NEW DEVELOPMENTS, DEALS
Deals of the week – 15 July 2019
Posted by Development Ready on Jul 15, 2019

Victoria

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DERRIMUT - $5.7 million
A multi-level office, showroom and warehouse space at 21 Elgar Road in Melbourne’s west has sold for $5.7 million.

The 3,202sqm property, situated at 21 Elgar Road, Derrimut, was sold leased to Flip Out Trampoline and Croc's Playcentre. The new owner announced their intention to use the property as a “set and forget” investment.

CBRE's Guy Naselli, Tim Homes and Riccardo Cappelletti managed the deal.

BOX HILL - $4.1 million
Melbourne’s unofficial second city continues to reveal its strength following the sale of a retail investment property at 566 Station Street for $4.1 million.

The new owner is looking to capitalise of forecast growth and use the site as a long-term investment.

The sale was handled by CBRE's JJ Heng, Rorey James, Lewis Tong, Nic Hage and Jimmy Tat.
 

New South Wales

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NORTH SYDNEY - $300 million
Cromwell have sold their half-stake in Northpoint Tower to Hong Kong billionaire Francis Choi’s property company, Early Light, for $300 million. The transaction gives Mr Choi 100% control of the building following the purchase of the initial 50% last August from Cromwell's backer and partner, South Africa's Redefine Properties.

The building was originally purchased in 2013 for $278.8 million by Cromwell and Redefine. The partnership spent a following $130 million redeveloping the office and retail building, which now includes convenience retail, a dining section on the upper levels and a new 187-room Vibe Hotel – the property is now valued at $600 million.

THE ROCKS - $21.05 million
A historic office building at The Rocks in Sydney has sold for just over $21 million, trading from fund manager Sumner Capital to Terraform Capital.

The six-level, heritage-listed building was refurbished in 2007 and presents an NLA of 1,404sqm. The property was marketed with development opportunities including strata subdivision and conversion to residential or a boutique hotel.

CBRE’s Kenny Duncanson and Harry George handled the sale by international expressions of interest.

WAVERLEY - ~$20 million
A large unit block at 10 Henrietta Street in Waverley has been picked up by a local investor for around $20 million. The new owner intends to re-lease the 27 two-bedroom apartments.

The 2,309sqm property presents a shared swimming pool and 25 under-cover parking spaces.

CBRE’s Gemma Isgro, Nicholas Heaton and Paul Grasso handled the sale.
 

Queensland

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BOWEN HILLS - $76 million
The Citilink Business Centre, in Brisbane's Bowen Hills, has just been offloaded by Sentinel Property Group for $76 million. Sentinel purchased the building in 2016 for $62 million.

The property consists of two detached office buildings totalling 15,691sqm.

The new owners, superannuation fund Prime Super, were in a spot of hot water last year after backing out of the same deal with Sentinel, who [promptly sued them for breach of contract. Prime Super defended its position, that it chose not to settle the sale initially due to non-executed transfer forms. The new transfer forms took into account $2 million worth of incentives.

This sale was brokered by CBRE.

STAFFORD - $3.3 million
A corner site encompassing two lots in Brisbane’s north has sold to BriStar Group for $3.3 million. The two sites, situated at 631-641 Stafford Road and 78 Midson Street in Stafford, present blocks of 6,119sqm and 6,274sqm, respectively.

BriStar have already applied for development approval, hoping to move forward with the construction of 26 townhouses.

Colliers International agents Adam Rubie and Brendan Hogan brokered the deal.
 

Western Australia

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CANNING VALE - $1.975 million
47 Tacoma Circuit in Canning Vale, approximately 13 kilometres south of the Perth CBD has recently sold for close to $2 million. The property retains a five-year lease which sees a return of around $135,000 per annum plus GST plus outgoings.

The 1,412sqm property encompasses a double storey office fronting a 1,083sqm warehouse.

LJ Hooker Commercial’s Colm McHugh handled the sale.

PADBURY - $1.75 million
Another fully leased property, this time a medical centre, in Perth’s northern district has sold for $1.75 million. The newly signed lease extends to December 2023.

The property offers a total floor space of 328sqm and neighbours a local shopping centre.

Cheryl & Ray Oprandi of SLP handled the sale.        
 

South Australia

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SOMERTON PARK - $1.405 million
Two adjoining properties in Adelaide’s Somerton Park have sold at as one; achieving a little over $1.4 million in the overall transaction.

Numbers 8 & 10 Paringa Avenue offer a combined land area of 1,718sqm and were marketed with prime commercial and industrial development potential.

The properties were sold at auction by Belle Property’s Rhys Digance and David Ferrari.

 

Submit your sales to [email protected]


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