NEW DEVELOPMENTS, DEALS
Deals of the week – 10 February 2020
Posted by Development Ready on Feb 09, 2020

Victoria

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MOORABBIN - $21.8 million
A large Moorabbin retail asset has traded from Freedom Group Limited to a Macau investor for $21.8 million, realestatesource.com.au reports.

The high-profile property holds address at 1000 Nepean Highway, opposite the Moorabbin Homemaker Centre, and encompasses a 4,376sqm facility with 65 basement car parks on a 3,485sqm site. The property was sold with Freedom having recently committed to a 10-year lease.

Savills Nick Peden, Jesse Radisich and Benson Zhou handled the campaign.

PARKDALE - $10.2 million
The former Como Private Hospital, a Bayside healthcare facility in Parkdale, has been picked up by Little Company of Mary Health Care for $10.2 million.

The hospital, located at 152 Como Parade, was sold with an existing lease to the end purchaser. Little Company of Mary Health Care – a national health, aged and community care services provider, which operates 32 facilities through its Calvary Care services (the property’s current tenant) – is potentially looking to develop the site as part of its Calvary Retirement Communities division at the conclusion of the current lease.  

CBRE’s Julian White, Jimmy Tat, Josh Twelftree, and Dylan Kilner brokered the transaction.

CARLTON - $6.8 million
A corner-hotel turned mixed-use investment in Melbourne’s inner north suburb of Carlton has traded for $6.8 million.

Situated on renowned restaurant and retail strip, Lygon Street, the sale marks the one and only deal transacted for 2019. The new owner remains anonymous at this stage, however is believed to be pursuing avenues for 186-190 Lygon Street in line with lease-renewal, refurbishment of the existing building, construction of additional levels, rooftop activation and a diversification towards food and beverage and retail.

Colliers International’s Daniel Wolman, Oliver Hay and Dave Walker handled the deal in conjunction with MMJ Real Estate’s Joel Wald.
 

New South Wales

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CHULLORA - $7 million
A new industrial facility in Sydney’s central west has been snapped up off-the-plan by a private investor for $7 million.

The facility is located at 120 Hume Highway in Chullora, 19km from the Sydney CBD, and includes a 2,000sqm standalone warehouse with 12m clearances, five roller doors and yard.

JLL’s Marco Chiodo and David Lidgard managed the deal.

ALEXANDRIA - $7 million
Also transacting for $7 million, was a vacant three-storey office warehouse in Sydney’s inner south Alexandria.

160 Botany Road comprises a 1,120sqm complex on an 872sqm land area and was picked up by an owner occupier. The site benefits from its positioning, being located just 150m from the Waterloo Metro Station and Waterloo Over Station Development – both of which are due for completion in 2024.

More than 350 enquiries were received, 35 inspections carried out, and 16 official offers were made.

CBRE marketing agents Matthew Fenn, Nicholas Heaton and Nathan Egan handled the sale.
 

Queensland

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CARRARA - $12.05 million
A Gold Coast industrial investment site has been scooped up by Trilogy Funds Management for just over $12 million. The site was sold fully leased to CPG Resources – Mineral Technologies Pty Ltd.

Situated at 11 Elysium Road in Carrara, the 1.64-hectare property comprises a 1,388sqm two-storey office, a 599sqm laboratory and a 4,306sqm factory-warehouse. There are also two car parking areas; one double-storey basement and one at street level.

Colliers International’s Simon Beirne and Pat Cavanagh handled the sale.

NOOSA - $2.2 million
The freehold of the Hop & Vine Restaurant and Bar on Noosa’s famous commercial strip has been snapped up by a Brisbane-based investor for $2.2 million.

Holding address at Lot 27, 18 Hastings Street, the property encompasses a 195sqm building area and will retain its current lease, providing a net rent of $139,360* p.a. plus outgoings plus GST running until September 2021.

Ray White Commercial’s John Petralia handled the sale stating that “we had enquiries coming from all of the major cities and the property attracted a number of offers and counter offers before settling at $2.2 million for the freehold.

“The Brisbane-based buyer had recently sold a residential property in the street and they were wanting to shift their investment to a commercial asset.”
 

Western Australia

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HENDERSON - $20 million
An 8.4-hectare institutional investment site in Perth’s south has traded hands for $20 million with a 20-year leaseback. The new and modern complex occupies an island site at 150 Quill Road in Henderson and was developed 10 years ago by Matrix Composites and Engineering who have occupied part of the space since. The Western Australian Land Authority is also staying on with a 35-year lease.

The property includes five workshops and warehouses occupying a total of 17,185sqm.

Colliers International’s Greg O’Meara handled the sale.
 

South Australia

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ASHFORD - $2.42 million
A large residential development opportunity in Adelaide’s inner-south-east has traded hands for a dollar shy of $2.42 million.

The 2,741sqm site, located at 535-537 South Road in Ashford currently presents an in-operation medical facility within a 470sqm converted Grand Tudor home from the 1940s. Positioned on a high exposure corner, the property was marketed with considerable residential and commercial development potential; 45,000 vehicles pass by daily.

Stan Tettis of LJ Hooker Commercial handled the sale.



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