Deals of the week – 20 April 2020

Deals of the week – 20 April 2020


April 2020
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Deals of the week – 20 April 2020

Victoria

Search for more development sites in Victoria here.

GLEN WAVERLEY - $23 million
A large Glen Waverley residential site has settled successfully for $23 million following a hotly contested sale. Entering negotiations, the property had a price guide of $20 million.

The 16,740sqm property, located at 583 Ferntree Gully Rd, was secured by a developer who has indicated intentions to pursue a townhouse project in its place. An early childhood education centre currently operates in residence with the vendor continuing to provide childcare services from its retained portion of the block.

CBRE’s Chao Zhang and Julian White sold the property in conjunction with Vinci Carbone’s Joseph Carbone and Frank Vinci.

PANITYA - $13 million
Five local producers have purchased land parcels in the Arkana Cropping Aggregation in Victoria’s northern Mallee region for a combined total of nearly $13 million.

The Bridge family’s 4,223 Ha aggregation in Panitya was listed for sale earlier this year for the first time, the family having owned and operated a farm on the site since 1965.

The sale of parcels north of Bridge Road for in excess of $3,700/ha ($1,500/acre) sets a new pricing benchmark for the well-regarded cropping region, with the average across the eight sites $3,060/ha ($1,240/acre).

The buyers will have access to their lots as a licence to occupy for the new cropping season. 

CBRE Agribusiness’s Phil Schell and Angus Bills managed the sale.

TOORAK - $12.55 million
Melbourne’s most valuable suburb, Toorak has recently seen a residential block change hands, picked up by Buxton Projects for $12.55 million.

The 2,732sqm dual property covers 1093-1099 Malvern Road and is located in one of the suburbs most prized quarters. The site has been earmarked for a high-end, low-rise (four storey) apartment project.

RT Edgar’s Mark Wridgway brokered the deal off-market.

KOOYONG - $6.35 million
A residential development site in Melbourne’s Kooyong been picked up by Bonyan Real Estate for $6.35 million.

The 2,198sqm property is situated at 709 and 711-713 Toorak Road and offers a 33m frontage to Monaro Road. The property is zoned for Residential Growth and as a potential building height of 13.5m. Bonyan have proposed a luxury apartment complex for the site.

RT Edgar’s Mark Wridgway and Justine Harris handled the deal.
 

New South Wales

Search for more development sites in New South Wales here.

WADALBA - $26.25 million
A freestanding new supermarket in Wadalba, on New South Wales’ Central Coast, has been sold by Woolworths Group for $26.25 million with a leaseback.

Situated between Newcastle and Gosford at 1 Figtree Boulevard, the 3,905sqm centre houses a Woolworths supermarket, a BWS and 203 onsite car parks on a 1.55 hectare landholding.

Colliers International’s James Wilson and Alex James-Elliott sold the property.

Mr James-Elliot said of the current property market, “Purchasers have noted that the key difference between this market and the GFC, is that the gearing levels are far more sustainable and there are plenty of purchasers who are looking to take advantage of the market conditions.”

PYRMONT - $2.9 million
An auction for a collection of historic buildings owned by the NSW government was moved online, proving the adaptiveness of the real estate sector with a successful final bid of $2.9 million.

The heritage-listed properties, covering 1-5 Cross Street and 6-8 Scott Street, were offered up in one line and comprise a single-storey commercial building with an attached two-storey, one-bedroom cottage.

17 bidders headed online for a battle which eventuated 25 bids and pushed the property to 30% above its reserve.

Colliers International’s James Cowan and Matthew Meynell managed the sale.

NORTH GOSFORD – Undisclosed Amount
A local developer has purchased a 3,776 sqm parcel of land in North Gosford from KPMG for an undisclosed sum.

Located at 5-13A Ormond Street, in the heart of bustling North Gosford, the property previously held an approved DA and is partially excavated – allowing for a ‘development ready’ start. The site is located in a medical hub and is in close proximity to Gosford Private Hospital and Gosford Hospital - just a short drive to the town centre.

The deal was negotiated by Nick Lower and Selin Ince of Savills.
 

Queensland

Search for more development sites in Queensland here.

TUGUN - $4.01 million
An Australian investor has snapped up six Gold Coast townhouses in-one-line for $4.01 million.

Located at 5 Croft Court, in the popular suburb of Tugun, the asset was sold 100% leased and encompasses a large 2,636sqm elevated block with stunning views. Construction of the project was completed a little over 18 months ago and the campaign drew more than 120 enquiries.

Ray White Commercial’s Jared Johnson and Lachlan Marshall marketed and sold the property.

SOUTH STRADBROKE – Undisclosed Amount
South Stradbroke Island’s popular eco-tourism resort McLaren’s Landing has sold to an experienced hospitality operating group for an undisclosed sum.

The sale of the 11,782sqm resort included two seabed leases, which cover the building of commercial facilities below the tidal high-water mark across sites in the Gold Coast region.

HTL Property agents Glenn Price and Brent McCarthy handled the sale.

BIRDSVILLE – Undisclosed Amount
The CW & TJ Ellis Family Property Trust has purchased the historic 1,376sqm Birdsville Bakery out of the hands of receivers PwC for an undisclosed price.

Located at 1 Coolibah Street & Billabong Boulevard, Birdsville in Western Queensland, near the South Australian border, the property has been a long-time attraction of the small country town but in recent times has been left vacant.

This property spans two lots on two separate titles and could suit a future strata sub-division and development (STCA).

The sale was negotiated by Nick Lower and Gregory Woods of Savills Australia.
 

Western Australia

Search for more development sites in Western Australia here.

MAYLANDS - $1.16 million
A 1,530sqm residential block located half way between the café strip and the river in Maylands in Perth’s north-east, has recently sold for $1.16 million.

The property, situated at 3 Kathleen Avenue, was sold with potential for redevelop suiting multi-residential, villas, townhouses or housing lots. The site is located just 1km to the Maylands Café Strip & Maylands Train Station.

Steve Lorrimar from NTY Property Group handled the sale.
 

South Australia

Search for more development sites in South Australia here.

PROSPECT - $1.4 million
A development site with a long term leased tenant in Prospect in Adelaide’s inner-north has recently traded hands for $1.4 million.

The 835sqm property encompasses a 233sqm building and is surrounded by other developments. The current tenant, Adelaide Foot and Ankle and Prospect Podiatry, has operated there for many years and returns approximately $44,500 per annum until September 2021.

Bevan Bruse of Bruse Real Estate managed the transaction.

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