s south-east, has been acquired by major development group Pelligra, in a deal managed by CBRE’s Simon Rooney. The centre possesses 53,768 sqm in gross lettable area and is positioned on a 7.7-hectare site in the CBD of Dandenong. With 160 retailers, including major chains like Coles, Woolworths and Aldi, the Plaza is one of the pre-eminent retail hotspots in the satellite suburb. The state government has targeted the centre as part of their Revitalising Central Dandenong urban renewal initiative, which includes a five-stage plan which will add a further 209,000 sqm of gross floor area for residential, retail, commercial and hotel uses.
NIDDRIE - $2.4 million
A perfectly positioned office/warehouse has sold on Keilor Road in Niddrie, to a community group who plans to use the property for their private operations. The 584 sqm site, zoned Industrial 3, possesses 474 sqm of office and warehouse building space, and boasts exceptional exposure and immediate access to the Calder Freeway, M80 Ring Road, Hume and Tullamarine Freeways.
“Owner-occupiers looking for a high-exposure main road location with excellent accessibility aggressively pursued this property, which led to a very strong and successful offer being made prior to the scheduled auction,” stated Fitzroys’ Marco Sandrin, who marketed the property alongside colleague Brent Glassford.
PARKVILLE – Circa $65 million
The Andrews government has sold the Evo apartment block in Parkville, after a sales campaign conducted by JLL’s Josh Rutman, David Hill and Noral Wild on behalf of the Victorian government’s Department of Treasury and Finance. The building, originally developed by Pace Development Group, was acquired by Lowy-family backed Assembly Funds Management in partnership with private equity firm NashCap; they intend to hold the property as a Build to Rent investment in a single asset trust.
MORDIALLOC - $5.25 million
A mixed-use development opportunity in Mordialloc has sold for $5.25 million after procuring 56 enquiries from potential buyers. The sales figure for 138 White Street represents a sharp yield of only 2%, indicating the continued demand for retail and industrial space. The 1,780 sqm site contains 3 side-by-side tenanted buildings which are tenanted to automatic repair shops and a new food and beverage business, resulting in $105,980 per annum in leased income.
“Quality mixed-use development sites in Bayside are hard to come by and both the demand we received throughout our campaign and the end result typifies this”, reports Tim Cooney. Mr. Cooney and Daniel Philip of CVA were responsible for facilitating the successful sale of the property.
NOTTING HILL - $66 million
Monash University has continued expanding their land portfolio in-and-amongst Clayton and its surrounding areas, by purchasing the landholding at 611-625 Blackburn Road in Notting Hill, located just across the road from their popular Clayton campus. The former home to Toyota’s research and development centre, the property contains a two-storey office which provides 3,926 sqm of net lettable area, in addition to 208 car parks and a range of workshop facilities. Toyota divested the property having ceased the local production of vehicles in 2017. The property was sold by JLL’s Josh Rutman, Noral Wild, Jesse Radisich, and MingXuan Li.
New South Wales
EASTERN CREEK - $180 million
LOGOS has acquired a 26.7-hectare development site from Sargents Charity, and announced that they are planning a $500 million logistics estate on the site. The property, located on Archbold Road, is zoned IN1 General Industrial, and satisfies the “significant pent-up demand in the market”, according to Savills’ Ray Trimboli, who brokered the sale. “Prime industrial land in popular industrial locations such as Eastern Creek [are particularly popular].” LOGOS intend to develop a multi-tenanted logistics estate, which will offer in excess of 95,000 sqm of lettable space.
ALBURY - $16.8 million
A landmark retail investment opportunity in the border town of Albury has attracted a hefty sum just shy of $17 million, after an Expressions of Interest campaign orchestrated by Stonebridge Property Group’s Rorey James and Michael Collins, in conjunction with L.J Colquhoun Dixon’s Andrew Dixon. With longstanding anchor tenants that include JB Hi-Fi, TK Maxx, Lincraft and Cheap as Chips, the Mates Centre is a popular shopping hub that contains over 9,128 sqm in lettable area and has a fully-leased net operating income of $1.46 million per annum. A Melbourne investor was the party who reportedly purchased the asset.
South Australia
VINEYARD PORTFOLIO - $8.2 million
Centuria Capital Group’s subsidiary, Primewest, has secured an off-market portfolio of six vineyards across eight separate properties, all previously owned by one of the world’s leading wine companies, Accolade Wines. The landholdings have been sold on a 10-year, triple-net sale-and-leaseback term. The portfolio contains a collective 74.98-hectares of planted vines, and includes the Barossa Valley’s Resurrection Vineyard, Coonawarra’s Evans Vineyard, the Clare Valley stalwarts of Hanlin Hill and Stobie, the McLaren Vale’s Clarendon, and Petaluma Gores Road in Adelaide Hills. Held in the unlisted Primewest Agricultural Trust No. 1, the portfolio serves as the second transaction between Primewest and Accolade Wines.
“This was a rare opportunity to secure a viticultural portfolio across five well-regarded South Australian wine regions, famed for producing internationally renowned wine varieties,” according to Andrew Tout, the Head of Agriculture at Centuria. “Each estate is meticulously managed, with all vines hand-pruned; an element that facilitates in the production of ultra-premium wines such as St Hallett Blackwell shiraz and the Petaluma Hanlin Hill riesling.”
Northern Territory
LAKE MACKAY – Circa $70 million
The Oldfield & Costello families have continued to add to their substantial farming portfolio, by acquiring Mount Doreen Station in the Northern Territory. The purchase includes both $34.7 million paid for the pastoral lease to the organic cattle station itself, as well as approximately $36 million for 18,000 cattle. The families established themselves as the biggest landowners in the country earlier this year, after securing the South Australian pastoral properties Innamincka Station and Macumba Station.
The site, situated 380 kilometres to the northwest of Alice Springs, has been held by the Braitling family since 1932 its initial establishment, with the sale having been negotiated by Jesse Manuel and Rawdon Briggs of Colliers Agribusiness.
Queensland
FLAGSTONE - $25.35 million
The Flagstone Retail Centre has been divested by an offshore investor after a campaign from Savills’ Peter Tyson and Michael Harcourt was able to attract a sales figure which equates to a sharp yield of 5.4 per cent. The complex is comprised of three adjoining properties, which include a convenience retail centre, 7 Eleven and Red Rooster, and a health precinct, with a combined lettable area of 2,878 sqm. The campaign generated over 200 enquiries and multiple bids.
“The master planned community of Flagstone is one of the fastest growing areas in the country and assets such as these provide solid investment attributes,” explained Mr. Tyson.
