NEW DEVELOPMENTS, DEALS
Deals of the week – 24 June 2019
Posted by Development Ready on Jun 24, 2019

Victoria

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LALOR - $7.38 million
A Coles supermarket that anchors the strata titled Lalor Plaza neighbourhood shopping has been sold at auction to a domestic investor for $7.38 million.

The purchaser outbid two separate locals to secure the property, which represents 40% of the shopping centre at 22 McKimmies Road, 18 kilometres north of Melbourne.

The campaign garnered over 130 enquiries leading up to auction day.

The CBRE Retail Investments team of Justin Dowers, Rorey James, Kevin Tong and Joseph Du Rieu managed the sale campaign in conjunction with Michael Gross and Alex Ham of Gross Waddell.

MELBOURNE - $6.85 million
A local investor has overcome strong competition to secure a Chinatown building at auction for $6.85 million.

22-26 Corrs Lane presents three levels of retail space, with a basement and a total lettable area of 962sqm. The vendor previously purchased the property in 2005 for $2.5 million.

CBRE’s Melbourne City Sales team of Julian White, Nathan Mufale, Alex Brierley and Chao Zhang managed the sale campaign
 

New South Wales

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SYDNEY - $16 million
A vacant three-storey building in Sydney’s CBD has traded hands for $16 million. Shanghai-based property player Dahua Group previously purchased 25 King Street for $4.6 million in 2009 and has spent $7.4 million in renovations.

The property has been vacant for the past eight years. The buyer will remain anonymous at this stage; however it is believed to be a local high net worth individual.

Andy Hu and Jordan Lee, of Savills, handled the sale.

PARRAMATTA - $9 million
A 631sqm site in Parramatta’s George Street has been sold off by Sydney developer Charbel Demian, for more than $9 million.

The property encompasses a three-storey building and was marketed with significant office development upside; demand has been rising for assets of this class and location. The property is leased to Police Citizens Youth Clubs and an educational institutional.

Khoury & Partners' Jon Race and George Khoury managed the sale.
 

Queensland

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WEST GOSFORD - $23 million
The West Gosford Shopping Centre, an established neighbourhood centre, has recently traded hands from ISPT/Coles to private investor Mintus for $23 million.

The single level neighbourhood centre at 269-299 Brisbane Water Drive in West Gosford, sits on a 17,559sqm site with 9,249sqm of GFA. The centre includes a well performing Coles and Liquorland, as well as a number of specialty tenants.

The property was sold off market by Steven Lerche and Andrew Palmer of Savills Australia.

Mr Lerche noted of the sale; “This is a rare opportunity to undertake a refurbishment and redevelopment of a strategically located shopping centre on the Central Coast of NSW.

“The Central Coast is a thriving and growing catchment and this property is situated at the bottom of the Gosford escarpment and is the first major shopping centre in the region.”

ORMISTON - $7.425 million
The former Fairfax Media print site at 58-68 Delancey Street in Ormiston has sold to a developer associated with SS Signs for $7.425 million.

The substantial 5.19 Ha asset offers 5,160sqm of well-maintained office and warehouse buildings. The previous owners sold the property whilst in approval stage with Redland City Council for a medical facility.

The campaign was handled by Ray White Special Projects’ Andrew Burke and Matthew Fritzsche, together with Ray White Commercial’s Nathan Moore and Jonathon Burrowes.
 

Western Australia

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SUBIACO - $12.4 million
Supermarket giant Woolworths has secured the former Princess Margaret Hospital car park in Subiaco for an impressive $12.4 million.

The asset proved a highly sought-after development opportunity and was touted as Perth’s largest infill development site. The adjoining 35,000sqm Princess Margaret Hospital site is estimated to be worth more than $100 million. The property falls within the designated masterplan of Subi East, administered by the WA State Government’s development arm Landcorp.

Land Minister Ben Wyatt said of the sale that Woolworths “has put forward a proposal that aligns with our broader vision to reinvigorate the area and complement the neighbouring Subi East development.”

LJ Hooker Commercial agents Brian Neo and Vincent Siciliano handled the sale on behalf of the WA State Government.
 

South Australia

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VALLEY VIEW - $6.6 million
Accord Property, an Adelaide-based developer and funds manager, has acquired a former car dealership on Valley View’s North East Road for $6.6 million.

The 14,600sqm site is located at 817 North East Road, just 16km from the Adelaide CBD, offering high exposure with up to 40,000 passing vehicles per day.

“The transaction paves the way for a new mixed-use development incorporating childcare, retail and fuel,” commented CBRE selling agent Harry Einarson.

“There was a high level of interest with over 40 enquiries and six offers for the site, predominantly from developers and some owner occupier groups.”

Mr Einarson sold the property with colleague Jordan Kies.

 

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