New South Wales
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SYDNEY - $584.6 million
Lendlease have secured another 25% of 1 Farrer Place, a Sydney CBD landmark, from GPT Group for $584.6 million (in line with its most recent book value); a deal that demonstrates the resilience of trophy towers.
Farrer Place is one of Sydney's most well-known quarters, offering multiple high-profile towers including the 64-level Governor Phillip Tower and the 64-level Governor Macquarie Tower.
GPT opted to divest from the 1 Farrer Place tower as it looks to maintain investment in office towers where it has a 50% or more controlling interest. The group was also keen use the cash for its rapidly expanding logistics development pipeline.
PENRITH - ~$30 million
An industrial property in Penrith, in Sydney's west, has traded hands from long held owners NZ-listed building materials giant Fletcher Building to local developer Aon Ari Property, for just shy of $30 million.
The 12.06-hectare site, located at 2115 Castlereagh Road, had been owned by the vendors since 1959. The sale included a lease to the site's major tenant, Capral Aluminium, which occupies part of the 33,786sqm of older-style warehouse facilities.
JLL's Roger Miller sold the property in conjunction with CBRE's Jason Edge and John Micallef.
KINGSGROVE - ~$13 million
A freehold warehouse in Sydney's south that served as Garlo’s Pies’ head office and bakery has sold to a private investor for around $13 million.
Vendors, Garlo’s Investment Pty Limited, will stay on to lease the 3,561sqm landholding, located at 5-7 Garema Circuit in Kingsgrove, on a 12-year term.
Colliers International's Trent Gallagher and Michael Crombie managed the deal.
MOSMAN - $5.625 million
Beach House Balmoral, a cafe and restaurant at popular Balmoral Beach, has sold at auction for $5.625 million.
The lower north shore establishment, a 139sqm retail property at 2 Awaba Street Mosman, was picked up by a private investor.
CI Australia's Nick Lowry and Shead Property's Rick Sombroek and Bill Geroulis handled the auction.
GLENDENNING - Undisclosed
One of the last remaining infill industrial sites in Western Sydney has been sold as buyers compete for available development opportunities.
Vendors Valspar (Australia) Corporation Pty saw considerable interest for the property, located at 201-203 Power Street in Glendenning, with institutional and private developers vying for settlement.
At 5.25 hectares, the site currently features a small office/laboratory building of approximately 2,000sqm and associated parking. It was offered for sale with vacant possession.
CBRE’s Jason Edge and John Micallef negotiated the sale, with Mr Edge stating that the strong buyer interest highlighted the scarcity of industrial land in Western Sydney, which had translated to low levels of new industrial & logistics development.
“In Q1 2020 just 153,000 sqm of new industrial supply was added - 76% below the 647,000sqm of stock added in Q1 2019.”
Queensland
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SANDSTONE POINT - $12.6 million
Perth-based property syndicator Kerching Capital has realised $12.6 million from the sale of the Sandstone Point Village neighbourhood centre in Brisbane’s north.
A private investor ultimately acquired the Sandstone Point property, which has a gross lettable area of 2,289sqm and is anchored by a strongly-trading IGA supermarket and a medical centre and pharmacy which occupied over 65% of the income.
CBRE’s Michael Hedger and Joe Tynan negotiated the sale.
YANDINA - $5.1 million
A local Sunshine Coast investor has snapped up a fully leased and functional freestanding industrial investment on the Sunshine Coast for $5.1 million.
Situated across two lots, 7 Harvest Road and 25 Machinery Road, in Yandina, the property is positioned in the well-established “Yandina Enterprise Industrial Park” and presents three warehouses and office buildings totalling 4,502sqm on a total land area of 10,393sqm.
The entire property is fully leased to Nutri-Tech Solutions (NTS) who have just taken up their five-year option which takes them through to 30th September 2025 (plus a further 5 year option to 2029).
Savills Australia’s Scott Gardiner and Jason O’Meara negotiated the sale.
KEDRON - $1.15 million
A local investor has snapped up a freestanding office/warehouse in Brisbane’s Kedron for $1.15 million.
Located at 12 Glentanna Street, the property comprised an older style industrial improvement of 442sqm and was housed on a 2,226sqm low impact industry lot. The asset was a legacy of a business acquisition by the multi-national client (NOV Australia), who required a quick off-market transaction, given a business re-structure.
The property was sold by Ray White Commercial’s Paul Anderson, Andrew Doyle, and Aaron Aleckson.
Victoria
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PRESTON - $2 million
A Preston block offered with already approved permits for the construction of a six-level complex with 24 apartments has sold to social housing provider, Unison Housing, for $2 million.
The 573sqm landholding, located at 345-349 Bell Street, will look to sell the apartments for $83,000.
Gross Waddell’s Andrew Greenway and Danny Clark managed the deal.
FOOTSCRAY – Undisclosed
A prominent Footscray site has traded hands to a partnership involving Investa Office Management and Oxford Properties for an undisclosed amount.
The property, Three McNab Avenue, was originally earmarked for a mixed-use village which would house a shipping container hotel; however, the incoming owners have decided to pursue a Build to Rent project with around 770 dwellings and an estimated end value of $450 million.
Western Australia
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ROCKINGHAM - $22.9 million
The Elanor Healthcare Real Estate Fund has acquired a new asset for its portfolio, this time splashing out $22.9 million for a multi-tenanted medical facility in Rockingham. The sale marks the fourth acquisition for the unlisted fund since it was established in March 2020, with the portfolio now valued above $183 million.
The asset, located at 2 Civic Boulevard, offers 2,986sqm of NLA across three-levels, and is fully leased to ICON Cancer Centre and Q-Scan Radiology.
CBRE’s Jack Morrison and Aaron Desange managed the deal.
BALCATTA - $2.35 million
A private medical investor/developer has purchased a vacant piece of land in the City of Stirling/Northern Corridor of Perth for $2.35 million at 275-281 Wanneroo Road in Balcatta.
The incoming owner is set to undertake a comprehensive medical facility development on the 2,812sqm site that should be completed in the next 12 months.
The property was sold by Ray White Commercial’s Tom Jones and Stephen Harrison.
