MOONEE PONDS - $31.6 million
Metropolitan childcare centres are proving hot property, with the Moonee Valley Racing Club selling an early learning centre it developed at the racetrack for $6.6 million. Sitting on the corner of McPherson and Thomas Street in Moonee Ponds, the NIDO Early School was picked up by a local private investor.
The $2 billion Moonee Valley Park development is a joint venture between the racing club, developer Hamton Property Group and superannuation fund Hostplus. The 91-place, 854sqm childcare centre rests on a 1,925sqm block and was sold with a 20-year lease to Nido Early School, returning a net starting annual rent of $324,000.
CBRE’s Sandro Peluso, Josh Twelftree, Marcello Caspani-Muto and Jimmy Tat handled the sale.
OAKLEIGH SOUTH - $23 million
A former school site in Oakleigh South with an approved permit for 96 townhouses has been snapped up by Chinese backed developer Heng Si International for $23 million.
CBRE Selling agent, Julian White, said that the property represented the largest permit approved townhouse site sale in suburban Melbourne for 2019 and was a clear sign of market confidence returning to the development site sector.
“The depth of bidding for this portfolio, with approximately 160 offers, really took us by surprise,” Mr White said.
“Developers were highly comfortable buying these sites and receiving a modest return from a license fee while remediation occurs. This reflects the growing view by many developers that we are heading into a period of chronic undersupply, so they are aggressively looking to secure a pipeline of residential sites to meet anticipated demand.”
The property, located at 10 Alvina Street, last changed hands five years ago for $14 million.
CBRE’s Julian White, Mark Wizel, Lewis Tong and Chao Zhang negotiated the sale in conjunction with Gross Waddell’s Andrew Waddell and Andrew Greenway.
MERRYLANDS - $41 million
A large Merrylands site has traded hands from Stockland to Coronation Property for $41 million. The 12,418sqm site will form the base for Coronation’s first build-to-rent project, saying the market was increasingly willing to accept such a housing type. It is also the first step in their plan to develop a portfolio of 5,000 build-to-rent units planned over the next seven years.
The site, positioned next to the Stockland Merrylands shopping centres and a block from Merrylands railway station, was sold with an approved permit for 562 residential apartments, 4,500sqm of ground-floor retail and basement parking. Coronation has announced that it will seek to increase the size of the development allowed on the site as a result of amended town-planning controls for the Merrylands Town Centre.
PORT MACQUARIE - $37.9 million
An office building in Port Macquarie has been snapped up for just shy of $38 million by Perth-based Ascot Capital. The sale follows a trend of private fund managers looking for high-yield-returning commercial properties in regional locations.
Located at 8 Buller Street, the 6,214sqm building has been recently upgraded and was sold fully leased to NSW government funded utility Essential Energy on a 15-year lease.
Previous owners Sentinel's upgrades included installation of new air-conditioning units, upgrade of all switchboards, new base-build carpets, ceiling grids and LED lights throughout plus two new lifts.
JLL’s Sam Hatcher and Elliott O’Shea handled the sale.
BRISBANE - $380 million
A landmark building in Brisbane’s CBD has settled for $380 million, kicking off a positive start to 2020, with Lendlease trading Central Plaza 2 to German property group Deka Immobilien.
The sale was welcomed after concerns that a new surcharge for foreign landholders could diminish sales values. The looming surcharge, which is currently still in limbo, could see the land tax double for Deka.
Located at 66 Eagle Street, the 30-floor A-grade office tower in Brisbane's Golden Triangle remained an attractive proposition due to the low cost of capital.
JLL’s Seb Turnbull, Luke Billiau and Paul Noonan and Cushman & Wakefield's Rick Butler and Josh Cullen handled the campaign.
ROCKHAMPTON - $43.5 million
The Rockhampton Bunnings Centre has traded from Charter Hall to real estate fund manager MPG for $43.5 million. The new acquisition will form part of MPG’s regionally focused portfolio, lifting the value to over $700 million.
The 18,319sqm large-format retail complex, located at 540 Yaamba Road, includes a 13,242sqm Bunnings and four additional tenancies. Charter Hall acquired the asset in 2017 for $37.5 million following a conversion from Masters home-improvement store to Bunnings.
Peter Tyson and Jon Tyson from Savills negotiated the sale.
WEST PERTH - $33.1 million
A four-level office building in West Perth has found new ownership, transferring from Warrington Capital to newly listed fund manager Primewest for $33.1 million.
Situated at 66 Kings Park Road, Warrington spent $6.5 million on a two-year-long refurbishment before making the decision to put the property on the market. The office complex held just 20% occupancy when it was originally purchased by the investor firm in March 2017 for $16.1 million. At the time of sale, the Warrington had achieved 100% occupancy for the complex.
The transaction marks the sale of the final asset in the WPVAT I Fund, four years ahead of the original business plan.
"This was a highly strategic investment by WPVAT I Fund, and a strong example of the significant value created by Warrington’s approach of identifying and investing in undervalued assets and using its proprietary asset-management strategies to generate returns for investors," Warrington Capital Partners’ managing director David Zimmermann said.
ALDINGA & ANGLE VALE - $470 million
Big news for South Australia, as the state Government awarded a $470 million-contract to a Tetris Capital-led consortium for the purpose of building and running two schools in Adelaide's growing southern and northern suburbs.
The contract will run for 30 years and will see the two schools, in Aldinga and Angle Vale, open in time for the 2022 academic year. The design, construction and maintenance will be handled by the TESA Education consortium and will include community facilities such as child care as well as offering education from birth to Year 12. Each school will initially accommodate 1,675 students, including 100 integrated special school students and will have the capacity to expand to 2,000 students.