Deals of the week – 18 February 2019

Deals of the week – 18 February 2019


February 2019
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Deals of the week – 18 February 2019

Victoria

Search for more development sites in Victoria here.

CAROLINE SPRINGS - $6 million
A Melbourne syndicate of private investors has divested its Jeep car dealership site in Caroline Springs, selling to a private investor from Ballarat for $6.05 million.

The 2,091sqm strata site is currently leased to a local Jeep franchisee with five years remaining on the lease term; the lease returns $501,000 annually.

CBRE Selling Agent Dylan Kilner noted that the buyer’s confidence had been underpinned by the catchment’s strong population growth and continued demand for retail space.

The property’s City of Melton location has been identified as one of the fastest growing corridors in Australia, with the population having increased by 72% to 150,000 residents over the past 10 years.

“Private investors are recognising the value of commercial property offering fixed term leases of five to 20-years and, in many cases, are viewing this style of asset as a more secure alternative to residential property investments.” CBRE selling agent Joseph Du Rieu commented.

Mr Du Rieu and Mr Kilner handled the sale with colleagues Kevin Tong and Rorey James.

GREENSBOROUGH - $3.95 million
A 4,733sqm development site at 13-26 Whittingham Circuit, Greensborough, which was previously held by the Nillumbik Shire Council has sold to a local developer for $3.95 million.

The site is located near to Greensborough Plaza and offers individually titled blocks ranging in size from 266sqm to 493sqm; the approved permit will see the construction of 14 townhouses.

Knight Frank’s Ed Wright and Tom Zhou handled the sale.

HEIDELBURG - $3 million
An owner-occupier has snapped up an off-the-plan, strata medical centre within Heidelberg’s medical precinct for $3 million.

425sqm medical centre will occupy the ground floor of the future premium residential tower Martin & Powlett at 9-11 Martin Street. Construction of the project is expected to commence in February 2019. Developer Blue Earth Group are leading the project.

CBRE agents Sandro Peluso, Josh Twelftree and Jimmy Tat to market the property via Private Sale.

Mr Peluso commented on the sale, stating that “demand for healthcare investments continues to reach new heights, particularly for assets at a price point that is feasible to owner occupiers. Buyers are similarly recognising the importance of securing a location with either an existing medical permit or a property in which the floorplan and parking will allow for the attainment of one.”

MOUNT WAVERLEY - $1.425 million
A 341sqm office suite at 1 Ricketts Road, Mount Waverley has sold to another owner-occupier for $1.425 million. The suite presents a quality fit-out and parking space for 13 cars on site.

Knight Frank’s Matt Romanin and Nick Sharkey brokered the deal. According to the selling agents, demand for premium strata office space continues to grow in the south-eastern market.
 

New South Wales

Search for more development sites in New South Wales here.

MEREWETHER - $4.59 million
A sizeable blue-chip property at 4 Janet Street in Merewether has sold for just shy of $4.6 million.

The 1,406sqm Newcastle-proximate property was sold with significant development potential and marketed towards a six-townhouse style development.

Michael Flook and Sonia Mudford of Robinson Property were responsible for marketing the site.
 

Queensland

Search for more development sites in Queensland here.

HELENSVALE - $3.4 million
A half-built office building at 120 Siganto Drive, Helensvale, on the Gold Coast, has sold for $3.4 million to Alder Developments.

The proposed 4491sqm property was previously held by Mi-HQ Properties.

Colliers International's James Crawford and Stewart Gilchrist handled the sale.
 

Western Australia

Search for more development sites in Western Australia here.

PERTH - $72 million
An office tower at 66 St Georges Terrace in Perth’s CBD, has sold for $72 million. The Tower was previously held by Canada's Oxford Properties who, through this sale, have commenced their sell-down of as much as $1 billion worth of office tower stock from their former Investa Office Fund.

The 11-level A-grade office comprised of 11,444sqm with two retail outlets and held a value of $65 million in the IOF books.

"In line with Oxford's strategy of investing in core assets in global gateway cities, our focus in Australia is on acquiring and managing premier properties and development schemes in Sydney and Melbourne," Alec Harper, director for investments and asset management at Oxford Properties said.

Cushman & Wakefield's Josh Cullen handled the sale.

 

Submit your sales to [email protected]

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