Deals of the week – 7 March 2022

New South Wales

DOUBLE BAY - $82 million

Four amalgamated properties in Double Bay have recently been scooped up by Fortis for circa $82 million.

The properties hold address at 2-10 Bay Street and 294-298 New South Head Road, and encompass 1,863sqm  

The new owners have announced that they plan to proceed with the permit that was offered with the sale of the properties, which will allow for a four-storey project containing ground floor retail and basement parking. Construction will start next July.

CBRE’s Ben Stewart managed the deal.

WAGGA WAGGA - ~$27 million

The Thomas Blamey Tavern at Lake Albert near Wagga Wagga has recently traded hands, with a group of publicans coming together for a speculated circa $27 million deal.

Located at 55 Main Street, the 6,110sqm property includes a bistro, function space and gaming room with 26 electronic gambling machines. The pub also features a drive through bottle shop and a car park.

HTL Property’s Blake Edwards brokered the off-market deal.

SMITHFIELD - $8.2 million

Fab Fresh Bros, the owners of yoghurt manufacturer Ruby and Roy's, have sold their production facility in Smithfield for $8.2 million.
 
The 4,546sqm property at 98 Long Street features a 2,406sqm building with cold storage, and has been purchased by an owner-occupier pharmaceutical group, with the price reflecting a building rate of $3,408/sqm.

CBRE’s Janet Joljian and Elijah Shakir managed the off-market sale.

Victoria

HAWTHORN EAST - $125 million

A recently completed office building in Melbourne’s Hawthorn East has recently changed hands from Bluepoint Projects to Growthpoint Properties for $125 million.

Located at 141 Camberwell Road, the four-storey building offers 10,249sqm of NLA, one fifth of which is designated retail. There is also a 304-bay basement car park. It forms one component of the major mixed project known as QV@141 Camberwell Road.

Cushman & Wakefield’s Leigh Melbourne, Nick Rathgeber, Mark Hansen and Josh Cullen managed the deal.

ALPHINGTON - $48 million

A 2.1-hectare development site in Alphington’s ex-Amcor paper mill has just been picked up by a partnership between Time & Place and Corsair Capital for $48 million.

The site is the largest and final lot within the 16.5 Ha master-planned mixed-use village, YarraBend. It was offered for sale with a permit for a $500 million covering Built-To-Rent residential, retail and office.

The new owners have announced that they will build 600 dwellings, and introduce a Coles supermarket, a co-working commercial building and a childcare centre.

DANDENONG - $14 million

A Dandenong office with long-term development upside has traded from Macpherson Kelly Law to Justin Ruthven (IBISWorld Australia chairman and chief executive officer) for $14 million. The vendors purchased the property for $4 million in 2004.

Located at 40-42 Scott Street, the double storey asset was offered for sale with a nine-year lease in place. it presents 2,605sqm of NLA on a 2,166sqm land area.

JLL’s Josh Rutman, Tim Carr and MingXuan Li managed the deal.

CAMPBELLFIELD - $9 million

GLJS Investments has capitalised on demand for industrial land in Melbourne’s north by selling a 11,931sqm Campbellfield allotment for $9 million.

The parcel comprises three blocks of land at 54, 56 & 58 Metrolink Circuit. The individually titled and zoned sites were offered for sale individually or in one line, with all three snapped up by a private investor in a deal that set a new land rate record of $754 p/sqm for industrial zoned land in Campbellfield. 

The purchaser of the Campbellfield site intends to owner occupy part of the land and develop the rest.
 
CBRE’s Daniel Eramo, Joe Brzezek and Jake George brokered the sale.

FYANSFORD – 7.15 million

Two Gen Fyansford Town Centre sites that sit near Geelong and total 6.23 hectares have recently changed hands from ICD Property and Thailand’s Supalai Public Company to Nigel Austin for $7.15 million.

There is a 4.8-hectare lot located at 35 Hyland Street which is zoned Commercial 1 and permitted for a shopping centre, office and community facilities. 51-59 Hyland Street, the smaller of the two lots, is zoned Mixed Use and could make way for apartments.

Savills’ Benson Zhou and Julian Heatherich represented ICD and Supalai.

WINDSOR - $7 million

The operator of the Lucky Coq Hotel in Windsor has purchased its Chapel Street freehold for approximately $7 million.

Having occupied the site on the corner of Chapel Street and High Street (179 Chapel Street) for more than a decade, Colonial Leisure Group bought the asset in a transaction reflecting a site rate of roughly $20,000/sqm.

The freehold interest changes hands for the first time in just over 50 years, having been owned by a Melbourne-based family.

CBRE’s Mathew George and Scott Callow managed the sale.

Queensland

KIRWAN - $7.75 million

The Mountain View Marketplace, located in Townsville’s south western suburb Kirwan, has recently traded off-market from Oz Prop Capital to a Victorian investor for $7.75 million.

The property features a Supa IGA and 11 specialty stores. It was marketed with a long-standing anchor tenant, and a longer-term development upside.

Ray White Commercial’s Michael Feltoe and Lachlan O’Keefe managed the sale.