NEW DEVELOPMENTS, DEALS
Deals of the week – 3 February 2020
Posted by Development Ready on Feb 03, 2020

Victoria

Search for more development sites in Victoria here.

VERMONT - $5.85 million
Five industrial units in the Melbourne’s east have been picked up by developer and investor Brendan Sullivan for a total of just under $6 million.

Located at 187-201 Rooks Road in Vermont, the properties were each separately titled and sold in one line. Lots ranged in size from 529sqm to 870sqm with a combined total GLA of 3,445sqm.

Cushman & Wakefield’s Robert Colaneri and Andrew O’Connell handled the sale.

EPPING - $2.38 million +
An industrial facility in Melbourne's east has reached sale before being completed, securing over $2.38 million from an owner-occupier.

90 Willandra Drive, Epping, is currently being developed by Ahmet Celik, of Celcon Construction, who said that the sale of the freehold asset showed the continuing growth seen in Epping last year.

Colliers International’s Mitch Purcell, Corey Vraca and Damian Marinelli transacted the deal.
 

New South Wales

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WOOLLOOMOOLOO - $100 million +
A landmark commercial building in Woolloomooloo has traded hands to Sydney fund manager Centennial Property Group for more than $100 million.

Situated at 75 Crown Street, the City Ford site (as it is known) was occupied by Ford as a multi-storey showroom between 1938 and 2012. The Art Deco-style building was originally held by Vendor Corim East Sydney who had acquired it for $16 million in 2011. Corim performed a redevelopment after the vacation of Ford turning it into a six-storey, mixed-use commercial and residential building.

Josh Allen of JT Allen Real Estate handled the sale off-market.

GREENACRES - $26.5 million
An ISPT retail property fund has sold off a Coles-anchored neighbourhood mall in Sydney's south-west following a move to divest a number of "non-core" assets within the $1.7 billion portfolio.

The 4,733sqm Greenacre Shopping Centre was acquired by Sydney-based fund manager Harrington Property Group for $26.5 million.

Colliers International’s James Wilson and Alex James-Elliott handled the sale.

CAMPERDOWN - $2 million
A vacant single-storey retail building in Sydney’s inner-west has traded hands from Australian Perpetual Properties Pty to the O’Brien family for $2 million. The shop comprises of a total NLA of 95sqm and is located on a corner site of 196sqm at 62-64 Australia Street in Camperdown.

Savills Australia's David Hickey and Oliver Ridley negotiated the deal.

SYDNEY & NSW - ~$40 million
2020 has kicked off a spate of hotel deals, with four NSW pubs taking advantage of improved sentiment and changing hands for a combined total of around $40 million.

The first, involves the much loved Camelia Grove in Alexandria. This inner-Sydney suburban hotel was owned and operated by Adella Wright Young who traded it to local Sydney hoteliers for close to market expectations $16 million. The sale marks the first change of hands in 36 years.

The second sale comes from Illinois Hotel on Parramatta Road in Five Dock, which was secured by Wallaby frontrower Bill Young for about $15 million. The gaming pub and sports bar was formerly operated by the Hardin family and was last sold for $4.85 million in December 2005.

The Australian Hotel in Ballina on the north coast of the state marks the third hotel sale, trading from publican Patrick Henderson to former CUB sales rep Jackson Quinn for $4 million.

The final pub needing mention is the Southern Highland’s Sutton Forest Hotel, purchased for around $5 million by Sydney publican Ray Reilly.

Pub specialists HTL Property managed the sales.
 

Queensland

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MILTON - $85.2 million
A Brisbane CBD-fringe office complex has settled for $85.2 million to Nikos Group, headed up by petrol king and property investor Nikos Andrianakos.

Located at 19 Lang Parade in Milton, the campus-style, dual-tower asset was sold with leases to MHPS Plant Services and the Presbyterian Church of Queensland, on a weighted average lease expiry of 30 months.

"There's a lot being spent on infrastructure in Brisbane and we see that market, although it has been oversupplied, we see it improving,” said Paul Lachal, investment manager at Nikos Group.

"It’s also about the diversification of our assets. It’s hard to buy those kind of office buildings in Melbourne and Sydney."

Cushman & Wakefield's Mike Walsh and Peter Court are believed to be responsible for handling the off-market sale.
 

Western Australia

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MALAGA - $7 million
A 15,100sqm industrial site in Perth’s northern corridor has changed hands for $7 million.

Located at 380 Victoria Road in Malaga’s industrial precinct, the site has existing improvements of 8,435sqm and offers a WALE of 9.5 years across two tenants. Its location near the recently-upgraded Reid/Tonkin Highway interchange was a contributing factor to the site’s appeal.

CBRE’s Tom Iredell and Jarrad Grierson managed the sales campaign.
 

South Australia

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GOODWOOD - $1.375 million
A vacant retail space in Goodwood, in Adelaide’s inner-city south, has recently sold for close to $1.4 million. Holding address at 74-76 King William Road the property encompasses a total site area of 503sqm and a net lettable area of 147sqm, with space for seven car parks in the rear.

Evan Florinis and Sam Cabot of Commercial SA handled the sale.



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