NEW DEVELOPMENTS, DEALS
Deals of the week – 20 May 2019
Posted by Development Ready on May 20, 2019

Victoria

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CAMPBELLFIELD - $6.5 million
Melbourne’s northern outer ring continues to prove that it’s worth its time in the sun after an industrial facility goes for $6.5 million.

The site, at 1608 Hume Highway in Campbellfield, encompasses a large 16,550sqm land area with a total building area of 4,949sqm. A local investor secured the site, which is leased to a multinational tenant for seven years.

Chris Jones and Walter Occhiuto of realty firm Dawkins Occhiuto handled the sale.

WILLIAMSTOWN - $4 million
A 6,277sqm industrially zoned property, within the tightly held Williamstown commercial precinct, has recently sold to development and fund management specialists, Maximise Group, for $4 million.

The property is located at 20 Ponting Street, just 7km from the CBD is located near an affluent residential catchment, where storage and business opportunities are highly sought after.

CBRE’s Ricardo Cappelletti, Fergus Pragnell, Jake George and Bryce Pane negotiated the sale.

HIGHETT - $3.375 million
A Development Approved site in Highett, 16km south-east Melbourne’s CBD, has recently sold for close to $3.4 million.

The 1,120sqm mixed-use property, at 260-264 Highett Road, currently comprises a two level commercial office and was sold with approved permits for a three-level plus basement retail/commercial development.

The campaign attracted a range of investors and developers, with the eventual buyer, a local investor, acquiring the property for a long-term hold.

Andrew Greenway and Alex Ham from Gross Waddell managed the sale.

SUNSHINE WEST - $2.8 million
Melbourne’s west recently saw three adjoining warehouses picked up by a private buyer for a combined $2.8 million. The properties in question are situated at 90, 94 and 98 Proximity Drive, Sunshine West, which have a combined building area of 1,907sqm. Each site offers secure gate access with multiple on-site amenities.

CBRE’s Ricardo Cappelletti, Fergus Pragnell, Tom Murphy and Tim Homes handled the negotiations.
 

New South Wales

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BURWOOD - $575 million

Scentre Group have sold a 50% stake in their Burwood Westfield Shopping Centre to Perth-based Perron Group for $575 million. The group will use the proceeds to repay some debt.

The group owns 41 Westfield Centres nationally and has recently received approval by the Victorian government for a $500 million redevelopment of Westfield Doncaster in Melbourne.
 

Queensland

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BRISBANE - $126.7 million
KYKO Group has snared Brisbane’s 201 Charlotte Street office tower for $126.7 million amid heightened interest in Brisbane CBD investment opportunities.

The A-grade Charlotte Street tower has an NLA of 13,291sqm, with major tenants including Anglo American Metallurgical Coal, the world’s 3rd largest metallurgical coal mining company. The building is currently 87% occupied.

The campaign attracted five bids from local groups and three international offers.

CBRE’s Flint Davidson and Tom Phipps handled the sale in conjunction with Justin Bond and Ben McGrath of Knight Frank.

BOWEN HILLS - $3.9 million
Two office buildings in Brisbane’s inner-north have sold to a local investor for just under $4 million. The site has a history dating back to the 19th century when it was used for soap and candle manufacturing.

The current buildings present a mix of office, gym and outdoor spaces, as well as space for 35 car parks, all comprised within the 2,068sqm site.

JLL’s Andrew Havig handled the sale.

SIPPY DOWNS - $10 million +
Eight of 20 strata titled lots in a neighbourhood commercial centre in Sippy Downs have sold for a combined total of more than $10 million.

Owner and developer, Evans Long, made the decision to sell, securing between $540,000 to $3.6 million for the individual titles. Evans Long has announced intentions to develop another similar styled, two-storey building on site.

Colliers International’s Nick Dowling and Daniel Vella managed the sale on behalf of the developer.
 

Western Australia

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FORRESTFIELD - $9 million
3.1 hectares of sought after land in one of Perth’s main industrial precincts has sold to Bruce Rock Engineering for $9 million.

The new owners have announced plans to operate a new workshop and transport yard on site, which holds address at 7-21 Ashby Close, Forrestfield.

Savills Australia’s Matthew Hopkins and Ben Widdowson marketed the property.

CANNINGTON - $8.31 million
A commercial building in Cannington, south of Perth's CBD, has been picked up by an international investor for $8.31 million.

The 5,000sqm property, at 15 Leila Street, comprises a 1,930sqm building and is currently leased to medical and education businesses. New zoning and density plans could potentiall allow the site to yield an up-to-six-storey building with a minimum of 50 dwellings.

Colliers International's Tory Packer brokered the deal.
 

South Australia

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NORTH ADELAIDE - $1.1 million
A 529sqm commercial property, currently split into two tenancies, has sold for just over $1 million to a private buyer.

The site currently comprises a café and a storage station at the rear, leased until the end of 2019. Situated at 74-74A Melbourne Street, in North Adelaide, the property was marketed with Main Street (Melbourne East) zoning allowing for future potential development up to 4 storey's high.

George Kargiotis of Ray White handled the sale.

 

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