NEW DEVELOPMENTS, DEALS
Deals of the week – 4 November 2019
Posted by Development Ready on Nov 04, 2019

New South Wales

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BELMORE - $47.1 million
The Redcape Hotel Group has recently parted with the St George Hotel in Sydney's south-west suburb Belmore for $47.1 million.

The 114-year-old gaming pub sits on a 1,752sqm property at 618 Canterbury Road and was secured by Michael Wiggins and Joanne Cassar, who recently sold their Oxford Hotel Drummoyne for $41.75 million to the Laundy Group.

The two-level pub was sold off market through John Musca, of JLL Hotels & Hospitality.

FAIRFIELD EAST - $6.5 million
A private investor has splashed out on a warehouse in Sydney's west recently, spending $6.5 million at auction.

The 1,070sqm building rests on a 5,574sqm site and holds address at 17 Lisbon Street in Fairfield East. It was sold with a 12-month leaseback to private company Carways and returns an annual rent of $280,000.

CBRE’s Elijah Shakir and John Tsoutsa made the sale.

SMITHFIELD - $5.05 million
Another warehouse, this time in Sydney’s west, has been offloaded by Clayton Road Investment for a little over $5 million in an off-market transaction.

The sale of the 1,650sqm property, situated at 45 Sturt Street in Smithfield represents $3,060 per square metre and returns an annual net rent of $252,000.

CBRE’s Elijah Shakir and John Tsoutsa negotiated the deal.
 

Victoria

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BAYSWATER - $3.91 million
A mixed-use site in Melbourne’s east was picked up by a local developer for close to $4 million before the official close of the Expressions of Interest campaign.

Positioned on a corner block at 705 Mountain Highway in Bayswater, the property is currently occupied by a retailer returning an annual income of $185,000.

Ray White's Mitch Rosam and Paul Waterhouse brokered the deal.

TRUGANINA - $2.1 million
Truganina continues to prove itself as hot territory for industrial property with Basa Constructions selling two adjoining industrial sites off the plan.

52 Paraweena Drive was picked up by Aries Rail for $1.1 million, while a separate private investor paid $1 million for 54 Paraweena Drive.

CBRE’s Lachlan May and Fergus Pragnell handled the sales.

COLLINGWOOD - $3.5 million
A well-positioned warehouse at 4-12 Langridge Street in Melbourne's thriving Collingwood was purchased by a local Melbourne developer for $3.5 million.

The 358sqm property offers significant future development, and was sold a five-year lease expiring in March 2022.

Teska Carson’s Luke Bisset, Matthew Feld and George Takis sold the site at auction.

BAYSWATER - $1.1 million
Another Bayswater property, this time industrial, achieved a successful sale to a national retailer for just over $1.1 million.

Located at 10 Scoresby Road, the 550sqm site offers a large 400sqm warehouse and 150sqm office with roller door access and proximity to arterial roads and public transport.

CVA's Jarrod Moran and Stan Dawidowski brokered the deal.
 

Queensland

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CHAPEL HILL - $7.66 million
A premium 124-place childcare centre located at 11-15 Moordale Street in Brisbane’s Chapel Hill has sold for $7.66 million.

The two-storey complex comprises an 828sqm of internal area, outdoor play spaces and a 25-bay basement car park.

The centre will retain a recently agreed to 15-year lease to Green Leaves Early Learning, returning an annual rent of $437,720 to the new owners.

Adam Thomas and Doug Doyle and Natalie Couper of Burgess Rawson handled the sale at auction as part of an interactive portfolio event. 

ACACIA RIDGE - $2.2 million
The Brisbane-based investment group Triumph recently splashed on a 1,678sqm office-warehouse complex for $2.2 million.

Situated at 137 Ingram Road in Acacia Ridge, the property is comprised of three buildings on a 10,117sqm site. Triumph has negotiated a leaseback on part of the property for the previous owner, and plans to lease the entire complex after a refurbishment.

Colliers International's Levi Maxwell and Philip Stephens handled the sale.

ENOGGERA - $1.8 million
A 3,077sqm site at 347 Wardell Street and 185-197 Samford Road in Brisbane's Enoggera has found a new owner for $1.8 million. The property was sold to a local developer with plans for a new commercial development.

JLL's Andrew Havig and Sam Byrne handled the deal.
 

Western Australia

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BIBRA LAKE - $1.145 million
An owner-occupier has snapped up a standalone industrial warehouse within Bibra Lake’s prime industrial precinct for $1.145 million.

Located at 46 Bushland Ridge, the property was sold with vacant possession and a comprised of cold storage with a 656sqm* building area.

The asset was marketed and sold by Ray White Commercial’s Enrique Reyes.

Mr Reyes said the property was built with the operating business being a fruit and vegetable supply company.

“It was attractive because of the grease trap, fridges, and solar panels that were appropriate for most food businesses,” Mr Reyes said.

“We’ve noticed a number of buyers have been looking for approved food premises in the metro area, but have struggled to find the right one.

“Most in the market are quite big, and the alternatives are just too small. 46 Bushland Ridge was in a unique position in terms of size.”
 

South Australia

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BROMPTON - $1.1 million
A high-quality warehouse in Adelaide’s inner-north has sold for just over $1 million.

The corner property, located at 1 Mais Street in Brompton sits just 3.6km from Adelaide’s CBD and presents a 500sqm warehouse with an 80sqm office space on a total land area of 983sqm. The site is Zoned Urban Employment offering future development potential, and it can also accommodate 10 off-street car spaces.

The sale was made by Stan Tettis of LJ Hooker Commercial.



Related News
The joint venture between ESR and Frasers Property has found a buyer for their new eight-level Mulgrave office building; Local developer Paul Lambess picked up several industrial properties within Morisset Business Park next to Lake Macquarie; Brisbane's office market is enjoying a steady recovery; plus more
One of Victoria's biggest suburban office deals of the year; One of the biggest mixed-use urban renewal projects in Sydney, Central Park, recently sold three retail properties; A purpose-built childcare centre belonging to Accord Property has sold for just over $4.3 million to a private investor; plus more
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