NEW DEVELOPMENTS, DEALS
Deals of the week – 27 April 2020
Posted by Development Ready on Apr 27, 2020

Victoria

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WEST MELBOURNE - $9.5 million
One of Melbourne’s most active private development companies has secured a 920sqm parcel of land in West Melbourne for $9.5 million.

The sale of 102-108 Jeffcott Street marks the first transaction concluded as part of a portfolio of adjoining properties which were offered to the market by prominent horse racing and property identity Ozzie Khier. The 1,838sqm warehouse was previously purchased four years ago for $6 million and was sold with vacant possession.

CBRE’s Mark Wizel handled the deal.

ST KILDA - ~$6.5 million
A local investor has swooped in on a three-level, 1,395sqm commercial office building in St Kilda. The price has remained undisclosed, but sources indicate it to be around $6.5 million.

The 1,560sqm office sits on a 950sqm land holding at 30 Inkerman Street, offering a versatile three-level commercial office building with 17 car spaces. The asset returns approximately $274,760 pa.

CBRE’s Rorey James, Scott Orchard, JJ Heng and Scott Hawthorne handled the sale, stating that Melbourne office assets in the sub-$15 million category are experiencing an upturn despite market concerns.

WOLLERT - $4.65 million
Oreana Property Group has sold a Coles Express Service Station in Wollert to a private investor for $4.65 million.

Coles Express Wollert, located at 246 Epping Road, 29km north of the Melbourne CBD, was developed by Oreana in 2016. The property forms part of a larger strata arrangement with surrounding retailers, sharing access and common property. 

CBRE’s Justin Dowers and Kevin Tong managed the campaign, attracting a strong level of interest due to the property’s 10-year lease to ASX listed Viva Energy Group.

MOUNT HELEN - $4.275 million
A local investor has purchased a childcare centre in Mount Helen in Victoria from a local private investor for $4.275 million.

Located at 1848 Geelong Road, the centre is currently occupied by industry leading Child Care tenant Goodstart Early Learning. The 120 place centre provides fixed annual rental growth of 5% and is situated on a 3,187sqm landholding with dual frontages. The centre is ideally situated opposite Federation University, IBM and other major organisations within Mount Helen.

The deal was negotiated by Mark Stafford, Julian Heatherich and Benson Zhou from Savills Australia.
 

New South Wales

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PEMULWUY - $36 million +
A development approved site in Pemulwuy in Sydney’s west has secured a final sale price of over $36 million, transferring ownership from a partnership between property group Revelop and Mintus Pty Ltd, to a local western Sydney builder/developer. 

The 30,000sqm site has approval for 300 units across eight buildings, ranging from three to five storeys.

CBRE’s Alex Mirzaian negotiated the sale.

QUEENSCLIFF - $13.425 million
A development approved apartment development site in Queenscliff in Sydney’s north, has sold under a digital hammer for $13.425 million.

71-71a Queenscliff Road saw ten bidders register for the online virtual bidding room before offering 47 bids. The property comprises of two neighbouring homes offering 1,688sqm of elevated land on the northern side of the road. The property has approval for a residential complex with 14 flats across six floors and 32 car parks. Some apartments include views across Manly Beach.

CBRE’s Aaron Arias, Toby Silk and Nicholas Heaton handled the online auction.

BREAKFAST POINT - $7.3 million
A heritage-listed property on the banks of the Parramatta River in Sydney’s Breakfast Point has sold to an individual family for $7.3 million.

Situated at 123 Peninsula Drive on a sprawling waterfront block, the residence offers uninterrupted views of the Parramatta River and will be utilised as a private residence for the new owners. The property went to market just before the impact of the COVID-19 virus however this didn’t hinder its final sales tag.

Ray White Commercial’s Peter Vines managed the deal.
 

Queensland

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TOWNSVILLE - $92.835 million
A Townsville office tower has set a new record for the region, selling successfully to fund manager Castlerock Property Group for $92.855 million.

At the point of sale, Verde Tower, located at 445 Flinders Street, was fully leased to the Queensland Government. The 12-storey office building was completed in 2013 and comprises of 11,615sqm of NLA with 190 parking bays and three podium levels.

In late 2018 Castlerock’s secured Verde Central in Mackay for $52.4 million.

Neville Smith from Colliers International handled the sales of both Verde assets. 

PINKENBA - $34.7 million
Boutique institutional fund manager Arcadia Funds Management Limited have sold a multi tenanted industrial estate in Pinkenba for $34.7 million in what looks to be the largest industrial sale in Brisbane in the first quarter this year. City Freeholds purchased the property, beating 17 other groups who placed written expressions of interest for the asset.

Situated on a 45,000sqm site at 731 Curtin Avenue East in Pinkenba, the property comprises of a bulk storage warehousing facility including three high quality corporate office and warehousing units totalling 15,000sqm of gross floor area. The property was sold fully tenanted and returning approximately $2.85 million pa.

Simon Beirne and Anthony White of Colliers International marketed the property.

WEST END - $2.7 million
A converted inner-Brisbane warehouse has sold to a Toowoomba local for $2.7 million.

The multi-level property, located at 18-20 Bailey St in West End, was formerly a church before being revamped to include eight bedrooms and five-bathrooms. The 861sqm property also presents more than 10 offices, two kitchens, nine toilets, state-of-the-art audio-visual equipment, a 200-plus seat auditorium and is airconditioned throughout.

Adam Nobel of Hugo Alexander Property Group sold the property.
 

Western Australia

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ROSSMOYNE - $1.3 million
A large raw development site located at 113A Riverton Drive West, Rossmoyne, in Perth’s South, has transacted for $1.3 million.

The 773sqm elevated Green Titled block has never been built on and offers an open vista frontage with views of the Canning River and beyond to the Mt Henry Bridge Reserve. The residential site benefits from river proximity, as well as nearby schools, shops and sports clubs.

Di Addenbrooke and Zac Addenbrooke from Pulse Property Group managed the deal.
 

South Australia

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GILLMAN - $2.5 million
A large warehouse and industrial property near Port Adelaide has recently sold for $2.5 million.

The 1,226sqm warehouse sits on a total site area 8,100sqm at 52 Wilkins Rd in Gillman around 13k north of Adelaide’s CBD was sold partially leased returning a net annual rental of $15,200. The property was marketed with strong development potential due to the significant vacant land.

Andrew Turner and Evan Florinis of Commercial SA Property Group handled the sale.



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