NEW DEVELOPMENTS, DEALS, INDUSTRY TRENDS
Deals of the week – 01 April 2019
Posted by Development Ready on Apr 02, 2019

Victoria

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MELBOURNE - $1.3 billion +
Dexus have made ambitious moves to close a deal for 80 Collins Street, in a deal worth over $1.3 billion.

Dexus fought off Charter Hall and Mirvac in the final stages of negotiations, tapping into a range of capital partners. With intense bidding the final number is expected to be between $1.3 and $1.4 billion – the end value of the project is expected to surpass this number.

The site encompasses a 52-storey tower leased to private and state government tenants. Immediately surrounding, QIC is developing a mixed-use project, comprising a 39-storey office building, along with a 300-room hotel and a retail complex.

JLL's Robert ­Sewell, Simon Rooney, Nick Rathgeber and Leigh Melbourne, handled the sale in conjunction with Savills' Ian Hetherington, Ben Azar and James Girvan.
 

New South Wales

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LIVERPOOL - $4 million
A 2.2-hectare development site at 23 Glenfield Road in Liverpool has been traded for $4 million to property development company, Newpro 17.

The site, previously held by Property Glenfield, was sold with development approval for the construction of 46 townhouses.

Knight Frank's Terry Hassan and Demi Carigliano brokered the deal.

JAMISONTOWN - $2.37 million
A 2,596sqm warehouse site in the Penrith area has sold for $2.37 million.

The west-Sydney property, at 25-27 Abel Street Jamisontown, was sold with development approval for an automotive workshop, with a conjunctive approval for the construction of a separate 496sqm warehouse in the large rear yard.

Savills' Leigh Burges and Peter Steinhour managed the sale.
 

Queensland

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GLADSTONE - $20.2 million
Gladstone Central shopping centre, including both the Spotlight Centre and the Night Owl convenience centre, has been sold to an experienced retail property syndicator for $20.2 million.

“Most buyers were impressed with the continued growth of the region, which is supported by multiple significant infrastructure projects,” CBRE’s Peter Rossi said.

“Bill Shorten’s support for the establishment of Gladstone as the hub for the National Hydrogen Strategy’s proposed $1bn investment in the hydrogen energy industry, if Labor wins the election was seen as a positive.”

Mr Rossi handled the national campaign with CBRE colleague Darren Collins.

ROCHEDALE - $5.2 million
A private investor has scooped up a 10,117sqm landholding in Rochedale, 17km south-east of the Brisbane CBD.

The new owner fought off 10 other buyers to secure the property at 345 Miles Platting Road for $5.2 million. The site has been cleared and is within a recently rezoned area with multiple new and future housing estates.

JLL's Sam Byrne and Ray White's Mark Creevey and Tony Williams handled the sale.
 

Western Australia

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MULTIPLE LOCATIONS - $19.64
Three WA service stations have recently traded hands, with Colliers International support, over the past two months for a combined total of almost $20 million.

Two 7-Eleven service stations at 197 Landbeach Boulevard, Butler, and 1 Eaglemont Street, Greenfields, were sold by Blackmont Property to a Victorian-based fund manager. The newly developed Butler property was secured for just over $5.2 million, while the Greenfield station sold for just shy of $7.6 million.

Colliers International Head of Investment Services Wayne Lawrence sold both properties off-market.

The third service station to be sold was in Yanchep’s town centre and was sold to a private investor for $6.83 million in February.

All properties were sold with leases.

PERTH - $18.25 million
Australian real estate investment management firm, Warrington Property, has picked a Perth CBD office building from offshore private investors, for north of $18 million via its WPVAT II fund.

The eight-storey tower at 179 St George’s Terrace, occupies a 787sqm corner site and was sold with a significant vacancy rate after the departure of Rio Tinto.

Warrington Property intends to replicate the leasing success it achieved at 66 Kings Park Road in West Perth, which was also purchased with a low occupancy and is now close to being fully leased after an extensive refurbishment.

Colliers International’s Wayne Lawrence and Tory Packer sold the property off-market.

WEST PERTH - $16.57 million
Binary 1101 Hay, a seven-storey building in West Perth, has been sold by joint owners Qube Property Group and Dorado Property for $16.57 million to a WA-based private company.

Built by the vendors five years ago, Binary 1101 has a net lettable area of 2,510sqm and was sold 93% leased. 

Colliers International’s Wayne Lawrence and Tory Packer brokered the deal off-market, with Mr Lawrence commenting that, “Confidence is gradually returning to the office markets in Perth and West Perth and there is renewed interest in buying leased office buildings.
 
“Importantly, the transaction points to an appetite amongst WA private buyers for substantial office assets.

“We are aware of a number of private family companies in Perth that are keen to invest in offices and have the capacity to transact on office buildings up to $100 million.”
 

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