NEW DEVELOPMENTS, DEALS
Deals of the week – 22 June 2020
Posted by Development Ready on Jun 22, 2020

Victoria

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MELBOURNE - $67 million
Grocon have moved to secure a Marvel Stadium adjacent site, settling for $67 million to the AFL.

The property company has announced plans to build an apartment tower next to the stadium, with expectation that these will be aimed at the renter market. AFL had intended to pursue the development themselves, however plans were abandoned in part due to the financial hit imposed by COVID-19.

COBURG - $21.3 million
A Woolworths-anchored mall in Melbourne’s north has been picked up by a Sydney investor for $21.3 million.

Vendors, the APN Property Group, put the 4,420sqm Coburg Hill Shopping centre on the market in February this year. The succeeding COVID-19 period appears to have not impacted the campaign as multiple investors vied for the prize. As well as the Woolworths, which still has 14 years of a 20-year-long lease, the complex is also home to seven specialty shops including Degani and Regency Pharmacy.

CBRE’s Justin Dowers and Kevin Tong managed the campaign.

NORTH GEELONG - $1.3 million
Five buyers battled it out for an industrial complex in North Geelong, resulting in a final price of $1.3 million.

Located at 11-13 Morgan Street, the 3,613sqm property is home to a 1,200sqm industrial facility that is currently leased by KD Freight Services, returning $75,000 pa. on a 12-month lease. The building has two container height roller doors with 900sqm of warehouse space and 300sqm of office space and amenities.

Darcy Jarman’s Simon Jarman handled the auction.

GEELONG - $1.205 million
Local buyers have scooped up the former home of Radio Rentals in a deal worth $1.205 million.

Located at 91 Ryrie Street, the freestanding commercial building sits on a 278sqm landholding. It was noted that the emerging foodie scene around Ryrie and Little Malop Streets had attracted the buyers.

Gartland Property’s Adam Farrell managed the sale.

Farrell says the freestanding building near the intersection of Gheringhap St set a strong $4334 square metre rate after the 278sqm property attracted competition between two buyers.

DAYLESFORD - Undisclosed
The Bellinzona Resort is the latest hotel asset to join the growing portfolio of Tony De Marco and Theresa Albioli, which includes 65 properties throughout the Daylesford area.

The venue, which sits on a 9,739sqm landholding, includes 43 guest rooms, a large conference and events component, restaurant, cellar door wine bar, indoor heated pool, spa & sauna and guest lounges. The new owners have stated that they planned to refurbish the venue.

The transaction was brokered by JLL’s Will Connolly and Nick MacFie.
 

New South Wales

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ERSKINE PARK - $115 million
Charter Hall has acquired one of the largest logistics assets in Australia in 2020 to date, buying a 43,000sqm facility in Western Sydney for $115 million from Melbourne based private investment firm Kador Group.

Located at 40-66 Lockwood Road in Erskine Park, the facility was sold fully tenanted to Winc Australia on a 12-year lease starting in August 2020, returning $5.175 million pa. The 8.3-hectare property is zoned IN1 General Industrial and sits 47km west of the Sydney CBD surrounded by TNT Express, Strandbags, Bevchain, Coles, Bluescope, DHL and Linfox.

Savills Australia’s Michael Fenton, Michael Wall and Alison Spiteri handled the transaction.

GERRINGONG - $4 million +
A Sydney-based investor has secured the luxury holiday accommodation venue, Soul of Gerringong, for more than $4 million. The auction was initially planned during the first week of the recent lockdown, however it was then cancelled and placed for sale by offer to purchase, of which the sales agents have stated did not negatively impact the final price.

Situated at 143 Belinda Street, the guesthouse was designed and constructed by Sydney-based builder and interior design team, Ben and Simone Mathews. The new owner is reported to be maintaining the property as is.

Ray White’s Craig Pontey and Neil Campbell managed the deal.
 

Queensland

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RIPLEY - $14.5 million
A 48.76 hectare property that had been held by the same family for over 50 years, recently sold for $14.5 million.

Holding address at 357 Ripley Road, Ripley, the substantial parcel had been designated for residential development. Purchaser HB Land secured a development proposal for 570 residential lots, which is to be developed over 18 stages, before the transaction closed.  The development will include a 5,047sqm local park, a further 3.6 Ha environmental park, and makes provision for a 5.1 Ha local sports park which will provide a major benefit for the Ripley community.

Ray White Special Projects’ Mark Creevey managed the off-market deal.

BURLEIGH HEADS - $1.6 million
A private Queensland investor has defied the doom and gloom predictions by purchasing a 99 Bikes tenanted strata investment in Burleigh Heads for $1.6 million.

Located at 6/110 Kortum Drive, the asset saw significant growth through the the COVID-19 pandemic period. National bike shops have are increasingly being viewed by investors as the new ‘blue-chip’ covenant, as a by-product of being named an ‘essential service’ during the pandemic.

Ray White Commercial’s Lachlan O’Keeffe and Michael Feltoe negotiated the deal.

“The marketing campaign generated a total of 138 enquiries, and despite the increasing lockdown pressures, the property was sold cash unconditionally with a short settlement.” Mr Feltoe commented. 
 

Western Australia

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MADDINGTON - $3 million
A national business has snapped up an industrial warehouse Maddington for $3 million.

Located at 28 Davison Street, the asset encompassed a 2,761sqm building area on a 7,640sqm landholding, and drew considerable interest due to its easy access to Tonkin, Roe and Albany Highways. Other features include warehouse, office and amenities, canopy, five-ton gantry crane, 12 loading docks and security cameras.

The property was marketed and sold by Ray White Commercial’s Josh Sumner.

MANDURAH - Undisclosed
Local publican Garry Miller has sold the Brighton Hotel in Mandurah, a modern waterfront venue overlooking the foreshore, during the COVID-19 lockdown for a yet-to-be disclosed amount.

The Brighton Hotel, located at 12 Mandurah Terrace, is a purpose-built tavern and restaurant on a 1,300sqm landholding offering north-west estuary views. The venue includes a restaurant, rear public bar and courtyard and upstairs function area – all of which capitalise on outstanding views. 

CBRE Hotels’ Ryan McGinnity negotiated the sale.



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