deals of the week – 12 november 2018

deals of the week – 12 november 2018


November 2018
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Deals of the week – 12 November 2018

Victoria

Search for more development sites in Victoria here.

ABBOTSFORD - $10 million
The Carlton Brewhouse in Abbotsford has recently sold for $10 million to a local-based, Chinese investor. Joseph Chahin previously acquired the 2,500sqm brewhouse, as well as a 2,500sqm adjacent car park, for $10.25 million in May 2016. Mr Chahin sold the car park component to a developer last year for $7 million.

Carlton United Breweries have been using the space as a museum and function centre and decided not to renew the lease, which expires in December 2019.

The brewhouse failed to sell at auction in September, but a buyer was found in mid-October with the deal negotiated by Vinci Carbone.

PORT MELBOURNE - $6.4 million
A plot of land in Port Melbourne’s Fishmerans Bend precinct has traded between private investors for $6.4 million.

The vendor had said the decision stemmed from wanting to free up capital, whilst the purchaser wished to capitalise on new development set to hit the area.

CBRE's Jake George, Guy Naselli and Harry Kalaitzis and Vinci Carbone's Joseph Carbone and Frank Vinci managed the sale.

SOUTH YARRA - $5.1 million
A block of apartments in South Yarra has been sold to a private investor for $5.1 million.

The building of 12 Darling Street sits on a 668sqm site and encompasses four leased two-bedroom apartments.

Knight Frank's Stephen Kelly and James Thorpe sold the property at auction.
 

New South Wales

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PARRAMATTA - $40.8 million
The NSW Aboriginal Land Council’s Argyle Street building in Parramatta, has been sold to two Singaporean companies, Roxy-Pacific Holdings and Tong Eng Group, for $40.8 million.

The purchase is split with a 60/40 share in favour of Tong Eng Group. The site encompasses 2,048sqm presenting a building with six upper office levels, a retail ground floor suite and three levels of above-ground parking.

The council has stated that the sale will help achieve its strategic plan to maximise the social, cultural and economic outcomes from its lands and waters, while also assisting to grow and oversee its statutory account.

Agents from Knight Frank handled the sale.

COOGEE - $3.25 million
A 169sqm retail property in Sydney’s eastern beaches suburb, Coogee, has sold at auction for $3.25 million.

The 232 Coogee Bay Road property retains a three-year lease with options and was picked up by a Tamworth-based property investor.

Colliers International's Miron Solomons and Peter Seeto handled the auction.
 

Queensland

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COOMERA, QLD & YOUNG, NSW - $76.1 million
Charter Hall Retail REIT have divested from two of their lower growth assets, Coomera Square shopping Mall on the Gold Coast and a Woolworths in Young (a regional town in NSW).

Coomera Square was secured by a property syndicate, whilst the Woolworths property was purchased by Melbourne-based Gerry Angelatos of Dome Property Development Group.

In a statement released by Charter Hall, the decision to sell is part of a greater strategy to “divest smaller assets and recycle capital into centres which are the dominant convenience based offers in their respective catchments.”

NOOSA - $4 million
A four-bedroom home, designed by Tim Ditchfield, at 31 Pelican Street, Peregian Beach sold for $4 million, a record for the suburb. This sale is just one of a suite of new prestige-design homes achieving record prices.

“It speaks for itself. We didn’t need to do much of a sell on that one, the buyer had been following Ditchfield and this was his favourite design.” Century 21 agent Rachel Sellman said.

Rarity of high-end property along within the Sunshine Coast and long lead time on new builds has been attributed to this jump in sale results.

Ms Sellam and colleague Mike Hay managed the sale.
 

Western Australia

Search for more development sites in Western Australia here.

RIVERVALE - $100 million
Aloft Perth, and the adjoining office building 25 Rowe, have been traded from BCG Group to Singaporean real estate group, Hiap Hoe, for $100 million.

The two buildings opened their doors in May 2017 and span a total site area of 6,385sqm on the Great Eastern Highway, Riverdale in Perth.

JLL selling agent Mark Durran stated that the sale drew attention “both domestically and from South East Asia,”

“The mixed-use income streams had strong appeal to both private and institutional investors.”

Mr Durran brokered the deal with colleagues John Williams and Tom Nattrass.

 

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