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Deals of the week – 21 September 2020
Posted by Development Ready on Sep 21, 2020

Victoria

Search for more development sites in Victoria here.

WINDSOR - $35 million~
A 1.1 acre mixed-use development site near St Kilda Junction is trading hands from Jewish Care Victoria to local developer Goldfields Group for a speculated $35 million.

The asset sits on a 4,293sqm site on the south west corner of Punt Road and Raleigh Street in Windsor. Formerly operating as the Montefiore Home for the Aged facility, the property was marketed as South Boulevard, a mixed-use but predominantly residential development opportunity. The new owners are expected to construct about 260 dwellings as part of a bigger project.

Colliers International’s Daniel Wolman, Peter Bremner and Rachael Clohesy handled the sale.

SOUTH MELBOURNE - $6.9 million
A 3-level 1970s office building less than 150m from Albert Park Lake has recently transacted off-market for $6.9 million.

Developers, Pallas Capital will take over the ownership of 18-22 Thomson Street, South Melbourne, which offers redevelopment or landbank options and sits just two doors down from Gurner’s luxury 10-level “74 Eastern”. Zoned Commercial 1 - the property lies within a short stroll of Clarendon Street and the South Melbourne Market.

Appel Property and Tomassi & Co managed the transaction.

COLAC - $3.72 million
A private investor has secured a prime retail investment for $3.72 million which currently holds a long-term lease to national retailer Cheap as Chips.

Located prominently in the heart of Colac Activity Centre at 173-183 Murray Street, Colac, Cheap as Chips Colac is a well-established and proven ‘essentials’ retailer whose network of 42 stores nationally across SA, NSW and VIC has remained open and trading throughout Victoria’s Stage 4 restrictions. The site occupies a land area of 2,460sqm and with a GFA of 1,868sqm and 28 car spaces.

The property was sold by Rick Silberman and Steven Lerche of Savills Australia.
 

New South Wales

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MACQUARIE PARK - $306 million
A modern and near fully occupied commercial investment in Sydney’s north west has recently been scooped up by Keppel REIT for $306 million.

Pinnacle Office Park is situated on the north west corner of Epping and Lane Cove roads in Macquarie Park and offer two mid-rise, A-grade offices and a smaller subsidiary building with development upside. The assets contain 35,132sqm of NLA and was sold 96.3% occupied. Major tenants include Aristocrat, Konica Minolta and Coles.

BADGERY’S CREEK - $5.37 million
A parcel of land within the highly prized Western Sydney Aerotropolis has sold for $5.37 million via an onsite public auction that received in excess of 50 bids and landed 15% above the reserve.

100 Martin Road, Badgerys Creek offers a 2.26 ha land parcel which is set to be rezoned from rural to an enterprise development by the end of this year. It is closely located to the Western Sydney Airport precinct which has realised recent sales from high profile groups such as Suttons Automotive, Hanson, Adelaide Brighton and Mirvac.

Colliers International’s Thomas Mosca, Nick Estephen and James Cowan handled the sale.

SCHOFIELDS - $5.308 million
A brand-new childcare centre in the thriving Western Sydney suburb of Schofields has sold at auction for $5.308 million.

Located at 5 Lillyana Street, the asset, that came with an 877sqm building size on a 1,564sqm land area, was leased to well-known childcare provider Young Academics with a 10+10-year triple net lease. The campaign engaged strong interest with over 70 enquiries and 21 contracts issued.

The property was marketed and sold at auction by Ray White’s Victor Sheu, Jai Sethi, and Peter Vines.

HAMLYN TERRACE - $1.9 million
A vacant DA site with approval for a 6,000sqm medical centre across two 3-storey buildings has sold for $1.9 million to an offshore investor.

The 4.4-acre site holds address at 88-102 Louisiana Road in Hamlyn Terrace and has alternative potential for nursing homes, retirement and assisted living or a hospital.

The property was sold through Nick Lower, Ollie Ridley and Selin Ince of Savills Australia.
 

Queensland

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ACACIA RIDGE, MOOROOKA, CAIRNS - $27.5 million
Ridge APN Convenience Retail REIT (AQR) has snapped up three convenience retail centres in Queensland for $27.5 million from Brisbane based developer Denmac Nominees. The deals boost AQR’s total portfolio size to $483 million.

The assets include Coles Express Acacia Ridge, Coles Express Moorooka and Coles Express Cairns. The three sites were built between mid-2016 and the end of 2017, with over 90% of the income derived from major tenants Viva Energy Australia (representing 65% of the income), Krispy Crème (10%), Karcher (9%) and Gloria Jeans (7%). The remainder of the rent is derived from local convenience retailers, with the portfolio having an average lease expiry of 9.9 years.

CBRE’s Michael Hedger and Joe Tynan negotiated the sale.

NEWSTEAD - $4.865 million
A mixed-use property in Newstead in Brisbane’s inner north has been picked up by a local private investor in an off-market transaction worth $4.865 million.

Located at 20-24 Proe Street, the 1,192sqm site was sold with a current lease in place to Taubmans Paint and is prominently positioned in the highly sought-after James Street precinct. The current property covers 683sqm of NLA but also benefits from mixed use zoning allowing for development to six storeys.

JLL’s Tim Jones and Sam Byrne handled the deal.

RICHLANDS - $3 million
A private Brisbane based investor has snapped up a new concrete tilt panel office/warehouse facility in the heart of Richlands for $3 million.

Developed in early 2020 by Brisbane developer Industrial Development Group (IDG), 18 Network Place features a clear span warehouse accessed via dual container height roller doors, corporate office accommodation over 2 levels, 3- phase power, ample on-site carparking including 3 undercover and full security fencing to the perimeter.

The 1,461sqm building sits on a 2,539sqm site and was sold fully leased to locally based business, Australian Electronic Maintenance Services on an annual rental of $175,000 with a 5 + 5 year lease.

The sale was transacted by Callum Stenson of Savills Australia.

TOOWOOMBA - Undisclosed
Historic Toowoomba establishment The Spotted Cow has been sold on behalf of well-known Queensland hospitality owners Mick and Dianne Coorey for an undisclosed amount. This sale represents the first Queensland pub transaction negotiated and settled entirely during Australia’s COVID-19 lockdown period. 

The new owners, Brisbane-based Hallmark Group, have plans to present a new and modern offering for the pub.

CBRE’s Paul Fraser and Power Jeffery & Co’s Peter Power negotiated the sale.



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