NEW DEVELOPMENTS, DEALS
Deals of the week – 28 October 2019
Posted by Development Ready on Oct 28, 2019

Victoria

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MULGRAVE - $4.1 million
An industrial property in Melbourne’s east has been picked up by developer G.M Property Group for $4.1 million. The development group also already owns the neighbouring site in the Enterprise Park Estate.

Situated at 46-48 Glenvale Crescent in Mulgrave, the 6,915sqm property has single-level offices and a six-metre high warehouse.

JLL's Daniel Kelly and Nick Reddish negotiated the deal.

GLEN WAVERLEY - $2.25 million
A residential site situated at 680-682 Highbury Road in Melbourne's Glen Waverley, has successfully sold for $2.25 million. The property was offered with approved development plans for a 113-place childcare centre; the new owner is a local childcare property developer who will proceed with the plans.

Savills' Julian Heatherich, Benson Zhou and Mark Stafford managed the deal.

CLAYTON - $2.05 million
A showroom and warehouse in Melbourne’s south-eastern suburb Clayton, has been purchased by retailer The Coffee Machine Warehouse following a considerable renovation by developer Wolfstep Projects.

The retailer spent just over $2 million on the rejuvenated property, situated at 1858 Princes Highway, and will use the premises for its business.

CBRE’s Bryce Pane, Sandra Ng and Chao Zhang handled the campaign which reached settlement before the scheduled auction.

CHIRNSIDE PARK - $1.7 million
Another childcare property has achieved a successful sale, this time involving an 850sqm commercial property currently leased to Ace Space Children’s Play Centre on a recently renewed five-year lease.

The property, at 9/286-288 Maroondah Highway, sold for $1.7 million and returns an annual rent of $118,014pa with 3% fixed annual increases.

Cushman & Wakefield’s Robert Colaneri and Jordie Cassidy brokered the deal.
 

New South Wales

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MACQUARIE PARK - $62 million~
The Novartis Macquarie Park Building has recently sold to funds manager RF Corval for around $62m.

The A-grade six-storey office building, situated at 54 Waterloo Road, spans 8,134sqm and offers onsite parking for 106 cars.

The well-designed asset is anchored by pharmaceutical company Novartis, who will stay on in the building, with Corval also seeking new tenants for the remaining space.

The sale reveals the strength of the suburban office in Macquarie Park, which is comprised primarily of A-Grade buildings. Vacancy is at a low 3.8%, with rents having grown from about $400/sqm to around $470-$480/sqm.

Colliers International’s Jon Chomley and Sophie Tieman brokered the deal.

SYDNEY - $19.85 million
The Castlereagh Club in Sydney’s CBD has traded hands to Sydney-based fund manager Fife Capital for just shy of $20 million.

The four-level strata property sits as the podium at the bottom of the Victoria Tower residential complex at 197 Castlereagh Street. The building has just been refurbished and comprises a ground floor bar with poker machines, a restaurant, 12 parking spaces, squash courts and a gymnasium. World Gym has signed on to occupy the space.

The sale was handled by Colliers International's Tom O’Neill and Vince Kernahan in conjunction with Henderson and Horning’s William Mulvihill and Bill Rees.
 

Queensland

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ASCOT - $3.1 million
A multi-tenanted retail and commercial property situated at 99 Racecourse Road in Brisbane’s central Ascot, has sold for $3.1 million.

The 691sqm property was secured by a private investor, which benefits from secure anchor tenant NAB, as well as medical and office tenants and a one year weighted average lease expiry.

JLL's Andrew Havig and Campbell Bowers handled the deal.

KUNDA PARK - $2.425 million
A private developer has paid $2.425 million for a prominent Sunshine Coast commercial site at 580 Maroochydore Road, Kunda Park.

The sale of the 5,972sqm site, which has housed Maroochy Auto Wreckers for the past 35 years, is believed to be a record result for the tightly held Maroochydore Road strip through Kunda Park. The buyer is now seeking new tenants with areas available to lease from 200sqm up to 3,000sqm.

CBRE’s Glen Grimish and Brendan Robins negotiated the sale.

NEWSTEAD - $1.85 million
A private owner-occupier in the medical field has snapped up the last remaining warehouses in Brisbane’s affluent Newstead for $1.85 million.

Located at 10 Masters Street, the property is comprised of a 310sqm property on 460sqm of land, and was sold with development approval for a residential tower. The property was initially bought by the previous owners in 2016 for $1.6 million.

Ray White Commercial’s Aaron Aleckson and Paul Anderson handled the sale.
 

Western Australia

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KIWANA BEACH - $3.05 million
A tenanted warehouse and office located in Kwinana Beach in Perth’s industrial south, has been picked up by Developer iParks Property Group for $3.05 million.

The 7,301sqm property at 13 Mandurah Road is positioned directly adjacent to two other industrial properties also owned by iParks. The warehouse is currently leased to mining and construction equipment hire company Onsite Rental Group, which was attracted to the size offered by the three combined properties.

Colliers International’s Justin Mabarrack negotiated the sale.
 

South Australia

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THEBARTON - $37.3 million
Coca-Cola Amatil has sold its historic former Thebarton bottling site to local developer Australasian Property Developments (APD) for $37.3 million. The sale also includes two nearby smaller sites.

APD managing director Pep Rocca has announced long-term plans to redevelop the 3.5-hectare Port Road site into a mix of commercial and residential uses, however will draw income from the existing improvements in the short to medium term.

The site was operated by Amatil for the past 66 years, with the last beverage bottled in December last year.

“This site has been a huge part of Adelaide’s working history, and we’re happy it will now be reactivated to go on supporting commercial, industrial and construction jobs," said Amatil’s group property general manager Matt Toohey.



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