NEW DEVELOPMENTS, DEALS
Deals of the week – 2 September 2019
Posted by Development Ready on Sep 02, 2019

Victoria

Search for more development sites in Victoria here.

SOUTH MELBOURNE - $8 million
A three-storey building in South Melbourne, belonging to Rescom Mortages, has been successful at auction, reaching an $8 million final price. The 1,369sqm property at 100 Park Street has office and retail spaces on a 595sqm corner site, with mixed-use development potential.       

CBRE's Julian White, Dylan Kilner and Chao Zhang handled the auction.

DANDENONG SOUTH - $7.4 million ($3.7 million + $3.725 million)
CBRE have sold two industrial properties at in Dandenong South's Logis Estate.

A 1,950sqm building, on a 3,141sqm land parcel at 25 Darby Way, sold to a fresh produce retailer for $3.7 million.

The second property located at 19 Darby Way, trading hands from local developer Poplar Constructions to a private investor for $3.725 million.

CBRE's team of Ned Murphy, James Jorgensen, Tim Homes and Lachlan Ferguson managed both sales.
 

New South Wales

Search for more development sites in New South Wales here.

SYDNEY - $347 million
Stockland have moved to secure the remaining 50% share of Sydney’s Piccadilly Centre from Oxford Properties for $347 million. Simultaneously, Stockland sold off its half share of the nearby 135 King Street in addition to the Glasshouse shopping centre for $340 million.

The 4,800sqm Piccadilly site presents a considerable redevelopment opportunity amid Sydney’s well performing office market.

“The midtown precinct is undergoing significant renewal, which combined with our development plans will help further drive tenant demand and rental strength at Piccadilly," said Commercial Property Head, Louise Mason.

Cushman & Wakefield's Josh Cullen and Mark Hansen and Savills' Ian Hetherington and Ben Azar managed the Piccadilly centre sale. Knight Frank's Graeme Russell, Ben Schubert and Paul Roberts were responsible for the sale of 135 King Street and the Glasshouse shopping centre.

GRANVILLE - $2.5 million
A 1,393sqm development site in the growing western Sydney suburb of Granville has been secured by local builder and developer, Cordell Constructions, for around $2.5 million.

Two free-standing homes (48-58 Railway Terrace) were amalgamated into one property for the sale, and were sold with development approval for the construction of 24 apartments.

Matrix Property Group's Peter Panagopoulos and Vincent Deng handled the transaction.
 

Queensland

Search for more development sites in Queensland here.

BRISBANE – $524.75 million
Cromwell Property Group has recently settled on an A-grade Brisbane tower at 400 George Street for $524.75 million. Falling office vacancy rates was indicated as a motivation for the purchase.

The 35-level building was previously held by US property giant Blackstone and German group HSBC Trinkaus.

JLL's Seb Turnbull and Luke Billiau and CBRE's Flint Davidson and Bruce Baker are responsible for the sale.

REDBANK - $6 million
Gerry Murphy, a NSW based publican, has picked up the Commercial Hotel in Redbank, the second pub to sell in this Ipswich suburb in four weeks.

Situated at 72 Brisbane Road, the 2,702sqm property is anticipated to undergo renovations by the new owner.

CBRE Hotels director Paul Fraser and Power Jeffrey and Co's Peter Power and Andy Nason brokered the deal.
 

Western Australia

Search for more development sites in Western Australia here.

SUBIACO - $4 million
A strata office in the Spectrum building in Subiaco has returned $4 million from local investor Hawketail Enterprises. The property retains its current lease to financial services firm NKH Knight, which expires in 2024.

The inner Perth property, holds address at Unit 19, 100 Railway Road, was previously owned by local syndicate NKH Properties.

JLL Perth's Tom Nattrass and Tom Foley handled the sale.
 

South Australia

Search for more development sites in South Australia here.

ADELAIDE - $134 million
An Adelaide office tower achieved the second highest sale tag of 2019 so for, trading hands from Credit Suisse to Soilbuild REIT (a Singapore real estate investment trust) for $134 million.

The A-Grade Adelaide office tower, situated at 25 Grenfell Street, comes second only to the Allianz Centre, which was sold only one month ago to Singaporean REIT Suntec for $148.3 million.

Credit Suisse bought the Grenfell Street property in 2016 for $125 million.

Soilbuild said of the purchase that "Australia has a growing and mature real estate market coupled with resilient economic fundamentals underpinned by positive drivers in its key markets.

"South Australia is currently in the early stages of some of the largest infrastructure investments in the country, with billions of dollars being invested in defence, medical, road networks, technology and renewable energy that is expected to generate significant employment in the long-term.”

 

Submit your sales to [email protected]


Related News
CBRE Victorian Developments Site Sales have witnessed a big uptrend in development site sites, transacting seven sites in the past two weeks alone
An outstanding and unrivalled development opportunity in one of Melbourne’s most highly acclaimed CBD fringe locations has recently been made available for purchase. Developers and Investors alike are sure to recognise the rarity of development opportunities in East Melbourne, and the recent listing of 254-260 Albert Street is set to turn heads.
The joint venture between ESR and Frasers Property has found a buyer for their new eight-level Mulgrave office building; Local developer Paul Lambess picked up several industrial properties within Morisset Business Park next to Lake Macquarie; Brisbane's office market is enjoying a steady recovery; plus more