Queensland
BROADBEACH - $45 million
167 Old Burleigh Road in Broadbeach, otherwise known as the Voyager Resort, has been sold to a private investor for $45 million. Originally constructed in the 1980s, the 60 units at the site were operated as a timeshare scheme, with owners purchasing discrete weeks of time in each individual lot. With the timeshare format waning in popularity, the resort's directors applied to the Supreme Court in 2021 to appoint three statutory trustees to be appointed to handle the sale on behalf of the timeshare holders. Kollosche’s Adam and Tony Grbcic orchestrated the Expressions of Interest campaign, which resulted in a private investor purchasing the property. The new owner has not disclosed their plans for the site.
BURLEIGH HEADS - $32 million
A 5.5-hectare site at 22 Rudman Parade has been offloaded by Rudman Commercial Pty Ltd in a sale that represents one of the biggest industrial land transactions ever completed on the Gold Coast. The property is home to tenants that include Suez / Veolia, Crushcon, Gold Coast Concrete Recycling, and Procrush, amongst others, and returns $1.407 million in annual rental income inclusive of outgoings.
Crew Commercial director Josh Wright was the exclusive agent appointed to the sale, and he stated that the enquiry for the property was substantial, with 139 qualified enquiries having been submitted. “The fact is, the property is one of the largest heavy impact industry-zoned properties south of the Yatala Enterprise Area,” stated Mr. Wright.
Describing the sales process, Mr. Wright explained that, “We were able to divide potential buyers into three distinct categories comprised of those that were seeking to subdivide the property, developers looking to construct industrial buildings to either sell or lease, or select parties that wanted to land bank and collect rent. It was the latter category that showed the highest valued interest and by leveraging all potential categories of buyer we were able to achieve an unconditional contract with a 30-day settlement which is quite remarkable for an asset of this type.”
KIPPA-RING – Undisclosed
GIC and NorthWest Healthcare Properties have teamed up to take over Kippa-Ring's Peninsula Private Hospital from Healthscope, with the institution earmarked for a $110 million redevelopment/refurbishment. Healthscope will continue to operate the hospital as part of the conditions of the sale. According to NorthWest executive director Richard Roos, the deal was motivated by the building’s potential for expansion. “[The property] was highly appealing for NorthWest given the quality of the [hospital] and its catchment in conjunction with the compelling opportunities to further upgrade the facility and expand its existing services,” he explained.
MERMAID BEACH – Circa $30 million
Aniko Group have acquired a development site in the coastal suburb of Mermaid Beach, expending a reported $30 million for a 1.134-hectare land parcel on the banks of the Nerang River. The Group are in the process of formalising their intentions to develop a $1 billion landmark mixed-use lifestyle precinct. According to planning documents, Aniko Group aims to construct four residential towers, that will feature 25, 30, 40, and 45 storeys respectively. With the market for residential property undersupplied all across the country, the 1,000-or-so apartments that would be delivered by the project are sorely needed for the Gold Coast.
The property was sold by Singapore-listed HB Land, who purchased the site in 2012 for $22 million and developed the plans that Aniko have based many of their designs on. CBRE’s Mark Witheriff and Daniel Doran, in conjunction with Colliers’ Brendan Hogan and Adam Rubie were the agents tasked with marketing the property.
STAPYLTON - $11.3 million
After a competitive marketing campaign, a private Gold Coast occupier has snared an industrial property in the highly sought-after Yatala Enterprise Area, purchasing 167 Quinns Hill Road East for just over $11 million. The 4.04-hectare site is zoned Medium Impact Industry, and features a 1,330 sqm factory building which includes ancillary offices. It was sold via an Expressions of Interest campaign coordinated by Colliers’ David Brisk, Nicholas Evans, and Daniel Coburn, in conjunction with Dave Kertesz from Crew Commercial.
“The high level of interest reflects the strength of the industrial market in the Brisbane-Gold Coast corridor amid an extremely limited supply of land in one of south-east Queensland’s largest industrial precincts,” stated Mr. Brisk.
Victoria
BRIGHTON - $8.38 million
After 45 years of ownership, the Tony Nanfra estate has offloaded the 504 sqm double-storey building at 28 Carpenter Street in Brighton, for a final figure reflective of an exceedingly sharp 3.08% yield. The building sits atop a 589 sqm Commercial 1 zoned site in the heart of Melbourne’s affluency in Brighton, and has a wide 15 metre frontage to Carpenter Street. The sale obliterated the $7 million reserve price for the property, thanks to a fiery back-and-forth auction primarily contested between two bidders. The successful buyer is a passive investor who will keep the leases to three long-standing quality tenants in Dorevitch Pathology, Buxton Real Estate and dentist Lifestyle Smiles, who have leases with options through to October 2033.
The property was sold by Fitzroys’ Mark Talbot and Tom Fisher, who noted the demand for the site. “This was hotly contested amongst locally-based buyers who were attracted to the secure income, large land area, proximity to Church Street, quality tenants, off-street parking and high-profile nature of the building,” explained Mr. Talbot. “Buyers clearly haven’t been put off by the rising rates and have plenty of cash in the bank to spend.”
South Australia
ADELAIDE CBD - $70 million
A recently renovated Adelaide CBD office building at 99 Gawler Place has been acquired by Marprop Real Estate Investors in their first deal for a South Australian property. The vendor, Blackrock, had recently completed a refurbishment of the building, adding significant value to the 14-storey office. According to Marprop’s Executive Director, Evan Gallagher, extensive examination of the Adelaide property market was conducted prior to making the move into South Australia. “We have spent considerable time watching and researching the Adelaide market, exploring the changing ownership and tenancy patterns. The market has definitely seen more institutional interest and ownership over the years." Colliers reportedly advised on the transaction.
ADELAIDE CBD – Circa $50 million
Cedar Pacific has acquired an established 405-bed student accommodation facility at 210 Grote Street, as they continue to expand their portfolio of student residences. The property was purchased from Centennial Property Group and is currently leased to the University of Adelaide, which operates the facility for both domestic and international students. The vendor was represented by Knight Frank’s Oliver Totani.
Western Australia
PERTH CBD - $223 million
Centuria Capital Group have partnered with MA Financial Group to conditionally secure one of Perth’s most well-known, A-Grade office towers, “Allendale Square”, in one of the city’s biggest transactions for 2022. The 31-storey office building is located within the heart of WA’s capital city at 77 St Georges Terrace, providing 25,908 sqm of office accommodation and 2,745 sqm of food, beverage and non-discretionary retail space below the tower. According to a media statement from Centuria, “the acquisition is part of a counter-cyclical investment strategy with the iconic office tower secured with significant embedded capital value and current vacancies and near-term expiries providing an opportunity to generate lease repositioning upside by leveraging Centuria’s in-house active management capabilities.”
The property was purchased from Mirvac, who were represented by Cushman & Wakefield’s Josh Cullen, in conjunction with Colliers International’s Adam Woodward.
HAZELMERE - $31.5 million
Perth’s industrial market remains strong, as a 9.01-hectare site at Lots 59 and 403 Bushmead Road in Hazelmere has transacted for $31.5 million, in one of Perth’s largest recent single-asset industrial purchases. McMahon Burnett Transport divested the property off-market, engaging Knight Frank’s Tom Iredell and Regents Commercial’s Mal Ashton to sell the landholding. The buyer, Atlis Property Partners, have agreed to a leaseback to McMahon Burnett Transport, who occupy the property alongside National Pump & Energy. Atlis plans to develop and hold a c13,000 sqm A-Grade logistics facility on the vacant portion of the site, with that plan expected to be delivered in the second half of 2023.
According to Mr. Iredell, the purchase signalled the growing institutional presence in the Perth market. “The high level of interest reflects the strength of the industrial market in the Brisbane-Gold Coast corridor amid an extremely limited supply of land in one of south-east Queensland’s largest industrial precincts,” he stated. “A number of major government-backed infrastructure projects are set to enhance capital growth in key industrial precincts, contributing to the overall positive sentiment for Perth located industrial assets.”
