Deals of the Week - 8th April 2024

New South Wales

Minchinbury - $17.5 million 

MOJ Projects, a high-end construction company has sold its 5,145 sqm Minchinbury industrial site for $17.5 million.   

Located at 14 Sterling Road, MOJ Projects is currently developing the site to include a 3,442 sqm warehouse with bespoke finishes, a basement car park and a lift.  

CBRE’s Elijah Shakir and Moshe Greengarten brokered the deal off the market on behalf of MOJ Projects.

Victoria

ABBOTSFORD - $14.6 million 

Jones Real Estate's Paul Jones has secured an off-market sale valued at for a significant landholding at 35 Flockhart Street, Abbotsford.  

Sold on behalf of vendor Forza Capital, an independently owned property investment group, the 3,880 sqm property in Melbourne’s sought-after inner east is located on the Yarra River-Birrarung and well-supported by a host of everyday amenities at the Victoria Garden shopping centre. 

Positioned atop flexible Industrial 1 Zoned land, the property which is currently a 470-bay four-level car park is suited to a broad mix of commercial applications

NUNWADING - $12.8 million 

Representing one of Victoria's largest childcare centres, 86 Springvale Road has been successfully sold in a deal orchestrated by CBRE's Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto. 

The centre holds a 154-place capacity and is tenanted by Explorers Early Learning on a 15-year lease term plus options. The sale reflects a yield of 5.3% and is a continual statement for the team in a run of recent childcare deals. 

BENTLEIGH - $6.706 million 

A rare childcare centre sold after a sales campaign that generated a huge response from local and offshore investors. 

Fitzroys’ Chris Kombi, Tom Fisher and Ben Liu managed the Expressions of Interest campaign for 263-265 Centre Road, which was offered to the market for the first time in 25 years. The final sale price reflected a tight 4.7% yield. 

The 93-place childcare facility has a 10-year lease with options to Evolve Early Learning from 2019. Evolve Early Learning trades from the site as Roseberry House and is owned by New Zealand publicly-listed Evolve Education Group, which has a market capitalisation of over $100 million. 

BRUNSWICK EAST - $3.38 million 

A strip hospitality asset was sold under the hammer in a sales campaign managed by Fitzroys’ Chris Kombi, Ervin Niyaz and Ben Liu.

Located at 98-100 Lygon Street, the property was sold under instruction from Advise Transact. The sale price reflected a tight 4.7% net yield. The property has a 10-year lease plus options to highly-experienced hospitality operators trading as popular new venue Maggie’s Snacks & Liquor. 

DANDENONG - $3.18 million 

Five bidders have fiercely contested the auction of a high-exposure Dandenong showroom, which sold under the hammer for $3.18 million - more than $700,000 above reserve.

Fitzroys’ Tom Fisher and David Bourke sold 147 Lonsdale Street on behalf of a private owner, following a campaign that generated more than 50 enquiries. The property was offered with a short-term lease to Drummond Golf. It comprises a 720 sqm open-plan showroom on a 1,309 sqm site with favourable Comprehensive Development Zone - Schedule 2 zoning. 

The purchaser is a New Zealand-based clothing group that will occupy the property.

Queensland 

TOWNSVILLE - $6.6 million 

A newly constructed 7-Eleven Service Centre with an adjoining Go2 Car Wash was offloaded by Townville Retail Assets No 1 Pty Ltd. 

In a deal handled by Burgess Rawson's Neville Smith in conjunction with Commercial East Coast Investments' Glenn Conridge, the property was purchased by a Queenland-based private investor. 

The property came with a 12-year lease, plus options to extend to 2055, and sits on a 3,435 sqm block, benefitting from prime exposure with 22,0000 vehicles passing daily. 

TOOWONG - $6.4 million 

Two adjoining properties at 53 & 59 High Street, just 4km from the Brisbane CBD, have sold for $6.4 million. 

59 High Street is a strip-retail building occupied by sole tenant HX Asian Supermarket with a site area of 420sq m. The adjoining 53 High Street is a heritage-style two-story retail/office building occupied by KC Dry Cleaning with a site area of 607sq m. 

The off-market sale was negotiated by Christian Sandstrom of Knight Frank. 

Western Australia 

CANNING VALE - $3.6 million 

A local syndicate has successfully offloaded an industrial asset located at 26 Baile Road. 

Purchased by a local investor, the 4,000 sqm asset holds two buildings and came tenanted by NMT Electrodes, with a further tenancy by Viking Industrial being signed since the purchase.

The deal was handled by SVN Perth's Gavin Lilleyman and Rocco Demaio