Deals of the week – 7 MAY 2018

New South Wales

Search for more development sites in New South Wales here.

SYDNEY
A Sydney-based, Chinese investor has traded just over $50 million for a commercial free hold site at 499 Kent Street in Sydney. The investor has plans to re-develop. 

Despite some noticeable cooling across sales of Sydney land, this acquisition demonstrates the continued health for well-located sites that hold promising commercial or residential development.

"499 Kent Street drew strong interest from local and offshore investors and developers as it is one of the last development opportunities of this scale within this precinct of Sydney's CBD," Knight Frank's Andy Hu said.
 

GOSFORD
An A-Grade purpose built Australian Taxation Office complex in Gosford has recently changed hands. The City of Brisbane Investment Corporation (CBIC) bought the completed property from Canberra-based developer and owner, Doma Group, for $43.5 million.

Given Gosford’s growth and demand, along with the strong 10-year-long government tenure, the site drew a lot of attention.

Colliers International's Paul Powderly, James Barber and Adam Leacy managed the sale.

 

Queensland

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TOWNSVILLE
Sentinel Property Group have secured their ninth addition to the Sentinel Regional Office Trust with the purchase of 370 Flinders St in Townsville. Paying $15.5 million for the eight-level Central Plaza, this acquisition brings the value of the trust up to $250 million.

Sentinel have reported that they see direct potential in Townsville, with planned spending on infrastructure, sporting, mining, defence, health and manufacturing.

 

Victoria

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GLEN IRIS
A Melbourne based investor has purchased a retail/office investment property with development potential at 1628-1630 High St in Glen Iris at auction for $1.03 million.

The site previously held an open-plan office space, but was sold vacant.

Teska Carson's George Takis and Michael Ludski lead the auction.

MORDIALLOC
A Mordialloc retail building has been sold from one local investor to another for $2.2 million.

Situated at 622 Main Street, the development potential property has ground floor retail with a first floor two-bedroom apartment and rear office.

Teska Carson's George Takis and Michael Ludski managed the auction.    

NORTHCOTE
A site in Northcote has been secured, against fierce competition, by a local childcare developer.

The 1,207sqm corner site at 279-281 St Georges Road, holds an extensive triple street frontage of 105m.

Savills Melbourne’s Nick Peden, Jesse Radisich and Benson Zhou brokered the deal.

CAMBERWELL
A development approved site has sold at 1308-1310 Toorak Road in Camberwell for $3.99 million. The vacant lot, approved for 20 luxury apartments with approximate land coverage of 1,279sqm, was sold by expressions of interest.

Savills' Nick Peden and Jesse Radisich and Woodards Blackburn's Sam Ejtemai and Julian Badenach handled the 118 inquiries.