NEW DEVELOPMENTS, DEALS, INDUSTRY TRENDS
Deals of the week – 11 February 2019
Posted by Development Ready on Feb 12, 2019

Victoria

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RICHMOND - $7 million
A property at 501 Church Street, Richmond, has recently been passed between two private investors for $7 million. The site was marketed with development upside and is situated in an area with less than 5% office vacancy.

The 502sqm site is currently leased to two tenants providing an annual rent of $210,186.

Teska Carson's Michael Taylor and Matthew Feld handled the sale.

MICKLEHAM - $6.35 million
A childcare centre has been sold with a 20-year lease for $6.35 million, trading hands from one private investor to another.

The centre offers 140 places and is situated at 459 Brookfield Boulevard. The property is leased to Nino Early Learning at accrues a net annual rent of $420,000.

CBRE's Sandro Peluso, Josh Twelftree and Jimmy Tat brokered the deal.  
 

New South Wales

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NEWCASTLE - $20 million (combined)
Two hotel sales in the greater Newcastle, totalling $20 million, have transacted recently; the Belmont Hotel on Lake Macquarie and Salamander Tavern in Port Stephens, both selling off-market to separate Sydney buyers.

The Belmont Hotel is a large-format venue covering 3,753sqm and includes 23 gaming devices. The Salamander Tavern is also a large format venue and was one of the first of the new wave of greenfield Hotels built in NSW some 15 years ago.

Andrew Jolliffe and Dan Dragicevich of HTL Property handled the sales.
 

Queensland

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INALA - $56 million +
The Inala Plaza Shopping ­Centre in Brisbane's south has been traded from owners the Raptis Group to Taiwanese investor, the Chin Hong Investment Corporation, for more than $56 million.

The centre was originally purchased by the late Mr Raptis in 2013 for $32 million.

The three-hectare site at 156 Inala Avenue, was sold in an off-market campaign handled by CBRE's Joe Tynan and Michael Hedger

MACKAY - $25 million
Charter Hall has splashed out on what has been dubbed the most expensive pub purchase for 2019 thus far; the Austral Hotel in Mackay was secured for $25 million.

The pub includes a Dan Murphy liquor store across almost half a hectare of land and is situated in the heart of the city on Victoria Street. The site was previously the property of Gold Coast investor Lotana Property, which has recently purchased the Coles Orana on the Albany Highway in regional WA for $22.8 million.

The Austral Hotel was purchased by Lotana Property in 2013 for $19 million.

John Musca, Tom Gleeson and Matthew George of JLL Hotels handled the sale of the hotel.
 

Western Australia

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REGIONAL WA - $45 million
Two Coles Supermarkets in Orana and Vasse as well as a Coles Express Service Station, also in Vasse, have sold for a combined value of $45 million.

Interestingly, the buyers were all first-time WA investors revealing a promising start to 2019 as offshore and interstate private investors return to the state, presenting a viewpoint that the market is, or at least close to, bottoming out.

Coles Orana was acquired by Queensland-based Lotana Property acquired for $22.8 million; Coles Vasse was purchased by a Chinese family for $19.6 million; Coles Express Vasse with a brand new petrol station and convenience store on a 2,111sqm was secured by a Victorian-based doctor for $2.72 million.

The three properties were transacted by CBRE's Richard Cash and Anthony Del Borrello.

PERTH - $4.18 million
Three lots at 3, 7 and 9 Murphy Street, close to Leach Highway, were sold as one to a private commercial developer for $4.18 million.

The new owner has announced plans to build industrial units on the 1.1-hectare landholding. The area is set to benefit from further developments such as these and is recognised as a growing O’Connor industrial precinct within Perth.

Knight Frank's Scott Bailey handled the sale.


 

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