Victoria
CREMORNE – Circa $80 million
Alan Hamilton has divested 560 Church Street, selling to Alfasi Property, who plans to restore the 9,715 sqm site as a commercial and lifestyle precinct. With national brands Fitness First and Nick Scali serving as some of the occupiers of the 7,634 sqm of showroom space offered at the address, the fully-leased net income was estimated at $2.45 million when Dawkins Occhiuto’s Andrew Dawkins, Tim Grant, and Walter Occhiutto first listed the property.
“Our vision is to develop a world class commercial and lifestyle precinct to rival one you would see in London, New York or Singapore,” stated Alfasi Property’s Managing Director, Gill Dvir. “This landmark site has unmatched potential with the offerings it can bring to Cremorne and greater Melbourne.”
MELBOURNE CBD – $65 million
Charter Hall’s Prime Office Fund has acquired a 100 per cent freehold interest in Collins Place, the 13,350 sqm site that comprises 140,000 sqm of floor space across the two towers at 35 and 55 Collins Street. Colliers’ Adam Woodward facilitated the transaction on behalf of the vendor, an institutional investor. Charter Hall have acknowledged that they believe the site is “under-utilised” in comparison to surrounding CBD commercial assets.
“At a modest plot ratio of approximately 10:1, we believe Collins Place is significantly under-utilised compared to nearby precincts, such as 80 Collins Street,” stated Charter Hall Managing Director and Group CEO, David Harrison. “Charter Hall’s strategy, to unlock under-utilised floorspace in prime locations that have the potential to add value to the freehold asset over time, ultimately delivers long term value.”
OFFICER SOUTH – Circa $100 million
The 78.8-hectare property that served as the training ground for 1969 Caulfield Cup winner Big Philou has been sold by the Harvey family for more than $100 million to ISPT, after the Officer South Employment Precinct Structure Plan featured the site as part of its rezoning fixture, that intends to create a new industrial, commercial and residential precinct in Officer South. Situated at 425 Officer South Road, the site is believed to have been marketed by Real Properties’ Managing Director, Joseph Catanese.
RINGWOOD – $7.5 million
The Knowles Group has secured a vacant 5,620 sqm development site in Ringwood, which is permitted for the construction of 25 townhouses, on a $1,320 per sqm land rate. Located at the intersection of Canterbury Road and Wantirna Road, 313-317 Canterbury Road commanded a strong on-market campaign, with interest motivated by the continued growth of eastern suburbs like Ringwood, Box Hill and Glen Waverley, which are all experiencing major commercial and residential expansion.
Colliers agents Leon Ma and Joe Kairouz helped broker the sale of the property, with Mr. Kairouz stating that, “The site generated significant market engagement, culminating in multiple offers, due to the prominence and scale of the corner landholding, favourable residential zoning, and certainty of a planning permit.”
WERRIBEE - $1.1 million
A site located in the epicentre of Werribee has sold via private sale, thanks to a marketing campaign steered by CVA Property Consultants’ Leo Mancino. Spanning 622 sqm of Activity Centre Zone, the site at 6 Bridge Street provides a land area of 493 sqm with over 24 metres frontage to Bridge Street. Whilst the landholding is currently occupied by a house, Mancino assured investors that more lucrative opportunities awaited the successful buyer. “It may look like an ordinary house,” Mancino admitted. “But look closer and you’ll see that a substantial commercial or mixed-use development awaits.” The sale figure represents a land rate of $2,231 per sqm.
VERMONT - $5.5 million
A conjunctional offering of an inner eastern site has prompted a productive sale of a significant industrial landholding in the Melbourne suburb of Vermont. CVA Property Consultants’ Ian Angelico, Stan Dawidowski, and Jarrod Moran collaborated with Stonebridge Property Group’s Julian White, Chao Zhang, and Max Warren, to bring 59-61 Betula Avenue to market, and the agents were able to secure major interest throughout the course of the sales campaign, soliciting 8 offers and 135 enquiries. The offers came from a range of occupiers, local and Asian industrial developers, as well as a selection of land bankers. The sale reflects only the second industrial site in excess of 2,500 sqm to be sold in Vermont since July 2020.
CAULFIELD NORTH - $1.74 million
A site that has remained off-market for over 67 years has been sold to a developer by Aston Commercial’s Jeremy Gruzewski and Sebastian Origlia, after a competitive auction conducted on the 17th of August. With Commercial 1 Zoning, the building at 226 Hawthorn Road sold on an extremely tight 2.0% yield, with the 22-year tenant at the property currently on a month-to-month holding lease.
New South Wales
WOLLONGONG - $65 million
Wollongong’s 90 Crown Street continues to rise in value, as a private Singaporean investor has purchased the seven-storey A-Grade commercial office and retail complex from Avari No. 15 Pty Ltd, in a deal negotiated by Ben Mostyn, Dominic Ong, James Mulcair, and Tyler Talbot of Knight Frank. The building has a total net lettable area of 9,171.6 sqm, and sits on a 3,754.7 sqm landholding. Fully leased and possessing a 5.0 Star NABERS Energy Rating, the listing was a popular one, generating more than 80 enquiries.
“The intensity of buyer competition for this asset, which is considered to be Wollongong’s trophy asset, in one of Australia’s growing cities resulted in a record sale price for a commercial office building in Wollongong,” stated Mr. Mostyn. He went on to explain that, “Wollongong's coastal amenity and the cultural appeal of its work-life balance, gateway location and thriving business community has attracted an unprecedented level of investment into upgrading its infrastructure and skyline, including $1.6 billion of investment in the CBD in recent years and a further $400 million in projects in the pipeline.”
PEAKHURST – $2.95 million
Steve Kon has sold a 1,012 sqm site at 60 Park Street in Peakhurst at an auction that attracted five registered bidders and 34 official bids, after a campaign which prompted 110 enquiries. The property was sold with development approval and a construction certificate in place for a 45-place childcare centre to EK Living Pty Ltd. Anthony Pirrottina and Demi Carigliano of Knight Frank were responsible for negotiating the sale. The final figure represents a land rate of $65,555 per childcare place, further illustrating the investor appetite for quality ELC assets.
THORNLEIGH - $3.805 million
Colliers agents Jordan McConnell and Paul McGlynn have successfully sold an undeveloped site in the heart of Thornleigh, securing a $3.805 million figure for a private vendor. The site at 35D Sefton Road is comprised of 1,402 sqm in land area, and carries development approval for a 71-place early learning childcare centre. The sales value represents $53,592 outlaid per place.
Queensland
MAROOCHYDORE - $140 million
JVL Investment Group has acquired the HomeCo. Sunshine Coast shopping centre in Maroochydore from the HomeCo Daily Needs (HDN) REIT, shortly after HDN forecasted lower earnings for the current financial year, in part due to rising borrowing costs. HDN considered HomeCo. Sunshine Coast a “non-core” asset, allowing them to divest the property. JLL’s Sam Hatcher and Nick Willis were responsible for brokering the deal.
“The asset will be a long-term hold in a market where we have confidence in the future growth,” indicated JVL Investment’s Head of Operations, Hamish Wehl. “JVL Investment Group is pleased to increase its exposure to the Sunshine Coast market where it owns Noosa Seahaven Resort and other commercial property assets.”
MILTON - $46.6 million
Two buildings recently restored to an A-Grade standard have sold to a Brisbane-based private investor for $46.6 million. CBRE agents Jack Morrison and Adelaide O’Brien brokered the deal on behalf of vendor Wallum Partners, who originally purchased the property in 2019 for $26 million. 159 Coronation Drive and 5 Cribb Street, located in the Brisbane suburb of Milton, possess 3,624 sqm of riverfront land area, as well as an occupancy rate of 100%. Tenants in the two buildings include a mix of eight global, national, and local organisations.
“In a market where the cost of construction materials has increased significantly, assets that have recently undergone extensive capital works programs provide a safeguard against additional cost outlays and are positioned to capitalise on future rental growth,” stated Ms. O’Brien. “The refurbishment Wallum Partners conducted on 159 Coronation Drive stands out as best in class, as is evident by the buildings’ success in attracting top tier firms and a sophisticated Brisbane Private investor to purchase the asset.”
