Deals Of The Week: 9 March 2020

Victoria

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CLAYTON - $17.925 million
An industrial property in Melbourne's south-east has traded hands ‘off market’ from Wilson Family of Reece Plumbing to Virtus Property Group for close to $18 million.

Situated at 74-86 Garden Road, the 12,261sqm warehouse sits on a 34,790sqm site with surplus land for future development.

JLL’s Daniel Kelly and Nick Reddish negotiated the deal.

SOUTH MELBOURNE - $8.55 million
A local developer has snapped up a prime landholding in South Melbourne for $8.55 million in a highly competitive auction that went $3 million above expectations

67-69 Palmerston Crescent currently comprises a two-level office building, with over 750sqm of office space, on a 592sqm corner site. The site was sold with an approved permit and plans for a luxury 10-level residential project featuring 29 apartments.

Savills agents Clinton Baxter, Jesse Radisich, and Benson Zhou negotiated the deal.

CAMBERWELL - $4.28 million
A newsagency property in Camberwell has traded for $4.28 million with the buyer stating potential intentions to redevelop and reposition the asset.

The dual-fronted freehold is located at 628 Burke Road and was the first time the property had been offered to market in 45 years and had traded as a newsagency for 25.

Fitzroys' Chris James and David Bourke negotiated the deal.

NORTH MELBOURNE - $2.66 million
The home of coffee roaster and cafe operator Code Black Coffee has transacted recently for $2.66 million, on a sale and lease-back.

Located at 119 Howard Street, the converted warehouse will remain the home of Code Black for the next 10-years.

CBRE’s Julian White, Dylan Kilner, Nic Hage and JJ Heng managed the deal.
 

New South Wales

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LIVERPOOL - $52.5 million
A private investor has moved on a four-storey office building in western Sydney, banking on a promise of an infrastructure-driven uplift from the new airport in western Sydney.

Sydney-based Stanley Xue splashed out $52.5 million for 211 Northumberland Street. Former owners Propertylink and Goldman Sachs in 2016 acquired the site in 2016 for just $31.8 million.

The property was sold fully leased to the federal government as a Centrelink office, offering returns of $3.46 million annually until the lease expiry in 2022.

Ray White Commercial’s Peter Vines managed the sale.

BOTANY - $17 million
The Captain Cook Hotel, a heritage-listed pub in Sydney’s south-east, has traded for $17 million in an off-market deal from long-time owners, the Shannon family, to local businessman Warren Livingstone.

The hotel, fitted out with a gaming room and accommodation, was built in 1906 and maintains a 24hr liquor licence with 18 gaming machines. The property was sold with an approved permit for a new gaming room.

HTL Property’s Sam Handy and Daniel Dragicevich managed the off-market deal.

SMITHFIELD - $3.9 million
A 1,607sqm freestanding warehouse in Sydney’s west has been scooped up by a local owner-occupier for just shy of $4 million.

The freestanding industrial facility, located on a 2,885sqm site at 6 Tarlington Place has three roller shutter doors, a five-tonne gantry crane and a refurbished office-showroom over two levels.

JLL’s Matt Keeping sold the property.
 

Queensland

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WATERFORD WEST - $7.9 million
A Medical and Convenience Centre in Brisbane’s south has been snapped up by a local private investor group for $7.9 million.

50 Market Place in Waterford West, comprises a two-level building featuring a mix of 13 medical, service and retail tenancies with 40% of the centre comprising medical and allied health. The buyer was said to be attracted to the centre’s strong mix of medical tenants and the potential to introduce additional allied health users to the centre over time.

The off-market transaction was managed by Savills Peter Trikamji, Jon Tyson and Michael Harcourt.

NEW FARM - $3.9 million
A retail investment located at 599 Brunswick Street in the Brisbane city centre, has been picked up by Smithfield Property for $3.9 million. The 953sqm property comprises a three-level building on a corner site, with retail space, office space and 16-room boarding house.

Ray White Commercial's Michael Feltoe managed the sale.
 

Western Australia

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BIBRA LAKE - $9 million
A modern three-year-old industrial complex in the Bibra Lake Industrial Estate has sold for $9 million.

The fully leased asset, located at 61 Bushland Ridge, comprises a 5,244sqm building on an 8,455sqm property. The complex was purchased by a South Australia-based property syndicator that placed the property into an industrial investment trust.


Ray White Commercial’s Enrique Reyes managed the deal.
 

South Australia

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THEBARTON - $4.4 million
An industrial site in Adelaide’s inner-west has recently settled for $4.4 million. The property’s zoning allows for a mixed-use or residential development up to six storeys.

Located at 8-16 Smith Street, the 6,261sqm property currently comprises a 2,859sqm office warehouse facility with three street frontages.

Colliers International’s Alistair Mackie, Paul Van-Reesema and Paul Tierney managed the expressions of interest campaign.