NEW DEVELOPMENTS, DEALS
Deals of the week – 27 January 2020
Posted by Development Ready on Jan 28, 2020

Victoria

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KEYSBOROUGH - $25 million
A 4.05-hectare farm in Keysborough has been picked up by ASX listed developer Peet Limited for $25 million, as reported on realestatesource.com.au.

Situated at 182 Chapel Road, around 25km south-east from Melbourne, the property was marketed for a medium density residential development and currently has housing estates to its east and south.

Biggin & Scott Land marketing agents Andrew Egan and Frank Nagle handled the sale.

MELBOURNE - $22.5 million
A small building on Bourke Street in Melbourne’s CBD has traded hands to a local investor for $22.5 million.

The property is a freestanding two-level building at 384 Bourke Street, and while is currently occupied by OPSM will soon make way for a bar and restaurant concept by hospitality operator Eddie Muto.

Former owners, M & M Assets, originally purchased the asset in 2015 for $15 million.

CBRE’s Mark Wizel, Julian White, Chao Zhang and Nathan Mufale handled the sale.

WEST MELBOURNE - $5.71 million
The Menzies Institute of Technology has recently reached a settlement of $5.71 million for the Carron Tavern in West Melbourne.

Located 396-400 Spencer Street on the south-east corner of Batman Street, the 458sqm block comprises a double storey building and was originally purchased by Menzies for $4.4 million around five years ago.

CBRE’s Julian White, David Minty, Dylan Kilner and Chao Zhang managed the sale at auction.
 

New South Wales

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NORTH SYDNEY - $113.9 million
A 15-storey tower at 20 Berry Street in North Sydney has been sold discreetly for $113.9 million transferring from Yuhu Group to local developer Sarkis Nassif, of Holdmark Property Group. Industry experts suggest that "a lot was left on the table" with price estimates ranging between $125 million and $140 million.

Mr Huang senior, the former chairman of Yuhu, is currently under investigation by the NSW corruption watchdog and has been transferring assets out of his name 2016 following the beginning of enquiries from the Australian Taxation Office.

The sale was conducted privately and without the use of an official sales agent.
 

Queensland

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ST LUCIA - $15 million
The St Lucia Marketplace in Brisbane’s south west has successfully sold with MRL Investments paying Marquette Properties $15 million for the asset.

The IGA-anchored shopping centre encompasses 3,033sqm and consists of two, two-level buildings on the corner of Hawken Drive and Boomerang Road in St Lucia, just 4km from the Brisbane CBD.

CBRE’s Joe Tynan and Michael Hedger managed the campaign, which attracted 134 enquiries and 11 serious offers from local, interstate and offshore investors.

CAPALABA - $8.85 million
Centurion Investment Management Pty Ltd has paid $8.85 million for an investment property at 84-86 Redland Bay Road in Capalaba.

The asset includes two free-standing buildings offering a total NLA of 2,335sqm on a 4,858sqm site. It was sold with leases to Rebel Sport and Repco.

Ray White Commercial’s Nathan Moore transacted the deal off-market.

COOLUM BEACH - $1.21 million
An interstate investor has been successful under the hammer, snapping up a well-appointed Coolum Beach industrial property for $1.21 million.

Situated at 100 Link Crescent, the property encompasses 942sqm and comprises a metal decking shed with hardstand on three sides.

Ray White Commercial’s Tracey Ryan sold the property at auction.
 

Western Australia

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PERTH - $1.5 million
Perth-based Progress Development has purchased a 2.19-hectare land parcel in Camillo to the city’s south east for $1.5 million.

Situated at 3 Westfield Road, approximately 25km from Perth, the site was sold with plans for a childcare centre and housing along Railway Drive. The land parcel is well located within walking distance from the Kelmscott train station, established primary and secondary schools and sporting facilities. 

CBRE’s Michael Milne and Ben Younger managed the sale.
 

South Australia

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NEWTON - $1.4 million
A prominent warehouse within Newton’s industrial hub has sold recently for $1.4 million

The property holds address at 2 Virginia Road in Newtown, around 11km north-east from Adelaide’s CBD, comprises a 1,200sqm warehouse on a 2,000sqm secure corner allotment. The warehouse includes a front office and kitchenette and also benefits from solar power supply.

The sale was handled by Jessica Mascione and Charles Parletta of LJ Hooker Commercial.



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