Deals of the week – 22 July 2019
Posted by Development Ready on Jul 22, 2019


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MERNDA - $51.5 million
Major supermarket retailer Woolworths has sold a 26.47-Ha land parcel adjacent to the newly built Mernda Train Station for $51.5 million. The site as secured by a local developer who intends on building a shopping centre, set to commence trading in mid-2020.

The highly competitive Expressions of Interest campaign attracted 192 enquiries and 11 offers from a mixture of both local private and institutional developers, as well as offshore groups.

CBRE’s Mark Wizel, Justin Dowers, Julian White and Kevin Tong brokered the deal.

TOORAK - $4.35 million
A retail investment property, currently leased to the Toorak Newsagency and a Baker’s Delight has fetched $4.35 million in a recent sale.

A Melbourne based investor secured the property, which is situated at 479 and 479A Toorak Road. The two-level building is divided into two tenancies on a 207sqm site.

Teska Carson’s Fergus Evans and Michael Ludski sold the property.

FRANKSTON SOUTH - $3.4 million
A large waterfront property on Oliver’s Hill in Frankston South has been picked up by a local residential property developer for $3.4 million.

The waterfront property, 'Oliver by the Bay' at 624A and 634B Nepean Highway, is well placed for residential development offering a highly sought after address and bay views.

CBRE's David Minty, Julian White and Chao Zhang handled the transaction.

New South Wales

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DOUBLE BAY - $10.25 million
Number 10 Cross Street in Sydney’s glitzy Double Bay retail precinct, has sold for a little over $10 million.

The high-profile 344sqm arcade encompasses five ground floor retail tenancies, a car park and an upstairs office and was marketed with development upside and an achievable height limit of 14.7 metres. The sales campaign attracted over 200 enquiries.

Colliers International’s Matt Pontey, Nick Lumley and Miron Solomons managed the campaign.

HABERFIELD - $8.5 million
Private accommodation provider Benbrell has secured a corner site in Haberfield for $8.5 million from a local property developer.

The 1,465sqm property, situated at property at 215-217 Parramatta Road, was sold with approved plans for a 76-room hotel. The acquisition marks Benbrell’s first entry into the Sydney market, with current operations in Western Australia and Queensland.

Kristian Morris of Ray White Commercial made the sale.


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BRISBANE - $42.1 million
A 14-storey office building in Brisbane’s legal district has sold for just over $42 million to Dymocks Properties. The tower, situated at 420 George Street, sees an over double return for previous owners Melbourne’s Forza Capital who purchased the property in 2015 for $20 million.

Forza Capital spent around $4.5 million on an environmentally focused rejuvenation of the space. Cushman & Wakefield’s Mike Walsh commented on the sale stating that it “represents a culmination of a successful repositioning strategy implemented by Forza over a four year period.”

MINYAMA - $12.05 million
WA-based investment firm, Properties & Pathways, has capitalised on the Sunshine Coast’s strengthening real estate market, securing over $12 million for their Minyama large format retail centre. The sale sees a $2.13 million uplift from when it was purchased in 2015.

Situated at 1 Eden Street in Minyama, the 3,212sqm retail complex comprises five tenancies and was picked up by a private Victorian-based investor after a hotly contested campaign.

“The five-week Expressions of Interest campaign generated widespread buyer interest from private investors across the nation, resulting in 127 enquiries and eight offers at the close of process,” CBRE’s Darren Collins said.

“Of the final top three offers received at close of the campaign, there was a variance between the third placed offer and top offer of only $20,000 or 0.16% of the eventual sale price - highlighting the strength of the campaign and investment appetite for the asset.”

Mr Collins handled the sale with CBRE colleagues Peter Rossi, Rem Rafter and Tony Justo.

TOOWOOMBA - $10.5 million
One of Toowoomba’s largest commercial assets has been traded between Canada’s Quadra Pacific and a local family for $10.5 million.

The Easternwell Centre at 10 Russell Street in central Toowoomba marks Quadra Pacific’s third and final Australian asset divestment. The 7103sqm complex offers a nine-storey office building, plus a single-level basement car park for 47 vehicles and another 58 on-grade bays.

Knight Frank’s Christian Sandstrom and Adam Willmore handled the sale.

Western Australia

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CANNINGTON - $3.35 million
A vacant site at 14-16 Leila Street in Cannington has just been sold to a Singaporean developer, who will be seeking planning approval for a nine-storey mixed-use apartment building.

The 2,497sqm property is just 100m from Westfield Carousel, one of Perth’s biggest shopping centres and a key component in the $76 million regeneration of the new Cannington city centre along Cecil Avenue.

Colliers International’s Tory Packer handled the sale through an off-market transaction.

South Australia

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PORT ADELAIDE - $3.24 million
The former home of Messenger Press has been sold to the Church of Scientology for $3.24 million. The church proceeded with the purchase after securing planning consent to redevelop the property into a place of worship and community centre.

The 4,700sqm property situated at 1 Baynes Place in Port Adelaide was purchased by the previous owners in 2013 for $1.76 million.

Colliers International’s Tom Isaksson and Jack Dyson handled the sale.


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