Deals of the week – 6 September 2021

New South Wales

MACQUARIE PARK - $135 million

A 1.85-hectare high-density residential development site in Macquarie Park has recently traded hands from Landcom to Landmark Group for $135 million.

The property encompasses four land lots that form Stages 2 and 3 of the Lachlan’s Line estate on Halifax Street. It is expected that the property will allow for around 950 dwellings within towers of 10-30 storeys.

Knight Frank’s Scott Timbrell sold the properties on behalf of the state government.

SEAFORTH - $7.645 million

A former CBA branch located at 539-541 Sydney Road has recently sold via an online auction for $7.645 million. There were 11 registered bidders, a mix of owner occupiers, investors and developers with bidding starting at $4.2 million and continuing for 63 bids before the hammer fell.

It is understood the purchaser intends to covert the bank into a large format retailer. The property has a total NLA 393sqm and consists of three retail tenancies on a 674sqm parcel of land. The land B2 zoning allows for future a ‘Shop-Top Housing’ development.
  

Colliers’ Tom Appleby and Harry Bui managed the auction.

EAST LIDCOMBE - $5.31 million

A prominent site in the East Lidcombe bulky goods precinct has sold for the second time in two years for $5.31 million to a local furniture company. The 1,113sqm site, which includes a mezzanine office and showroom, was picked up by Triumph Furniture.

Located at 12-14 Adderley Road with neighbouring national and international brand heavyweights such as Costco, Harvey Norman, Bunnings Warehouse, Fantastic Furniture and Adidas is close by.
 
Current improvements on the site include a 1,132 sqm freestanding warehouse and office building with a basement car park. The site has B6 enterprise corridor zoning and features two street frontages from Adderley Street and Local Road.

CBRE’s Robert Dowdy and Raj Chaudhary brokered the sale.

Victoria

WILLIAMSTOWN - $5.85 million

A private investor has purchased the freehold interest of the Customs House Hotel in Williamstown for $5.85 million.

Having transacted with an existing lease to an experienced hotel operator, the sale represents a yield of 3.84% based on the net annual income of $225,000.

The pub and restaurant venue occupies a 1,100sqm site at 161 Nelson Place and had been under the same ownership for more than two decades.

CBRE’s Scott Callow, David Minty and JJ Heng, in conjunction with James Gregson of Gregson Commercial, managed the sale campaign.

ASHBURTON - $3.2 million

After hitting the market for the first time in 20 years, 382-384 Warrigal Road, Ashburton, sold for $3.201 million, more than $1 million above the reserve via online auction.

The 550sqm retail building received keen interest with 76 enquiries prior to auction and 25 registered bidders on the day. The bidding started at $1.9 million, with 182 bids placed throughout the auction.

Ray White Commercial’s Theo Karkanis managed the auction.

BENTLEIGH - $1.155 million

A 237sqm property at 837 Nepean Highway, Bentleigh, has recently sold under the hammer for $1.155 million — $235,000 above reserve.

The property, which is leased to long-term tenant Trifusion Fitness with a new five-year lease as of 2020, received a lot of interest with more than 70 enquiries prior to auction, 13 inspections, and six registered bidders on the day.

Ray White Commercial’s Ryan Amler managed the deal.

ASHBURTON - $1.035 million

A Melbourne investor has paid $1.035 million for a retail strip property with development upside at Ashburton in Melbourne’s inner south-east.

Five bidders from more than 20 registered parties took part in the online sale delivering a substantial hike above the vendor’s reserve price.  

The 403 High Street property, comprising a single level, 140sqm retail premises on a 235sqm site with two street frontages, was sold subject to a five-year lease currently returning $35,000 per annum net with 3 per cent annual increases.    

Teska Carson’s George Takis handled the auction.

Queensland

MOUNT PLEASANT – $162.5 million

Melbourne based fund manager Fawkner Property has acquired the Mount Pleasant Centre in north Queensland from Vicinity Centres for $162.5 million amid strong investor demand for sub-regional shopping centres.

The centre is recognised as one Australia’s best regionally located sub-regional shopping centre assets and attracted competitive buyer interest, with the sale price reflecting a net passing yield of 6.46% and fully leased yield of 6.55%.

CBRE’s Simon Rooney and James Douglas negotiated the sale.

BRISBANE PORTFOLIO - $51 million

PTG Land recently sold a portfolio of four Brisbane cold storage investments for a combined $51 million.

The deal includes; 17 Breene Place Morningside, 164 Riverside Place Morningside, 69 Alexandra Place Murarrie, and 60 Ron Boyle Crescent Carole Park.

CBRE’s Jack Pershouse and Ben Lyons managed the transactions.

CAIRNS - $18.4 million

APN Convenience Retail REIT (AQR) has seized a rare opportunity to purchase a premium highway service centre investment near Cairns, in an $18.4 million transaction.

Located approximately 18km south of Cairns CBD, Gordonvale Highway Service Centre (United Gordonvale) is situated on the corner of Bruce Highway, the major north-south highway in Queensland, and Cairns Road, with over 200 metres of combined frontage exposed to 130,000 cars weekly.

United Gordonvale offers a WALE of 9.4 years, underpinned by United Petroleum on a new lease, a McDonald’s drive-through, and a Subway.

CBRE’s Danny Betros, Michael Hedger & Joe Tynan negotiated the deal.

CARINA - $12.5 million

A long-established medical centre asset in Brisbane’s eastern suburb of Carina has sold to a private investor for $12.5 million.

 
The elevated 5,714sqm site known as the I-Med Carina & Old Cleveland Road Clinic, accommodates 1,689 sqm of retail space and houses eight tenancies. 97% of the centre’s income is underpinned by allied health and medical tenancies with leading occupiers including a general practitioner, radiology clinic, Snap Fitness Gym and diagnostic testing laboratory Sullivan Nicolaides, most of whom have been in occupation for over 15 years.

CBRE’s Darren Collins managed the expressions of interest campaign.

Western Australia

SOUTH GUILDFORD - $50.75 million

Charter Hall has recently scooped up two modern warehouses in South Guildford for $50.75 million. The deal also included an 8,354sqm vacant development site which connects the two buildings.

The two properties are located at 22 and 72 Hyne Road, currently utilised as a Chemist Warehouse South Guildford Distribution Centre and the Cleanaway South Guildford Material Recovery Facility respectively.

JLL’s Tony Iuliano, Nick Goodridge and Andrew Fife managed the sale.

PERTH - $28.4 million

Perth’s London Court has recently been picked up by Singapore-based Fragrance Group for $28.4 million.

The heritage-listed four storey Tudor building, which was constructed around 1937, presents a basement retail/workshop, 34 ground level shops and 57 upper level offices with a total GFA of 3,071sqm.

Colliers’ Ian Mickle, James Wilson and Wayne Lawrence managed the deal.