NEW DEVELOPMENTS, DEALS
Deals of the week – 8 July 2019
Posted by Development Ready on Jul 08, 2019

Victoria

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MELBOURNE - $43 million~
130 Little Collins Street in Melbourne’s CBD, has traded hands from the Uniting Church Synod of Victoria and Tasmania to Jeff Xu’s Golden Age Group, for a speculated $43 million.

The property was sold with an approved permit for a 26-storey, 184-suite hotel designed by Elenberg Fraser. Currently the property encompasses an eight-level building, with 3,797sqm GFA used for offices, meeting rooms and a chapel.

CBRE’s Julian White, Mark Wizel and Nathan Mufale handled the sale in conjunction with Colliers International’s Daniel Wolman, Oliver Hay and Guy Wells.

LAVERTON - $11 million
A 5.4-hectare industrial property in Melbourne’s western district has sold for $11 million.

The new owner intends to develop several speculatively-built warehouses across the property, situated at 2-8 James Street, Laverton.

Knight Frank’s Joel Davy and Steve Jones managed the deal.

MELBOURNE - $8.1 million
A three-level CBD building, on the corner of Lonsdale Street and Heffernan Lane, has been sold under the hammer for $8.1 million, more than $2 million over the reserve price.

“The result is a clear indication of a significant supply demand imbalance,” Julian White of CBRE said.

“This is only the fifth sale of a sub $20 million freehold building in the Melbourne CBD in 2019, with more than double the number of sales occurring in the same period last year.”

CBRE’s Melbourne City Sales team of Julian White, Alex Brierley, Nathan Mufale and Leon Ma managed the sale.
 

New South Wales

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SYDNEY - $150 million
The brutalist style Sirius building in Circular Quay has been sold to JDH Capital for $150 million. Formally serving as a housing commission, the property is set to be converted into luxury apartments.

The new owners have announced that they will be using the skills of BVN Architecture, Architectus, Urbis and Richard Crookes Construction for the project. The intention is to rejuvenate Sirius in a way that is “more sensitive” to The Rocks district, while also “retaining the building’s iconic features”. Plans for the redevelopment include 89 luxury apartments, with retail and commercial space on Cumberland Street and Gloucester Walk.

MASCOT - $113.5 million
Goodman Australia Industrial Fund, an unlisted property fund established in December 2005, has sold off a commercial building in an industrial precinct of South Sydney for $113.5 million.

The Altitude Corporate Centre, situated at 163 O'Riordan Street in Mascot, was picked up by Cromwell Property Group. It offers an A-grade, 10-storey commercial building which was completed in 2007 and has car parking for 355 vehicles.

Michael Crombie of Colliers International handled the sale in conjunction with Scott Gray-Spencer and Michael Andrews of CBRE.
 

Queensland

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MURRARRIE - $17.3 million
A four-level, 3,346sqm office building, situated at Building 2 at 747 Lytton Road in Murarrie, has been sold for over $17 million; trading from ASX-listed Garda Capital to a private investor.

Located within the Queensland TradeCoast's Gateway Office Park, the property is 100% leased, with seven tenants returning an annual holding income of $1,366,000. The sale represents continued demand for fringe Brisbane office properties and outer-Brisbane business parks

Jack Morrison, Shaw Harrison and Peter Chapple of Savills brokered the deal.

BRENDALE - $8.11 million
A newly constructed manufacturing industrial facility in Brisbane’s Brendale has been picked up by Australian Unity for $8,114,250. The property, at 133 South Pine Road, was sold with a 10-year lease back to original owners, SWC Management.

The property comprises a 7,099sqm premises with a gross floor area of 3,800sqm and an adjoining 4,070sqm of land earmarked for future development.

CBRE’s Hugh Adnam, Dillon Murphy and Edward Bull negotiated the sale.

SEVEN HILLS - $6.75 million
A 6,000sqm* parcel of land in Seven Hills has traded hands for $6.75 million, making way for a high end aged care facility. Situated just 4.5km east of the Brisbane CBD, the vacant property is situated within the masterplanned Clearview Urban Village project.

A Melbourne-based aged care group were the successful purchasers and have proposed delivering a 107-bed aged care facility over two levels.

The asset were sold by Ray White Special Projects Queensland directors Tony Williams, Mark Creevey and Matthew Fritzsche.

EAGLEBY - $4 million
64 River Hills Road, a 2.9 Ha development site in Eagleby, has also recently been sold to an aged care operator, achieving $4 million.

The off-market transaction was sold with approval for 84 three-bedroom townhouses, however the incoming buyer intends to develop the site into an aged care facility.

The sale was also handled by Ray White Special Projects Queensland directors Tony Williams, Mark Creevey and Matthew Fritzsche.
 

Western Australia

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SUBIACO - $37.85 million
A high-profile mixed-use retail and office complex in Subiaco has been secured by West Australian property fund manager, Realside, for close to $38 million.

The Colonnade complex situated at 388 Hay Street, was previously held by long-term investor Hawaiian. Changes in the tenancy profile is said to lifted the desirability of the site, despite depressed sales conditions. The continuing rejuvenation of Subiaco and its surrounding suburbs is also said to be a contributing factor to the successful sale.

Ray White Brett Wilkins brokered the deal with JLL's Nicholas Agapitos, Nigel Freshwater and Sean Flynn.
 

South Australia

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BLAKEVIEW - $2 million
A ‘Super Lot’ development site in the central “Village Centre” Lendlease masterplanned community has sold for $2 million.

The 2,142sqm mixed-use development opportunity was marketed with prospects for mixed use retail, commercial, hospitality, residential and other complimentary uses.

Jed Harley of JLL managed the sale.

 

 

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