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

Victoria

Search for more development sites in Victoria here.

BRIGHTON - $5.4 million
A mixed-use property in Brighton has been hotly contested, before selling to a local developer for $5.4 million.

The 1,370sqm property, at 429 Bay Street, currently comprises a medical centre and two residential units.

CBRE's Sandro Peluso, Josh Twelftree, Jimmy Tat, and David Minty handled the sale.

MORNINGTON - $2.6 million
A local investor has picked up a retail store at 69 Main Street in the coastal township of Mornington for $2.6 million.

The property was originally purchased 40 years ago for $86,000 and is currently leased to Ghanda Clothing.

CBRE's Rory James, Nic Hage, JJ Heng, and Mark Wizel handled the deal.
 

New South Wales

Search for more development sites in New South Wales here.

PARRAMATTA - $44.3 million
A Parramatta office tower has been snapped up by the City of Brisbane Investment Corporation (Brisbane City Council’s future fund) for just over $44 million from previous owners, Hadley Green Investment Group.

The sale of the A-grade building, at 9 George Street, comes during a time of high demand and low vacancy; Parramatta CBD's office vacancy is the lowest nationally at almost zero. Hadley Green purchased the building in 2015 for $30 million.

"While the Parramatta CBD has an excellent long-term future, the investment returns delivered over the past four years are very unlikely to be repeated in the foreseeable future," Hadley Green founder Hugh Zochling said.

"The re-rating of Parramatta capital values that has occurred in that period has significantly exceeded average historical returns.”

The sale was handled off-market by Colliers International's John McCann and Cushman & Wakefield's Steven Kearney.

EASTWOOD - $8.75 million
A vacant two-storey retail property at 140 Rowe Street Eastwood has been picked up by private investors for close to $9 million.

The 772sqm property, situated in Sydney’s north, suits a restaurant tenant due to existing assets, however was marketed with development potential for a small mixed-use development or a boarding house.

Colliers International's Jordan Lee and Patrick Yi brokered the deal.
 

Queensland

Search for more development sites in Queensland here.

BURPENGARY - $9 million
Two combined properties consisting of a 7-Eleven Service Station, Hog's Express drive-thru and IMO car wash have sold to a private investor for $9 million.

The sale of the 5,802sqm properties at 148 Station Road in Burpengary was well contested between 12 potential purchasers.

Ray White's Elliot Kidd said the purchaser was attracted to the new property's long leases and income diversity.

ST LUCIA - $8.5 million
A development site at 160 Macquarie Street, on the Brisbane riverfront suburb of St Lucia, has sold successfully to Queensland developer QM Properties, following an unsuccessful settlement in 2017 with Melbourne developer Kokoda Property.

Kokoda had originally planned to purchase the site for $9.5 million, however development plans for a 73-apartment complex were disallowed by the Brisbane City Council.

QM have lodged amended plans for a smaller project with 34 three-bedroom apartments.

The site was re-sold off-market by Colliers International's Brendan Hogan.

FORTITUDE VALLEY - $3.8 million
A 1,146sqm office building at 223-225 Pauls Terrace in Brisbane's Fortitude Valley has been snapped up by private college Acknowledge Education for $3.8 million.

The new owners plan to use the property as a training facility for its hospitality students.

Colliers International's Hunter Higgins and Sam Stubbings oversaw the deal for Silverstone Developments.
 

Western Australia

Search for more development sites in Western Australia here.

WEST PERTH - $4.25 million
A three-storey 1,234sqm office building at 675 Murray Street in West Perth, has traded hands for $4.25 million.

Warrington Property picked up the site from previous owners, Raffles Investments and will retain the property’s current lease to Northern Minerals and Lithium Australia.

JLL's Nigel Freshwater, Sean Flynn and Tom Foley managed the sale.

 

Submit your sales to [email protected]



Related News
An exceptional residential land holding in Melbourne’s expanding outer-ring has recently been brought to the market for sale. The two-hectare greenfield site retains existing designs by architecture firm Rothelowman, or developers may choose to pursue their own iconic project with this blank canvas.
11-17 Shirley Street, Carlingford, presents land area of 3,141sqm in one of Carlingford’s most sought-after streets, just moments from the Carlingford Village retail precinct. The property has also achieved development approval for a residential, 75-apartment project with total GFA of 7,084sqm.
941-951 High Street, Armadale, is an 809sqm* strategic landholding offering significant development upside and sub-divisional potential (STCA). Multiple design and project end-uses are possible with flexible Commercial 1 zoning and 20m of frontage to High Street; retail, office and apartment configurations could all equally be explored.