NEW DEVELOPMENTS, DEALS, INDUSTRY TRENDS
Deals of the week – 16 April 2019
Posted by Development Ready on Apr 16, 2019

Victoria

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SUNBURY - $4.5 million
A retail centre home to four separate medical tenancies in Sunbury, Victoria, has sold to an international investor for $4.5 million.

The 1,025sqm site, at 92-96 O'Shannasy Street, is home to a 708sqm building and holds a lease to multiple tenants including Tristar Medical Group and Lotus Dental.

CBRE's Sandro Peluso, Josh Twelftree, and Rorey James handled the transaction.

RICHMOND - $1.475 million
A Richmond strata retail shell has sold for just shy of $1.5million in an off-market deal.

A private owner-occupier has secured the 215sqm space, situated at the base of the new 31-apartment Olor development at 306 Swan Street. The property was marketed towards a restaurant or showroom occupation.

Teska Carson's George Takis managed the deal.

New South Wales

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CASULA - $140 million
The Crossroads Homemaker Centre has recently been traded from AMP Capital Diversified Property Fund to Ashe Morgan for $140 million.

CBRE, the agency responsible for the transaction, have stated that this sale highlights “the continued demand for Sydney metropolitan retail assets.”

Located on the corner of Beech Road and Camden Valley Way in Casula - approximately 35km from the Sydney CBD - the 48,400sqm-plus centre is home to 28 large format retailers, including anchor tenants Bunnings, The Good Guys, Freedom, Nick Scali and Fantastic Furniture. 

The centre also benefits from proximity to one of Sydney's two Costco wholesale supermarkets and was developed by AMP Capital after its acquisition of the 143,400sqm site in 2002.

CBRE co-marketed the property with Stonebridge Property Group.

SURRY HILLS - $39.5 million
Security Capital Australia has sold 19 Foster Street, Surry Hills, to private investor Marks Henderson for $39.5 million. The site underwent significant refurbishment in 2013, delivering approximately 2,123 square metres of industrial-style creative office space in addition to over 1,000 square metres of retail/showground space. 

Chris Marks, Director at Marks Henderson, said 19 Foster Street presented an opportunity to acquire an office building with a favourable lease expiry that also caters to the generational shift in the way people are working and utilising office space.

The property was sold by Knight Frank’s Jonathan Vaughan and John Bowie Wilson in conjunction with Karbon Property’s James McCourt and Joshua Watts.
 

Queensland

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ZILLMERE - $8.75 million
A 1.9-hectare industrial site has passed between two investors for $8.75 million. Situated at 38 Pineapple Street, the 6,970sqm site was sold with a holding annual rent of $708,831 per year for the next five years.

Savills' Callum Stenson handled the sale ‘off-market’ in conjunction with JLL's Fraser Power and Nick Bandiera.

NOOSA - $6.8 million
The Oasis Centre retail strip at Noosa Junction has been picked up by a private investor for just under $7 million, after a 30-year ownership by an individual family.

The property includes 10 retail and office tenancies across a 1,518sqm area, including 15 on-site car parks.

CBRE's Rorey James, Rem Rafter, and Kevin Tong handled the transaction.

PADDINGTON - $3.35 million
A two-storey commercial building at 31 Stevenson Street, in the south Brisbane suburb of Paddington, has sold to a local investor for $3.35 million.

The 2,165sqm property was originally used as a base for commercial printing by the owners since the 1980s.

JLL's Tim Jones handled the sale.
 

Western Australia

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HIGH WYCOMBE - $1.78 million
Industrial business Ascent Structural and Architectural Steel have recently secured a 9,568sqm site in High Wycombe for $1.78 million, announcing plans to build a steel fabrication facility on the new site.

The same firm also announced that they will be selling their current 2,855sqm workshop and have set an asking price of $2.595 million.

Both transactions have been handled through Colliers International, with selling agent Martin Vogt commenting on High Wycombe’s increasing appeal as the opening of Forrestfield-Airport Link in 2021 draws nearer.

“High Wycombe is a well-regarded industrial centre because of its access to Roe Highway, Perth Airport and two freight facilities and with opening of the new rail line drawing closer, we expect there will be more demand for the area,”

 

Submit your sales to [email protected]
Image supplied Teska Carson



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