New South Wales
ASHFIELD - $2.47 million
A residence in Sydney’s inner west has sold under the hammer to a Chinese developer for $2.47 million, following a hot auction among eight different bidders.
The 700sqm property at 28 Chandos Street, Ashfield, attracted a 50/50 split of home buyers and developers, which Savills Australia’s Tom Tuxworth says is becoming more common.
“This is becoming substantially more common, with developable land becoming much harder to find in residential areas,” Mr Tuxworth says.
“Many of the traditional homes on large land parcels are becoming development sites.”
Mr Tuxworth went on to say that the site was “raw” and had scope to develop an apartment building or a boarding house.
Savills Australia’s Tom Tuxworth, Nick Tuxworth and David Hickey brokered the deal in conjunction with McGrath Estate Agency’s Peter Starr
CONCORD - $12 million
A significant development site in Concord’s inner-west recently sold for $12 million. While currently occupied by seven separate tenancies (five commercial businesses and two residences), the site drew much attention due to its strong development upside.
49-53 Majors Bay Road, Concord, encompasses 1,212sqm and was sold with B4 Mixed Use zoning. The sale was handled by Gino Anzini of Gerard Cole Property.
RICHMOND - $6 million
Local businessmen Adam Derwin and Luke Ainscough sold their Clarendon Tavern off-market to a private investor for around $6 million. Receiving a 9% yield, this sale shows the oft-found strength in off-market sales.
HTL Property's Blake Edwards and Dan Dragicevich handled the sale.
BRISBANE - $170 million
The K1 building at 1 King Street in Fortitude Valley, Brisbane, was recently sold in a joint venture for around $170 million. Fund manager Abacus, with global investment manager Heitman LLC, purchased the building from the Liberman family-backed Impact Investment Group.
In a deal that is reflective of their long-term strategy, Abacus has been targeting investment opportunities on city fringe markets that are set to experience improved infrastructure, transport and access to amenities.
The building was originally purchased from Lendlease in 2015 for $130 million.
BRISBANE - $6 million
Gallagher Hotels Group made a recent purchase of the Meadowbrook Hotel, in Brisbane’s south, securing the property from the Pelathon Management Group for $6 million.
934sqm site sits on the corner of Loganlea Road and Logandowns Drive and benefits from infrastructure such as Logan Hospital, the Logan campus for Griffith University, Meadowbrook Plaza and a new Woolworths anchored shopping centre.
CBRE's Paul Fraser brokered the deal and said, “This is a prime example of a high-profile Sydney publican looking at opportunities north of the border, where capitalisation rates are substantially softer than their counterparts in NSW.”
EAGLEBY - $12 million +
A Caltex Truck stop located in Eagleby to the south of Brisbane has traded hands for over $12 million.
CBRE's Darren Collins, Joseph Du Rieu and Joe Tynan sold the property at auction which was secured by a Victorian-based couple who managed to secure a yield of 5.73%.
WARRAGUL - $8.1 million
A Melbourne-based private investor secured the Warragul Convenience centre for $8.1 million, ushering in a trend of service station chasers.
CBRE's Joseph Du Rieu, Kevin Tong and Mark Wizel managed the sale.
BOX HILL - $6.8 million
A large 1,460sqm double development site at 716-718 Station Street, Box Hill, recently sold for $6.8 million at auction.
The site was sold with a short-term lease and marketed with strong potential for alternative development opportunities.
Eric Lin and Dennis Dallas from Lindellas Real Estate handled the sale.
SOUTH YARRA - $4.95 million
A development approved site at 6 and 6a Darling Street in South Yarra has been snappedup by a local developer for just shy of $5 million.
The site was sold with approved plans and permits for seven luxury town residences, however the buyer now intends to reduce that to five larger offerings.
Stephen Kelly of Knight Frank managed the sale.
BLACKBURN - $1.853 million
A corner block at 77 Laburnum Street, Blackburn, recently sold for close to $2 million with tremendous development upside. The 876sqm site was marketed with potential to build a boutique apartment complex or new townhouses.
Rachel Waters and Julian Badenach of Woodards managed the sale.