Deals Of The Week: 2 March 2020

Deals Of The Week: 2 March 2020


March 2020
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Deals Of The Week: 2 March 2020

Victoria

Search for more development sites in Victoria here.

CLYDE NORTH - $42.3 million
Charter Hall has boosted the value of Bunnings retail warehouses with the recent splashing out of $42.3 million for a new 16,000sqm centre in Melbourne's south eastern Clyde North.

The freestanding Bunnings is located on Berwick-Cranbourne Road and opened its doors in September 2019. The property was sold with a 12-year net lease back to Bunnings, who developed the property within MAB Corp's Element Park, a 30-hectare master planned business and retail park.

NOBLE PARK NORTH - $14.7 million
A 2.4-hectare industrial investment in Melbourne’s Noble Park North has traded hands for $14.7 million.

Former owners Quintessential Equity purchased the property, located at 180 Browns Road, for $6.8 million in 2013. The sale included a 10-year-plus lease to long-term tenants OneSteel Reinforcing, now known as Infrabuild, returning $844,487 annually. The property includes 9,552sqm of GFA inclusive of a 546sqm office.

CBRE’s Rory Hilton, Ben Hegerty and Chris O’Brien brokered the deal.

WEST MELBOURNE - $5.71 million
An office building holding address at 396-400 Spencer Street in West Melbourne has sold for $5.71 million to Shangyi, a developer currently operating multiple developments in the CBD.

Situated on a 458sqm corner site, the 800sqm building was sold on behalf of owner-occupier Menzies Education Institute.

CBRE’s Julian White, David Minty, Dylan Kilner and Chao Zhang handled the deal.

FITZROY - $2.72 million
A vacant retail building in Melbourne's Fitzroy sold successfully at auction, landing a final price of $2.72 million to a locally based hospitality owner-occupier.

The property at 429-431 Brunswick Street was said to be “in need of work” by the responsible agents.

CBRE's Rorey James, Nic Hage and Jing Jun Heng handled the auction.

DERRIMUT - $1.33 million
A site of two office warehouses in Melbourne’s west sold recently to a private investor for $1.33 million.

Located at 12 Makland Drive in Derrimut, within the Paramount Industrial Estate, the industrial units have a combined area of 949sqm and were sold fully leased, returning a total annual rent of $78,400.

Knight Frank’s Andrew Gallucci and Michael Satterley handled the transaction.
 

New South Wales

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GREGORY HILLS - $40 million
The Gregory Hills Hotel, near Campbelltown, recently traded hands for $40 million as one of two hotels secured by Hotel Property Investments; their first assets acquired since the Hotel HQ in Underwood in 2014.

The pub was built in 2016 by the Malouf family and was sold fully leased to Royal Hotels Group.

Pub specialist HTL Property managed the deal.

CAMERON PARK - $6 million
A distribution centre in Newcastle’s west has been picked up by a private investor for $6 million.

Located at 39 Stenhouse Drive in Cameron Park, the warehouse presents a modern free-standing building of 4,191sqm, on a 9,089sqm site, with a temperature-controlled warehouse and mezzanine office. The property was sold with a four-year lease returning $412,166 annually.

Link Property Services' Mark Cadman and Matthew Herrett managed the sale.
 

Queensland

Search for more development sites in Queensland here.

ACACIA RIDGE - $20 million
Marking the second hotel of the joint acquisition, the Acacia Ridge Hotel was recently secured by Hotel Property Investments, alongside the Gregory Hills hotel in New South Wales.

The Brisbane pub sold for $20 million and is fully leased to Monarch Hotel Management.

Pub specialist HTL Property managed the deal.

ALBION - $5 million
Two adjoining sites in Albion, in Brisbane’s inner-north-east, have been snapped up by Golden State Developments for $5 million. The dual-property offering was offered with development approval for a residential project comprising of two nine-storey towers each with 52 apartments. Located at 21 and 27 Agnes Street, the vacant sites total 2,430sqm.

Colliers International's Brendan Hogan handled the expression of interest campaign.

BIRKDALE - $3.75 million
A local private development group has paid $3.75 million for a development approved site in Birkdale. The approval allows for 24 lots plus a vendor-retained lot with a significant portion of the site retained for greenspace.

Located at 167-185 Collingwood Road, the 4.89-hectare site garnered 13 offers and more than 70 enquiries.

Ray White’s Matthew Fritzsche and Andrew Burke handled the campaign.
 

Western Australia

Search for more development sites in Western Australia here.

NORTH COOGEE - $7.1 million
A newly finished childcare centre in the Perth’s south has been picked up by a syndicate arranged by Perdaman for $7.1 million.

Located at 53 Orsino Boulevard in North Coogee, the centre was developed by property investment and development firm RG Property and comprises a two-level purpose-built centre and accommodates 125 children.

Savills Australia's Barney Dear negotiated the off-market sale stating that it marks the “highest value for a childcare centre we’ve seen in the Perth market.”
 

South Australia

Search for more development sites in South Australia here.

SOUTH BRIGHTON - $1.15 million
An investment property comprising of eight units on the one title in the popular beachside suburb of South Brighton recently traded hands for $1.15 million.

The fully leased asset included six one-bedroom units and two bedsitters on a 1,600sqm property and returns a total annual income of $90,000. All units hold short term leases allowing the new owner potential redevelopment.

Harcourts’ Sharon Gillard handled the campaign.

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