RINGWOOD - $28.3 million
A Macau-based private investor has pre-purchased an office development in Ringwood for $28.3 million, in a sign of the continued strength in Melbourne’s suburban office market.
The project at 60-62 Maroondah Highway, Ringwood, was sold with a full occupancy lease to the Victorian Government for 12-years.
It is being delivered by a joint venture between renowned builder/developer Pellicano Group and investment manager/developer Camlen Property Group, with completion anticipated in May 2020.
CBRE’s Kiran Pillai, Josh Rutman and Lewis Tong, in conjunction with Dawkins Occhiuto’s Andrew Dawkins and Walter Occhiuto, negotiated the off-the-plan sale.
MELBOURNE - $26 million
Two neighbouring Melbourne CBD buildings owned by the Lewenberg family have sold for $26 million to Chinese-backed developer, Longriver.
The large 760sqm site, known as Queens Collection, sits on the corner of Queen and Little Lonsdale Streets in Melbourne’s legal precinct and is comprised of two mixed-use commercial buildings of six and four storeys respectively.
Development director for Longriver, Damien Hehir, said that the two buildings represented an "important and strategic CBD corner site" at the northern end of the city.
"The site affords the opportunity for a mixed-use development to add to Longriver's $1 billion-plus project pipeline.”
The sale was brokered by CBRE’s Josh Rutman, Mark Wizel, Lewis Tong and Alex Brierley.
KEW - ~$9.9 million
The former Cotham Private Hospital, on the north-east corner of Adeney Avenue and Cotham Road in Kew, has been snapped up by residential developer Hamton for a speculated amount just shy of $10 million.
Hamton Executive Chairman Paul Hameister expressed his pleasure in the recent acquisition, “We are excited about the opportunity to develop a boutique residential project for owner-occupiers in this premium location. We are looking forward to adding value to the local area with our considered and very high quality approach to development.”
Hamton has current and completed projects totalling over $3.5 billion in Melbourne, with a focus on the high and medium density residential sector in quality locations in the inner and middle ring suburbs.
CBRE’s Sandro Peluso, Julian White, Josh Twelftree and Jimmy Tat negotiated the deal in conjunction with transaction manager Dan Magree of Magree Property Advisory.
SOUTH MELBOURNE - $3.57 million
Five parties bid it out at the hotly contested auction for a two-storey warehouse in South Melbourne that eventually sold for over $3.57 million.
The 478sqm site, at 117-119 Thistlethwaite Street, was previously owned CPL Digital and was sold to a local owner-occupier.
CBRE Selling agent David Minty said: “The new Structure Plan released by the Victorian State Government on Fisherman’s Bend has generated concerns around economic and planning uncertainty amongst the market. Despite these concerns, demand from buyers for city fringe assets continues to surge as demonstrated by the strong land rate achieved. The sale is a significant result and should boost the confidence of property owners within the precinct.”
Mr Minty managed the sale with colleagues of CBRE’s Melbourne City Sales team Nathan Mufale and Leon Ma.
New South Wales
WOLLONGONG - $50 million
Prominent central office building, 90 Crown Street in Wollongong, has made sale history, with Castlerock settling the site for just over $50 million.
The previous sale record was in 2017, when 43 Burelli Street was sold for $46.1 million.
The Crown Street building is strategically located in the heart of Wollongong, and comprises of 9,172sqm of net lettable area across seven levels. There is also a 160-space car park, with the office component of the property 100% let by a combination of government departments.
Knight Frank Partner and Institutional Sales Manager Tyler Talbot commented that investment into wider infrastructure, in addition to the rise of the shared services sector, has contributed to the strengthening of Wollongong’s office market.
“Given the disparity between yields in Sydney’s metro markets and Wollongong, there remains strong interest in the region. With a reduction in incentive levels and growth in face rents, we expect well located quality assets will continue to remain attractive propositions for both local and international investors.”
Knight Frank’s Ben Mostyn, Tyler Talbot and Dominic Ong handled the sale on behalf of Castelrock.
YAMANTO - $32.25 million
Yamanto Shopping Village and the Yamanto Large-Format Retail Centre, situated 35km south-west of Brisbane’s CBD in the Ipswich area, has been sold through an off-market campaign for a combined price of $35.25 million.
The combined 12,532sqm complex, previously owned by Shayher Investments Pty Ltd, was purchased by interests associated with Primewest Funds Ltd.
JLL Retail Investments Senior Directors Jacob Swan and Sam Hatcher were responsible for the off-market sale.
Mr Swan said the buyer was attracted to the asset due to the opportunity to value-add and reposition the centre for the longer term.
“Primewest is one of Australia’s most active property fund managers and was on the lookout for not only a great investment opportunity, but one where they could add value. In this case, their strategy is to invest significant capital into the centre to reset the anchor tenant Woolworths lease and refurbish the abundant specialty offering,” he said.
JLL identify Yamanto as being located in one of the fastest growing areas of Ipswich. The Main Trade Area (MTA) encompasses around 57,000 residents with the catchment area identified as a potential major urban growth corridor suitable for residential, business and industrial development.