Deals of the week – 08 OCTOBER 2018

Deals of the week – 08 OCTOBER 2018


October 2018
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Deals of the week – 08 OCTOBER 2018

Victoria

Search for more development sites in Victoria here.

BOX HILL SOUTH - $15 million +
A significant 2,627sqm site in Box Hill South has recently settled, with the official closing price remaining undisclosed; the property was on the market with expectations of selling for more than $15 million.

The site at 325 Station Street Box Hill, belonged to one of Australia’s earliest religious societies, the Loyal Orange Institution, and was primarily used for aged care and low-cost housing for members.

The site was sold to a local developer after a strong expressions of interest campaign involving Development Ready. ICR Property’s Raff De Luise and Julian Materia handled the enquiries and sale.

SOUTH YARRA - $4.95 million
A DA approved site at 6 and 6a Darling Street, South Yarra, has been sold to a local developer for $4.95 million.

The 646sqm property sits adjacent to the South Yarra railway station and currently encompasses two homes leased for the short term. The DA allows for the development of seven luxury townhouses.

Knight Frank's Stephen Kelly and James Thorpe conducted the sale.

NORTH MELBOURNE - $3.6 million
A warehouse at 9 Cobden Street, North Melbourne, was recently sold for $3.6 million to a Hong Kong investor. The previous owners, a local couple, had plans to develop the space into a three-level house, but the new owner has stated that they will retain the site as is for the long term.

CBRE's Alex Brierley, Max Ruttner and Ben McMahon managed the deal.

COBURG NORTH - $3.6 million
A 4,364sqm block of land in Coburg North has been sold to the Moreland City Council for $3.6 million. The council has announced plans to retain and develop the land for use as a public open space.

The greenfield property at 2 Spry Street, on the banks of Merri Creek, was previously owned by a private local business.

Savills' Julian Heatherich, Benson Zhou and Dorothy He handled the sale.
 

New South Wales

Search for more development sites in New South Wales here.

RIVERWOOD - $41 million
Two adjoining brickwork sites in Sydney’s south west have been traded from Austral bricks to a private investor for $41 million, in a ‘sale-and-leaseback’ deal.

The two sites at 62 Belmore Road and 111 Bonds Road in Riverwood, Sydney, encompass an area over 9 hectares. Austral have committed to a partial leaseback of 13,263 sqm for a 10-year term.

Jason Edge, one of the selling CBRE agents, commented on the site’s potential for redevelopment saying, "the property is one of the south-west market's largest infill holdings and, thanks to the size and flexibility of the asset, options for use are many and varied."

Mr Edge’s colleague, Ryan Jennings, has said that the area is drawing a lot of attention from investors looking to get in before the completion of the long-awaited Belmore Road motorway ramps, which will offer direct access to the M5 South West Motorway from next year.

SYDNEY - ~$120 million
The sale of 400 Kent Street in Sydney’s CBD has recently settled, trading between vendor Credit Suisse Asset Management and private Hong Kong based family fund Longbow Enterprises for around $120 million.

The 11-storey city tower was purchased by Credit Suisse in 2014 for $58 million. Central Queensland University recently committed to a 14.7-year lease. The property is set for a major plant and machinery upgrade.

Cushman & Wakefield's international directors, capital markets, Australia and New Zealand, Mark Hansen and Richard Butler were responsible for marketing the property.
 

Queensland

Search for more development sites in Queensland here.

ARALUEN – $1.25 million
A DA approved site at 28 Gum Tree Road in Araluen, near Gympie in Queensland’s Sunshine Coast region, has sold for $1.25 million.

The 3.28 Ha site as sold with approval for an aged-care facility. The previous owners purchased the site in 2015 for $305,000.

Michael Baker of NAI Harcourts Noosa managed the sale.

SHERWOOD - $1.2 million
An 837sqm site around 8km south-west of Brisbane’s CBD has sold for $1.2 million. The site was sold with approved plans and permits for the development of a five-storey residential building accommodating 15 apartments.

The sale of 38 Quarry Street, Sherwoood, was managed by Colliers International’s Jason Dao.
 

Western Australia

Search for more development sites in Western Australia here.

CLAREMONT - $4 million
A two-storey 340sqm retail building at 21 Bay View Terrace, Claremont, was purchased by shopping centre owners, Hawaiian and Queensland Investment Corporation (QIC), for $4 million.

The site shares a boundary with Claremont Quarter, a shopping centre already owned by Hawaiian and QIC. The pair plan to expand the mall and retain the historic building that remains on the newly acquired site.

Colliers International's Tory Packer and Ben Tana handled the sale.

 

Submit your sales to [email protected]

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