deals of the week – 1 july 2019

deals of the week – 1 july 2019


July 2019
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Deals of the week – 1 July 2019

Victoria

Search for more development sites in Victoria here.

SCORESBY - $7.35 million
A 4,649sqm office/warehouse in Melbourne's eastern suburb Scoresby, has been offloaded for $7.35 million, after it was initially put on the market for a lease.

The property at 40 Koorang Road includes three container height RSDs, a secure loading area, a loading dock and a car park for around 50 car spaces.

Cushman & Wakefield’s Andrew O’Connell and Jordie Cassidy handled the sale.

PRAHRAN - $3.13 million
A Prahran factory-office conversion property has achieved successful auction result reaching $3.13 million.

Previously owned by Melbourne-based design agency Grenade founder, Ben Buxton, the property exhibits a double-storey warehouse with a 419sqm office at 2 Macquarie Street. The property was sold subject to short-term leases.

Teska Carson’s Jack Kelliher and Matthew Feld handled the sale.
 

New South Wales

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SYDNEY - $1.52 billion
The country’s largest retail landlord, Scentre, has offloaded its office towers above Westfield Sydney to US private equity giant Blackstone in what is being noted as the largest property deal for the year.

The $1.52 billion deal sees the offices at 100 Market Street and 77 and 85 Castlereagh Street, acquired by Blackstone by way of a 299-year leasehold interest in the properties. 

85 Castlereagh Street is the key property of the sale, having been completed in 2011, with banking giant JP Morgan signing on as the anchor tenant of the 27-level tower.

The deal reveals the optimistic confidence in the Sydney market held by Blackstone, which is famed for its opportunistic “buy it, fix it, sell it” strategy.

SMITHFIELD - $1.78 million
A 1,353sqm vacant block of industrial land in Sydney's west has sold for $1.78 million.

Private investor Oz Motorland purchased 61-63 Market Street, Smithfield from previous owners Leichris, with plans to use the property as a holding yard for vehicles.

LJ Hooker's Aymen Sobbi sold the property at auction.
 

Queensland

Search for more development sites in Queensland here.

BRISBANE - $57 million
A telephone exchange building at 280 Elizabeth Street in Brisbane’s centre, has traded hands between Telstra and Singaporean group Firmus Capital for $57 million.

The massive 1,670sqm parcel of CBD land remains fully tenanted by Telstra and was sold with a seven-year lease-back to the telecommunications firm.

Redevelopment opportunities for the site are plentiful and this drew a significant volume of interest.

“The sale of Edison Exchange will likely activate a previously underutilised strategic CBD site, which could evolve into a premium office and retail development,” Knight Frank’s head of institutional sales Justin Bond said.

Mr Bond handled the sale with colleague Matt Barker.

BURLEIGH HEADS - $7.425 million
A 2,280sqm industrial property at 12 Junction Road in Burleigh Heads has been sold on to Gold Coast solar panel business Blade Pile Group for $3.05 million.

The new owners have announced plans to use the acquisition for expansion of their manufacturing operations. The property offers a 9m internal ceiling height clearance, with parking and dual truck unloading bays.

The sale was handled off-market by Colliers International's Pat Cavanagh and Liam Hartenthaler.

ST LUCIA - $4.38 million
CW Corp have fought off strong competition to acquire a development approved site in St Lucia for $4.38 million. The campaign attracted over 170 enquiries demonstrating the rising demand for high-end boutique residential projects in Brisbane’s inner-west.

“CW Corp, who are a new entrant to the market, are planning to build a boutique luxury development featuring 11 townhomes that will cater to the under supplied inner-west market.” Colliers International agent James Holland noted.

Mr Holland sold the property with colleague Brendan Hogan.
 

Western Australia

Search for more development sites in Western Australia here.

LEDA - $2.3 million
A Chemist Warehouse leased property at 6 Feilman Drive in Leda has sold for over $2 million to a private buyer. Situated 48km south of the Perth CBD the site was sold with secure Income of over $206,925 per annum and with the benefit of a future residential development set for the adjoining vacant site.

Tony Delich of Knight Frank handled the sale.
 

South Australia

Search for more development sites in South Australia here.

ADELAIDE - $1.1 million
Two Torrens Title properties at 156 &158 Sturt Street in central Adelaide have sold for a little over $1 million. Sold with vacant possession these previously residential properties are part of local focus to develop non-residential activity in the area to serve the needs of the local community.

Peter Michos of Realestate Management Company handled the sale.