NEW DEVELOPMENTS, DEALS, INDUSTRY TRENDS
Deals of the week – 3 June 2019
Posted by Development Ready on Jun 04, 2019

Victoria

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KILSYTH - $9.5 million
A warehouse in Melbourne’s east has gone up for $9.5 million, secured by APN Industria REIT.

The 2.3-hectare site at 147-153 Canterbury Road in Kilsyth, was sold fully leased to door manufacturer B&D Australia for 45 years. The property has a weighted average lease expiry of 2.6 years.

JLL’s Daniel Kelly, Simon Wellock and Adrian Rowse brokered the deal in conjunction with KBL Commercial’s Michael Lewin.

HAWTHORN EAST - $6.5 million
Melbourne property group Cadence have found their new headquarters, purchasing an office/warehouse at 1-5 Hall Street, Hawthorn East in Melbourne for $6.5 million.

The property offers further development potential and presents two adjoining facilities and an 18 -space car park. The facilities maintain a short-term lease to timber exporter Aushang International and tech firm SXiQ.

The property sale was handled by Fitzroys' Chris James, Jordan Ceppi and David Bourke.

DANDENONG SOUTH - $4.25 million
An office/warehouse belonging to CBUS in Estate One, an industrial estate in Melbourne’s Dandenong South precinct, has sold for $4.25 million.

The 4,645sqm landholding comprises a 2,552sqm property at 49 Assembly Drive, Dandenong South, and was sold with a lease to International Food Distributors.

CBRE’s Tim Homes, James Jorgensen and Patrick Noone handled the sale.

FITZROY - $3.8 million
A development site at 12-18 St David Street, which is currently used by long-term tenant St David Dairy as a dairy production facility, has sold to a local investor for $3.8 million.

The corner property presents a single-level converted warehouse on a 545sqm block. While there exists development potential, the new owner intends to land-bank in the short term. 

CBRE's David Minty, Nathan Mufale and Dylan Kilner handled negotiations.
 

New South Wales

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GERRINGONG - $11.3 million
Robby Ingham (heir to the Ingham chicken company) and his wife have sold a large South Coast landholding to a Sydney eastern suburbs investor for $11.3 million.

The large 40.45-hectare property, situated at 242 Fern Street in Gerringong and known as Ocean Pines, was sold with construction approval for a state-of-the-art house. The site was sold for $7 million in 2012. 

Ray White's Craig Pontey and Neil Campbell handled the deal.
 

Queensland

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BURLEIGH HEADS - $38.46 million
Boardriders Inc., a surfwear company that has such brands as Quiksilver, Billabong, Roxy, DC Shoes, RVCA and Element, has sold their Gold Coast headquarters with a 12-year lease back for $38.46 million.

The property was snapped up by Singapore-listed AIMS AMP Capital Industrial REIT. Chief executive Koh Wee Lih said the deal represented an opportunity to further diversify and strengthen its portfolio.

“This acquisition also marks the first investment under AIMS Financial Group as the sole owner of the management entities of AA REIT since March 2019,” Mr Koh added.

The move by AIMS indicates a strong outlook for the Gold Coast economy, with the region currently experiencing growth across key economic areas.

Knight Frank’s Mark Witheriff, James Branch and Sebastian Fahey handled the sale.

RICHLANDS - $26.5 million
A large industrial infill development site in Brisbane’s south has changed hands in an off-market transaction worth $26.5 million.

Dexus Australian Logistics Trust (DALT) purchased the 91,776sqm corner allotment at 425-479 Freeman Road in the heart of Richlands from the previous owner, fund manager Heathley Asset Management Limited.

Greg Russell of Knight Frank negotiated the sale stating that major institutional owners were scouring the market for land opportunities, with the availability of sites currently scarce.

“Certainly, infill opportunities of the scale of this property at Freeman Road are becoming increasingly rare.

“This significant infill site was one of the last remaining sites suitable for a large pre-commitment or speculative development in the industrial precinct at Richlands."

CARRARA - $4.4 million
A vacant showroom has reached $4.4 million at sale, settling to the owner of Karreman Quarries, Dick Karreman.

The 4,949sqm site, situated at 107-115 Spencer Road in Carrara, was purchased as an investment property and features a warehouse, showroom, office, a display yard and car park.

Colliers International's Marlon Crawford and Elliott Woodbry handled the sale.

UPPER MOUNT GRAVATT - $1.95 million
A development site in Brisbane’s growing southern district as traded hands for just shy of $2 million. A local developer picked the property at 563-565 Newnham Road, Upper Mount Gravatt, which encompasses 1,396sqm of land and comprises two adjoining houses.

The site was sold with development approval for 54 units.

Ray White’s Matthew Fritzsche and Andrew Burke brokered the deal.
 

Western Australia

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FORRESTDALE - $9 million
A major land sale has transacted in Forrestfield for $9 million, as demand for industrial property assets in Perth’s core suburbs regains momentum.

The 3.1-hectare site at 17-21 Ashby Close will accommodate the new workshop and transport yard of local owner-occupier, Bruce Rock Engineering.

Matthew Hopkins and Ben Widdowson of Savills Industrial & Logistics brokered the deal via private treaty.

VASSE - $2.715 million
A Coles Express petrol station in Vasse has recently for $2.715 million – reflecting a record yield for 6.22% for a regional petrol station.

“Petrol stations continued to be a sought-after asset class due to the typically long lease term and secure covenant,” CBRE selling agent Richard Cash said. 

“Over the past five months, five petrol stations have transacted in WA – with an average yield of 6.17%.”

Mr Cash made the sale with colleague Anthony Del Borrello.

 

Submit your sales to [email protected]


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