NEW DEVELOPMENTS, DEALS, INDUSTRY TRENDS
Deals of the week – 04 February 2019
Posted by Development Ready on Feb 04, 2019

Victoria

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MELBOURNE - ~$30 million & $35 million
Two high-rise development sites in Melbourne’s CBD have been recently purchased in a secretive deal by offshore-based developer and fund manager Cedar Pacific, The Australian Financial Review has reported.

21-23 Wills Street, which was purchased from Chinese developer Shangyi Property, is suggested to have sold for around $30 million. The same site was purchased by Shangyi in 2010 for $6 million. Wills Place, as the project is known, is approved for a 35-level tower with 232 apartments.

The second site to be taken on by Cedar Pacific is an abandoned apartment building at 301-303 La Trobe Street, purchased in October 2018 for $35 million from Singaporean developer Figtree Holdings.

DRYSDALE - $23.5 million
Local investors have snapped up a new-format 3,775sqm Coles supermarket and Liquorland outlet near Geelong for $23.5 million. The site was listed for sale last November for $25 million with a 15-year lease, however the market failed to meet the expectation.

Alex Ham and Michael Gross of Gross Waddell, in conjunction with Phillip Gartland and William Blanch of Stonebridge, handled the new sale campaign.

"The deal shows demand from Melbourne's private investor pool remains extremely strong," Mr Ham said.

BENALLA & BADGER CREEK - $5.75 million
Two tourist parks have been sold to Sydney-based property group Equinox for $5.75 million. The two sites in question are the Benalla Tourist Park, at 115 Sydney Road, Benalla, and the Healesville Lifestyle Village, at 322 Don Road, Badger Creek.

Equinox's Brett Summers listed the sites’ revenue growth and opportunity for further infill development of permanent homes as reasons for the purchase.

Both properties were sold through off-market campaigns with CBRE's Andrew Jackson handled enquiries.

McCRAE - $2.8 million
A 650sqm showroom and office building, with significant development appeal, has sold for $2.8 million.  The site at 725 Point Nepean Road, McCrae, also offers a rear workshop and a 15-space car park.

CVA's Daniel Philip handled the sale.

New South Wales

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GLEBE - $43 million
A 3,500sqm heritage office building at 19-37 Greek Street in Sydney’s Glebe has been sold for $43 million to union group United Voice.

Denwol Property Group purchased the site in 2016 for $18.7 million from the Church of Scientology. After extensive refurbishment the group sold it to United Voice, more than doubling the original sale price. Denwol had intended to lease out the building before being approached, off-market, by United Voice.

Colliers International's Vince Kernahan and Tom O'Neill handled the sale on behalf of Denwol.

NEWTOWN - $13.5 million
Matt Williams of King Tide Hospitality Group has handed over $13.5 million for The Coopers Hotel in Sydney’s Newtown in an off-market transaction.

Newtown has been unofficially dubbed ‘Sydney’s Entertainment Precinct’ which has drawn other known publicans to the area.

The Coopers Hotel is situated on the bustling King Street and returns an annual revenue of $4.7m across its multi-faceted departments. It was also recently approved for an expansion of its gaming room, which currently has 21 machines.

HTL Property’s Daniel Dragicevich and Sam Handy handled the off-market campaign.
 

Queensland

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ROCHEDALE - $10.8 million
A Rochedale landholding, 17km south-east of Brisbane, has sold to private aged-care and retirement operator TriCare for $10.8 million.

TriCare have announced intentions to develop a new retirement centre on the over 4-hectare property situated at 20 Ford Road, which will benefit from new housing estates and a Coles-anchored town centre planned for the Rochedale area.

JLL's Sam Byrne handled the expressions of interest campaign.

ROCKHAMPTON - $7 million
The 74-room Hotel Travelodge in Rockhampton has traded hands for $7 million from the Tucker Box Hotel Trust, a joint venture between Mirvac and the NRMA, to a Chinese investor.

The hotel is expected to continue its operations under the Travelodge label.

CBRE Hotels senior negotiator and selling agent with this campaign, Hayley Manvell, stated that the sale is indicative of the strong demand for properties of this nature,

“A stock shortage is helping to draw buyer attention to Queensland opportunities as investors are priced out of southern markets,”

Ms Manvell handled the sale with CBRE colleague Wayne Bunz.

SOUTHPORT - $2.36 million
A development approved site at 11 and 13 Egerton Street in Southport has sold to residential developer Metricon for $2.36 million.

The property was sold with approval for 10 luxury townhouses.

Colliers International's Geoff Lamb and James Holland handled the sale.

 

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