Deals of the week – 10 September 2018

Deals of the week – 10 September 2018


September 2018
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Deals of the week – 10 September 2018

New South Wales

Search for more development sites in New South Wales here.

CARINGBAH SOUTH - $2.525 million
A 1,511sqm regular shaped block at 13 Rawson Parade, Caringbah South, recently sold for $2.525 million. The property presented approximately 20m of street frontage and an original 3-bedroom cottage on site with R2 zoning.

The listing drew substantial interest due to its significant development upside, boasting potential for a boutique villa and townhouse development. Its proximity to Cronulla’s beaches, as well as the Port Hacking waterways, added to its market appeal.

Ian Gray and David Newton from Newton Real Estate in Caringbah handled the sale.

ADAMSTOWN - $2 million
Two adjoining residential properties at 106-108 Brunker Road, Adamstown, have sold for $2 million. The site was sold with development approval for a mixed-use project comprising of 20 residential units, 2 ground floor commercial spaces and car parking.

Damon Sellis of Street Property managed the sale.

 

Queensland

Search for more development sites in Queensland here.

TOOWONG - $5.3 million
A local childcare centre operator has secured the historic Endrim House at 28-30 Woodstock Road, Toowong, for $5.3 million. Endrim House was originally built in 1905 by Joseph Badger, an American who moved to Brisbane to modernise the city’s central tram network.

The site recently received approval for redevelopment, with the new owner announcing plans for a 142-place child care centre and two residential lot subdivisions totalling 849sqm.

JLL's Sam Byrne and Blake Goddard managed the sale.

UPPER MOUNT GRAVATT - $1.915 million
A large development approved site at 50-52 Mascar Street, Upper Mount Gravatt, recently sold for just shy of $2 million.

The property offers 1,214sqm and was sold with approved plans for 23 residential apartments across 5-storeys.

Jason Dao of Colliers International brokered the deal.

 

Victoria

Search for more development sites in Victoria here.

MELBOURNE - $122 million
An office building at 383 La Trobe Street, Melbourne, currently home to a branch of the Australian Federal Police (AFP), was purchased by Mirvac from Sterling Global for $122 million.

Mirvac have decided to forego an existing DA for a 70-storey residential project, announcing plans to redevelop the building into an A-grade office tower spanning over 40,000sqm.

We would like to congratulate Sterling Global and Mirvac for an exceptional result on the sale of 383 La Trobe Street, Melbourne. The asset was sold following a successful off-market campaign that attracted the interest of a multitude of qualified buyers from across the globe.

“The sale of this inner-city building demonstrates the strength of CBD land amidst low supply and high demand for quality office space,” says Stephen Kelly, one of the Knight Frank agents involved in the sale.

For more information on the transaction, please contact Knight Frank agents Stephen Kelly, Paul Henley or Jazmyn Walkin.

BOX HILL - $13.3 million
Agents have noted that Chinese buyers are having no difficulty in securing funds, after the recent sale of a development site in Box Hill closed well above expectations.

The property encompasses two adjoining sites at 941-945 and 947 Whitehorse Road with a combined 917sqm.  

"The price was definitely one thing that surprised us - But also, the amount of people and the fact that so many bidders were from Chinese groups,” said CBRE manager Chao Zhang.

"We're in a market where everyone thinks there's no more Chinese investment. Everyone thinks there's no money coming out of China. They're obviously wrong."

Chao Zhang sold the property with CBRE colleagues Scott Orchard, David Minty and Mark Wizel.

CAROLINE SPRINGS - $12.5 million
A medical centre investment, with redevelopment upside, has recently sold in Caroline Springs for $12.5 million to a local investor.

The premium centre currently holds five-tenants and has "Comprehensive Development Zoning".

CBRE's Sandro Peluso, Josh Twelftree and Jimmy Tat managed the sale on behalf of a private owner.

MORNINGTON - $4.46 million
A retail property at 100-102 Main Street in Mornington (leased to ANZ Bank) sold at auction (above the reserve) for $4.46 million.

CBRE's Rorey James, Nic Hage and JJ Heng who were responsible for the sale of the property, have said that the Mornington Peninsula is increasingly attractive to Asian investors.

 

Submit your sales to [email protected]

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