NEW DEVELOPMENTS, DEALS
Deals of the week – 13 May 2019
Posted by Development Ready on May 13, 2019

Victoria

Search for more development sites in Victoria here.

KEILOR - $8.2 million
A large infill residential land holding in Melbourne’s north-west has sold for $8.2 million via a public auction over the weekend.

The two-hectare greenfield, situated at 32A Green Gully Road in Keilor, offers 310m of street frontage and drew a crowd of potential purchasers and inquisitive locals to the auction. Four bidders battled it out before clearing the reserve and settling.

Melbourne Acquisitions’ Dominic Gibson and James Latos handled the sale.

ARMADALE - $6.5 million
A retail freehold at 941-951 High Street, Armadale, presenting a 740sqm single storey building with 20m street frontage to High Street, has been traded to a local developer for $6.5 million.

The 809sqm commercially zoned property is situated on one of Melbourne’s most coveted retail strips and garnered over 130 enquiries through the campaign.

Melbourne Acquisitions’ Dominic Gibson and James Latos brokered the deal in conjunction with Allard Shelton’s Joseph Walton, Michael Ryan and James Gregson.

HAWTHORN EAST - $2.7 million
A vacant Melbourne office/warehouse building at 31 Hall Street in Hawthorn East, has sold for $2.7 million to a local investor who plans to lease the space to a new healthcare tenant.

Sandro Peluso, one of the CBRE agents responsible for the sale commented on the demand for medical and child care operators in the area “particularly in light of the growing number of office developments in the area.”

Mr Peluso added: “It also aligns with the area’s ongoing gentrification, with Domain Group last year reporting that the median house price in Hawthorn East had almost doubled over five years, which is having a flow on effect in the commercial sector.”

The sale was handled by CBRE's Sandro Peluso, Josh Twelftree and Jimmy Tat.
 

New South Wales

Search for more development sites in New South Wales here.

NORTH BONDI - $5.75 million
A block of five, three-bedroom units at 70 Blair Street, North Bondi has recently been picked up by an offshore family based in Hong Kong for $5.75 million.

The 411sqm site is situated just 800m from Bondi Beach and attracted over 300 enquiries.

The property was also sold at auction by CBRE’s Paul Grasso.

ROSE BAY - $5 million
A block of seven units at 686 Old South Head Road, Rose Bay have sold to a private, high net worth family from Dover Heights, for $5 million.

The 696sqm property presents a 4-storey apartment block comprising 1 x 1-bedroom and 6 x 2-bedroom units.

CBRE’s Paul Grasso sold the property at auction.

CHIPPENDALE - $4.8 million
A 259sqm site at 18 City Road in the inner-city suburb of Chippendale, has sold to Private company Seatech Industrial Pty Ltd for $4.8 million.

The property comprises a 450sqm, two-storey warehouse and was marketed with development upside, suitable for a mixed-use or student accommodation development.

Savills Australia’s Tom Tuxworth, David Hickey and Nick Lower handled the sale.
 

Queensland

Search for more development sites in Queensland here.

BRISBANE - $9.8 million
A 12-storey office building at 26 Wharf Street in Brisbane’s CBD has recently been picked up for $9.8 million by local investor, Renweed Pty Ltd, who plan to refurbish and re-lease the property as a premium boutique B-grade tower.

The property was formerly held by Malaysian investment group HCK who plan to divest from their other Brisbane CBD tower, 116 Adelaide Street, as well in pursuit of international investment opportunities.

Colliers International’s Sam Biggins and Tony Wang handled the sale on behalf of HCK.

BOKARINA BEACH - $8.3 million
A beachfront development site on the Sunshine Coast in Queensland has traded hands from Stockland to Queensland builder and developer RGD Group for $8.3 million.

RGD have already announced plans to build a $70 million mixed-use apartment project on the 3,977sqm property, which holds an address at Lot 905 Bokarina Boulevard, Bokarina Beach. The site was sold with approval for 63 apartments and approximately 500sqm of retail space.

Colliers International’s Baydn Dodds handled the sale.
 

Western Australia

Search for more development sites in Western Australia here.

PERTH - $24 million
The former Sunday Times building at 34-50 Stirling Street in Perth’s CBD has been secured for $24 million by investment and fund management business Elanor Investors Group, who have earmarked the site for future redevelopment.

Colliers International Director Ian Mickle commented: “In the short-term there is holding income from the partially leased two-storey office building but with a zoning that allows for a 24,340sqm to 36,500sqm tower and commercial, residential, hotel and retail uses, this former media property has the potential to anchor the city end of Stirling Street.”

The site was sold in an off-market transaction.
 

South Australia

Search for more development sites in South Australia.

EVERARD PARK - $3.175 million
A commercial property at 16 Anzac Highway, currently leased to Festival State Foods Pty Ltd and trading as KFC, has changed hands, from Dougary Pty Ltd to a local investor, for a little over $3 million.

CBRE Selling Agent Harry Einarson said that the result “highlights the positivity we have seen in the South Australian commercial property sector over the past 18 months.

“With stamp duty concessions attracting interstate investors and a steady flow of positive economic stories, it looks like we are set for a big year in 2019.”

The KFC property was sold at auction 10 registered bidders and over 25 bids placed until success was reached.

CBRE’s Harry Einarson, Mitch Curnow and Alistair Laycock handled the auction.

 

Submit your sales to [email protected]


Related News
“The site is well positioned to service both a local and Coast-wide market and will continue to be surrounded by businesses with a need for a high profile in the foreseeable future,”
...the result “highlights the positivity we have seen in the South Australian commercial property sector over the past 18 months.
CBRE’s Q1 Retail MarketView report has revealed that Western Australia’s retail sector outperformed the nation in the first quarter of 2019, providing validated encouragement for increased activity in the state’s retail investment space.