NEW DEVELOPMENTS, DEALS, INDUSTRY TRENDS
Deals of the week – 25 March 2019
Posted by Development Ready on Mar 25, 2019

Victoria

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SOUTHBANK - $326.2 million
A Southbank office tower has recently come under 100% ownership of the GPT Wholesale Office Fund after the remaining half share was snapped up for just over $326 million.

Previous co-owners, Frasers Property Australia, decided to divest their share of 2 Southbank Boulevard, allowing GPT to exercise their pre-emptive right to secure the remaining stake.

"This transaction has provided GWOF a rare opportunity to take full ownership of a landmark 55,000 square metre tower in one of Melbourne's most highly sought after office precincts," said fund manager Martin Ritchie.

Frasers Property handled negotiations directly, supported by its conjunctional agents JLL and CBRE.

FITZROY NORTH - $8.13 million
A development approved site in Fitzroy North has been picked up by a local developer for $8.13 million. The 2,141sqm site at 378-390 St Georges Road was marketed with approved plans and permits for a six-storey apartment complex.

Colliers International's Hamish Burgess, Ted Dwyer and Ben Baines brokered the deal.

ROSEBUD - $2.25 million
An industrial site at 6-8 Henry Wilson Drive, Rosebud, on the Mornington Peninsula, has sold for $2.25 million to another local developer.

The 8,500sqm site was sold vacant. MP Burke Commercial Real Estate's Pat Burke managed the sale.
 

New South Wales

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YENNORA - $49 million
The final stage of an industrial project in Yennora has been sold for $49 million, to bring the total sell-down of the site to $129 million.

The final lot, which formed part of a joint venture operation between Macquarie Group-backed LOGOS and Partners Group, encompasses 8.8-hectares and is surrounded by a number of industrial developments.

"Due to its proximity to the Yennora station, the property had the potential to be earmarked for a masterplanned rezoning," said Darren Searle, LOGOS' head of Australia and New Zealand.

"However, given the strength of the industrial market and owner-occupier demand, driven off the back of increasing industrial land values, we saw that the value of the property in the short term remained as an industrial precinct."

This ‘repositioning’ included retaining and redeveloping some buildings and a further subdivision into 12 smaller lots.

CBRE's Elijah Shakir and Jason Edge were responsible for the various sales.

DULWICH HILL - $4.47 million
A residential development site in Sydney’s inner-west has traded hands, from private owners to private developers, for around $4.5 million.

The property, at 40-42 Cobar St Dulwich Hill, was sold with a development application for the construction of 19 apartments submitted to council for approval.

Colliers International's Jordan McConnell and John McCann sold the property at auction.

WOLLONGONG - $3.9 million
A private investor has picked up a child-care centre in Wollongong for just shy of $4 million. The 1,500sqm centre at 2 Town Hall Place, Wollongong, was sold with a 10-year lease to Oxford Multicultural Childcare.

Colliers International’s James Cowan and Matthew Meynell made the sale at auction.

RICHMOND - $1.5 million
After a 20-year ownership, Westpac have sold their heritage bank building, at 237 Windsor Street, Richmond in Sydney's north-west has sold to a local investor for $1.5 million.

Westpac will continue to lease the building.

Colliers International's Nick Stephen and Joe Sacco handled the sale.
 

Queensland

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CLEVELAND & TOOWONG - $143 million
Both the Stockland Cleveland shopping centre and the Toowong retail and commercial centre have been traded between previous owners, Stockland, and private invrestors for a combined $143 million.

The transactions follow Stockland’s attempts to focus on larger format shopping centres and to divest from current assets that don’t fit their strategy.

"These transactions take our total asset sales for the current financial year to $256.1 million, representing 64 per cent of our target $400 million of divestments already achieved within the first nine months of the stated 24-month timeframe," chief executive Mark Steinert said.

"The proceeds of the sales will strengthen our balance sheet, and will be reinvested into our workplace and logistics development pipeline and our securities buyback. It also gives us the flexibility to invest in other opportunities with strong risk-adjusted returns above our hurdle rates."

TOOWONG - ~$17 million
A 4,000sqm office building in Toowong has been picked up by the University of Queensland for around $17 million.

The acquisition of 74 High Street is a strategic move for the university as it looks towards a five-year capital works program, set to begin at their main campus, nearby in St Lucia.

Knight Frank's Christian Sandstorm, Matt Barker, and Ben McGrath handled the sale.     
 

Western Australia

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SCARBOROUGH - $5 million
A 1,222sqm site at 202-202A The Esplanade in Perth’s Scarborough, has been picked up by Gary Dempsey Developments for $5 million.

The beachfront property, which includes two double-storey houses and was previously owned by a private vendor, was marketed with development potential for the construction of a 12-storey mixed-use facility.

JLL's Nigel Freshwater, Sean Flynn, and Tom Foley were responsible for the sale.

 

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