NEW DEVELOPMENTS, DEALS
Deals of the week – 1 June 2020
Posted by Development Ready on Jun 01, 2020

Victoria

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SUNSHINE - $39 million
A shopping centre in Melbourne’s north-west has been jointly picked up by Assembly Funds Management and ­Cadence Property Group for $39 million.

The Harvey Norman-anchored 22,000sqm large-format retail centre is located opposite the ­Albion train station in Sunshine’s town centre. The new joint venture owners plan to rejuvenate the space with a capital works program that will involve a full rebranding and active management.

Stuart Taylor and Sam Hatcher from JLL brokered the deal.

WEST MELBOURNE - $4.8 million
A developer has secured Netball Victoria’s West Melbourne headquarters for a speculated $4.8 million, realestatesource.com.au reports. The sporting body already have plans to move to Parkville’s State Netball and Hockey Centre next year.

The double storey office, located at 487-489 King Street, was originally purchased by the vendors in 1997 for $950,000. The 404sqm block contains 766sqm of A-grade office area with basement parking for 10 cars.

Savills Australia’s Jesse Radisich, Nick Peden, Clinton Baxter and Benson Zhou managed the deal.

WEST MELBOURNE - $2.7 million
Another West Melbourne site has reached settlement, this time for a small corner block opposite Flagstaff Gardens, with a final price tag of $2.7 million.

437-441 Spencer Street was sold with a yet to be approved development scheme for a 17-storey hotel with 88 suites.

CB Commercial Bureau’s Gideon Marcus managed the sale in conjunction with Colliers International’s Matt Stagg.
 

New South Wales

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NEWCASTLE - $3.75 million
Aspen Group has paid $3.75 million for a build-to-rent investment site in Newcastle, following a liquidation sale. Located at 82 Parkway Avenue in the inner-city suburb Cooks Hill, the residential property was in the process of refurbishment before the last owner fell into receivership.

The 1,948sqm asset was being purpose built for the YWCA and is currently used as a co-living community, named Elizabeth House. Aspen have announced plans to complete the renovation of the community areas including a large communal lounge and dining room.

Damon Sellis and Laura O’Sullivan from Street Property managed the sale.
 

Queensland

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BRISBANE AIRPORT - $9.6 million
A Sydney based syndicate has purchased a tenanted modern office/warehouse at Brisbane Airport for $9.6 million. The property is sold as Leasehold with a secure long ground lease in place until 2047.

Located at 9-13 Viola Place, the Trade Coast leasehold asset comprises 8,266sqm of net lettable area (NLA) over a 20,130sqm site and was taken to the market last year. Now fully leased, the property returns a total net income of $913,445pa.

Savills Australia’s Shaw Harrison brokered the deal.

BURLEIGH HEADS - $3.15 million
Aspen Group have stayed busy, this time securing a build-to-rent investment in Burleigh heads on the Gold Coast for $3.15 million.

Situated at 4 Fleay Court, the 9,388sqm site includes 18 townhouses which were developed back in 2004. As with the Newcastle sale, Aspen secured this property through a mortgagee in possession campaign. The property group plan to further subdivide the block and redevelop the dwellings into build-to-rent units.

Knight Frank’s Mark Witheriff handled the campaign.

WHITSUNDAYS - $2.65 million
An interstate buyer from regional NSW has snapped up an incredibly rare freehold all tide waterfront site in the glorious Whitsundays for $2.65 million.

Holding address at 3344 Shute Harbour Road, the development site sits on two titles totalling 8,199sqm and was sold with holding income.

Andrew Burke of Ray White Special Projects and Mark Beale of Ray White handled the sales campaign.

SPRING HILL - $2.32 million
Another private Sydney syndicate has transacted in QLD, with a recently refurbished specialised student accommodation facility in Spring Hill being scooped up for $2.32 million.

73 Kennigo Street, 500m west of Fortidude Valley, includes 18 bedrooms and 7 bathrooms and has been completely rebuilt based on the original structure. The property return a full gross income of $242,944pa, which comprises $250 per week all-inclusive for the 16 Standard Rooms, and $300 per week all-inclusive for the two ensuite rooms.

Robert Dunne and Will Carman of Savills Australia acted on behalf of the vendors.
 

Western Australia

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HALLS HEAD - $6.3 million
A retail complex in Halls Head, a coastal suburb west of Mandurah, has been snatched up by a Victorian investor for $6.3 million, marking the first Western Australian shopping centre to settle post COVID-19.

The commercial asset is currently tenanted by Australia Post, Bendigo Bank, BWS, two supermarkets (Foodworks and Farmers Jack’s) among others. There are also more than 100 car spaces on the site.

CBRE’s Anthony Del Borrello and Richard Cash managed the deal.



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