NEW DEVELOPMENTS, DEALS
Deals of the week – 18 May 2020
Posted by Development Ready on May 18, 2020

Victoria

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BOX HILL - $8.2 million
A substantial landholding at 110 Albion Road, Box Hill, has been purchased by Villa Maria Catholic Homes Limited (VMCH), trading from the Association of the Franciscan Order of Friars Minor for $8.2 million.

The 5,074sqm site adjoins the heritage-listed St Paschal’s complex, with the new owners stating that they will use the site for the development of an aged care residence with a strong focus on specialist dementia and palliative care. 

The sales campaign received over 100 enquiries from a range of residential, aged care, childcare and church developers.

The property was sold by Colliers International’s Ted Dwyer, Ben Baines and Alex Browne.

MELBOURNE - $7.7 million
Wilder House, an art-deco building on the northern edge of Melbourne’s CBD, has sold for $7.7 million – achieving around 30% above expectations.

A private investor picked up the asset, situated at 41-45 A’Beckett Street, which comprises of a three-level office and retail complex offering 735sqm of NLA. The 280sqm block holds Capital City 1 zoning and could potentially accommodate a 12-storey project.

Colliers International’s Oliver Hay, Chris Ling, Leon Ma and Daniel Wolman in conjunction with MPC’s James Moss.

ALBERT PARK - $1.8 million
The home of Albert Park’s longest-running dry cleaner has sold for in excess of $1.8 million. Leased to local institution Master Dry Cleaner on a long-term basis, 35 Victoria Avenue, Albert Park, was purchased by a domestic investor earlier this month. 

The site was initially listed in February for a mid-April auction, before being converted to a private sale process amid the COVID-19 pandemic. 

CBRE’s Rorey James, Nic Hage and JJ Heng brokered the sale.
 

New South Wales

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NORTHMEAD - $2.9 million
A developer has purchased a DA approved residential site post-auction for $2.9 million at 34-36 Briens Road in the Greater Western Sydney suburb of Northmead.

The 1,182.4sqm asset, that was cleared and ready to build on, held a DA that was prepared by SHED architects for 28 efficiently designed units across four levels over basement parking.

The development site was marketed and sold by Ray White Commercial’s Jeff Moxham, Samuel Hadgelias and Peter Vines.

SEVEN HILLS - $2.35 million
Rio Developments Pty Ltd has sold two new 278sqm industrial units in Seven Hills for a combined total of $2.35 million.

Separate private investors purchased Units 1 and 10 on Brumby Street, as part of a 10-unit industrial estate. The fully-secure premises offer quality, high-spec office accommodation, ample parking and an onsite sub-station that provides each unit with 80 amps of three phase power.

CBRE’s Matthew Alessi negotiated the deals, noting it was the estate’s easy access to major arterial roads and the M7 and M2 motorways that attracted the buyers.

GRANVILLE - $2.13 million
Battaglia Properties Pty Ltd has sold the last remaining vacant retail site in Granville to a private investor for $2.13 million. The 922sqm landholding at 95-99 Blaxcell Street was the first of its kind to be available for 54 years.

Zoned as B1-Neighbourhood Centre, the site was marketed as suitable for centre-based childcare, shop-top housing, a medical centre, community facilities and neighbourhood shops/supermarkets.

Robert Dowdy and Lord Darkoh of CBRE managed the campaign.
 

Queensland

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MT OMMANEY - $285 million
YFG Shopping Centres will take full ownership of Brisbane’s Mt Ommaney Shopping Centre after acquiring the remaining 75% interest from Nuveen Real Estate for $285 million.

The acquisition follows YFG’s initial purchase late last year from Vicinity Centres of a 25% stake in the Mt Ommaney shopping complex. Family owned and operated YFG currently controls 20 shopping centres in south-east Queensland, including Australia Fair on the Gold Coast and Brookside Shopping Centre in Brisbane's north.

CBRE’s Simon Rooney negotiated the transaction off market.

WEST END - $2.7 million
A private Queensland-based investor purchased a converted warehouse in Brisbane’s West End for $2.7 million at 18-20 Bailey Street.

The property, that came with 1,217sqm building area on an 861sqm landholding, comprised an older style converted warehouse with a circa $1 million fit-out. Features include full video and audio equipment, a 200-plus seat auditorium with extensive amenity, office space, mezzanine area and open floor space. The asset was zoned for High-Density Residential up to eight storeys and had an approved material change of use to a place of worship.

The site was previously owner-occupied by a church group, Lifeplace, for more than 17 years. The church group has since moved from the property and it was subsequently sold as vacant possession to the incoming purchaser.

The asset was marketed and sold by Ray White Commercial’s Michael Feltoe and Lachlan O’Keeffe.

TOOWONG - Undisclosed
A local Brisbane family has purchased Dovercourt, a large Victorian home at 124 Sherwood Road in Toowong, for an undisclosed price from the Bigge family, who have owned the property for the last 90 years.

Dovercourt is a beautiful 1864 William Henry Elleker designed Victorian home on 7,036sqm of land. It represents one of the first grand acreage residences in the suburb. It was the talk of the town at the time with its new age dumbwaiter and enormous bi-fold doors dividing the lounge and dining room.

The new owners are looking forward to raising another generation at Dovercourt and said, “When we discovered the trapdoor to the hidden cellar below the original kitchen then we knew had to have this home.”

Robert Dunne and Will Carman of Savills Australia negotiated the sale on behalf of the Bigge family and said the public interest in this property was substantial with eight strong offers.

ROUSE HILL - Undisclosed
Lendlease and The GPT Group have successfully sold two Rouse Hill sites in-one-line for an undisclosed price following a successful expressions of interest campaign.

Lot 9 White Heart Drive encompassed a 1,318sqm site area and was sold with a DA pending for 36 apartments. Lot 10 White Hart Drive comprised a 2,654sqm site area and came with a pending DA for 74 apartments, plus 200sqm of commercial space.

Dasco Australia succeeded in the purchase, marking their second site in the Town Centre precinct after securing one back in 2017.

The two in-one-line sites were marketed and sold by Ray White Commercial’s Jeff Moxham, Peter Vines, Samuel Hadgelias and Victor Sheu.
 

Western Australia

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OSBORNE PARK - $75 million
Seven West Media has sold its Perth headquarters to a special purpose Primewest trust for $75 million following an off-market deal – settlement is due in four weeks.

Spread across three titles, the 5.65 hectare facility is located at 50 and 54 Hasler Drive and 44 Walters Drive, and will continue trading with a 15-year leaseback to West Australian Newspapers and TVW7. The asset includes 11,395sqm of offices, 31,166sqm in warehousing with 500 car parks.

Primewest executive chairman John Bond noted that thanks to the pending approval of the Herdsman Glendalough Structure Plan, the site will benefit “the company with an exceptional, counter-cyclical investment opportunity at below replacement cost but more importantly an opportunity to create something very special for the area in the long term”.

Once approved the structure plan will allow the property to be replaced with a mixed-use complex comprising residential.



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