DEALS
Deals of the week – 10 December 2018
Posted by Development Ready on Dec 10, 2018

Victoria

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CREMORNE - $2 million
A 181sqm office warehouse property in the heart of Cremorne’s central activity centre has been picked up at auction for $2 million by the owners of the neighbouring commercial property.

CBRE Victorian Retail Investment’s David Minty, said the property’s proximate address is gaining significant interest from buyers because of its location near Church Street and its value proposition compared major streets such as Balmain Street and Cremorne Street, which are attracting land rates around $13,000sqm.

JJ Heng added that “We are witnessing heightened appetite from Asian investors for office and development site opportunities, with the most recent being the Adairs property at 487-495 Bridge Road, Richmond and the Get Wines Direct property at 157-161 Burnley Street, Richmond to Asian buyers.”

Mr Minty, Mr Heng and CBRE colleague Nic Hage marketed the property on behalf of Rob and Mary Paula Williamson.

ALTONA - $4.4 million
A development potential site at 664-674 Kororoit Creek Road Altona North, in Melbourne’s west, has been sold to a private investor for $4.4 million. The 6,482sqm site accommodates a showroom and office, as well as a tyre-fitting workshop and warehouse.

The site was marketed with development upside.

Dawkins Occhiuto's Chris Jones managed the sale.
           

New South Wales

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DARLING HARBOUR - $125.5 million
The King Street Wharf restaurant precinct has recently been sold to private property investment group, Markham, delivering $125.5 million to the real estate investment manager company, LaSalle Investment Management.

This significant waterfront precinct encompasses 7,700sqm and was sold fully occupied.

Stonebridge Director Carl Molony said, “Since acquiring the premier waterfront restaurant and lifestyle asset, LaSalle has successfully transitioned the offering and income profile to reflect its premium location within the Darling Harbour precinct.

“With the benefit of high historical tenant retention and a WALE in excess of 10 years, coupled with exceptional in-built rental growth, the asset strikes a rare balance of income security, growth and value-add potential.”

Stonebridge Property Group handled the sale in conjunction with JLL.

ELERMORE VALE - ~$12 million
Iris Capital's Sam Arnaout has recently secured the Newcastle Shaft Tavern for around $12 million, sources indicate.

The 6,000sqm property in Elermore Vale was sold with development approval for the construction of a 16-room motel.

"The Shaft Tavern will perfectly complement our growing stable of businesses and development projects in the Hunter region. We will enact a major renovation of the operations in the New Year and look forward to servicing the locals of Elermore Vale," Mr Arnaout said.

HTL Property's Blake Edwards and Dan Dragicevich along with Moore & Moore Real Estate's Deane Moore handled the expressions of interest campaign.

YENNORA - $8.75 million
Leda Holdings, an investment and property group headed by Bob Ell, has purchased a1.4-hectare plot of land in the west Sydney industrial precinct of Yennora.

The property, at 51A-51B Kiora Crescent, was sold for $8.75 million and is ready for development to commence. The sale forms part of the second stage of a subdivision of the former Alcoa site.

CBRE's Elijah Shakir and Jason Edge brokered the deal.

ALBURY - $2.65 million
A new purpose-built childcare centre at 515 Ebden Street, Albury, has been sold for $2.65 million to a private investor; the site was originally purchased in February 2017 for $715,000.

The centre was sold with lease to a child-care operator providing annual income of $189,000.

CBRE's Sandro Peluso, Josh Twelftree and Jimmy Tat, with local agent L.J Colquhoun Dixon, brokered the deal.
 

Queensland

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ARCHERFIELD - $30.6 million
An industrial property at 149 Kerry Road Archerfield, in Brisbane’s south, has been secured by Centuria Industrial REIT for $30.6 million. The sale was one of two recent acquisitions made by the industrial property trust; the other is in Hazelmere, Western Australia, and was purchased for $23.8 million.

Fund manager Ross Lees said the acquisitions were consistent with the fund's strategy of investing in "attractive fit-for-purpose assets in established locations".

The Archerfield site was sold fully leased to Bluescope Steel, and offers potential to accommodate expanding tenant requirements. It sits close to infrastructure connections including the Acacia Ridge Rail Terminal.

WELLCAMP - $1.25 million
A 20-acre flat block of land at 614 Toowoomba Cecil Plains Road Wellcamp, 9km west of the Toowoomba town centre has sold for $1.25 million.

The site offers significant industrial and logistics development potential with close proximity to the Toowoomba airport and frontage to Cecil Plains Road.

Dan Dwan and Mike Turley of Colliers International handled the sale.

 

Submit your sales to [email protected]


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