Deals of the week – 19 November 2018

Posted by Development Ready on Nov 19, 2018

Victoria

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RICHMOND - $8.66 million
A 749sqm development site at 11-15 Albert Street, Richmond, has just been signed over to a local developer for $8.66 million.

The site holds a 1,132sqm commercial building with three short term leases providing $146,676 of gross rental income annually.

Teska Carson's Matthew Feld and Michael Ludski brokered the deal.

RICHMOND - $3.26 million
Two adjoining retail buildings have been sold to a local investor for $3.26 million. 54-56 Bridge Road, Richmond, encompass two 360sqm retail spaces with an additional office and apartment; the total site area is 516sqm.

The property was marketed with strong re-development potential and is located opposite the Epworth Hospital.

Savills' Nick Peden, Jesse Radisich and Mark Stafford managed the sale.

MARIBYRNONG - $1.59 million
A local developer has offloaded four retail outlets at 45 Edgewater Boulevard, Maribrynong, in Melbourne. The shops offer 375sqm and were sold fully leased to a private investor.

Knight Frank's Paul Pellegrino handled the sale on behalf of the vendor.
 

New South Wales

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SMEATON GRANGE - $50 million
A portfolio of four individual warehouses in Smeaton Grange, in Sydney’s south-west, has been picked up by US private equity firm Blackstone for around $50 million. 

The four warehouses total 29,500sqm in A-grade industrial space located at 157 Hartley Road, 145 Hartley Road, 23 Anzac Avenue and 18 Anzac Avenue.

The sites were marketed and sold through an off-market campaign handled by CBRE's Adam Tresidder, Moshe Greengarten and Jason Edge.

Tom Rourke of CBRE stated that the sale represented one of just a few industrial transactions in Sydney’s outer south west in recent months. 

“Stock supply remains tight in Sydney’s outer south west with yields continuing to compress in Q4 2018. We are seeing an increased demand for both owner/occupiers and investors down the M5 corridor on the back of major infrastructure projects and the re-gentrification of once industrial precincts around South Sydney.” 

WOOLLOOMOOLOO - ~$15 million
The Bells Hotel on the waterfront in Woolloomooloo has sold before reaching auction for around $15 million. The final sale price has remained undisclosed however selling agents have indicated that the ultimate sale price was consistent with the guidance given during the sale process.

Arthur Laundy – publican, AFR Rich-Lister and owner of the nearby Woolloomooloo Bay Hotel – made the purchase.

"I have been saying for a while, if you are going to sell a pub now is the time to sell it," said Mr Laundy, who owns 20 properties across NSW.

Andrew Jolliffe and Dan Dragicevich of HTL Property handled the campaign.

TRENTHAM CLIFFS - $11.5 million +
Winemaker Qualia Wines has purchased a 1,263-hectare greenfield site in Trentham Cliffs, near Mildura in the Sunraysia district of New South Wales’ south-west, for over $11.5 million.

The site will be developed into an expanse of vineyards to service wine labels such as Barramundi Spee'wah, Salisbury and Little Eden.

Mark Thornton, of Ray White Mildura, handled the sale and stated that the property drew local and international attention due to its suitability for almonds and table grapes as well as wine grapes.

TERRIGAL - $3.35 million
The building of Le Chat Noir restaurant at 10 Kurrawyba Ave, Terrigal, has been sold to a Sydney-based investor for $3.35 million. The new owner stated that the development upside is what drew them to the NSW Central Coast property.

Savills' Aaron McLean handled the sale.
 

Queensland

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BRISBANE - $275 million
A CBD office tower located at 61 Mary Street, Brisbane, has been snapped up by property giant Charter Hall for $275 million, adding more value to their already $26 billion strong real estate funds empire.

The purchase is intended for the group’s unlisted Direct Office Fund, and is one of many Brisbane CBD purchases made by Charter Hall this year.

Selling agents said that the campaign brought in almost $2 billion worth of offers, with around three quarters from overseas buyers.

CBRE’s Tom Phipps, Bruce Baker and Flint Davidson, in conjunction with Knight Frank’s Justin Bond, Ben McGrath and Neil Brookes handled the expression of interest campaign.

MOSSMAN - ~$24 million
A Woolworths-centred shopping centre in far north Queensland has been sold for an indicated $24 million to high profile sports doctor Peter Brukner.

The 1.3-hectare single-level centre, at 73-85 Front Street in Mossman, is surrounded by a 220-space carpark, with over half under cover.

The site also houses the only Woolworths north of Cairns and has development approval for future expansion of both the supermarket and additional specialty retail space. Woolworths have a lease in place until 2034.

JLL's Jacob Swan and Sam Hatcher handled the sale.

CHERMSIDE - $15.875 million
Medical assets company Heathley have snapped up four additional lots at the Chermside Medical Complex in Brisbane’s north for just under $16 million. Heathley now owns the ground and first floor of the complex, which equates to roughly two-thirds of the total floor space.

The lots were sold with leases to Icon Cancer Cure and Cura Group.

Colliers International's Sam Biggins and Shalain Singh handled the sale, stating that interest in medical assets has been rising. This campaign also caught the attention of many wealthy international prospectors too.
 

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