Deals of the week – 26 October 2020

Deals of the week – 26 October 2020


October 2020
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Deals of the week – 26 October 2020

New South Wales

Search for more development sites in New South Wales here.

HAYMARKET - $26 million
The Capitol Square Hotel in the centre of Sydney has traded from Chandru Group to MKH Properties for $26 million in an off-market campaign. 

Located at 3 Campbell Street in Haymarket, the 94-room, three-star hotel is ideally positioned to benefit from the new developments planned for the Central Station precinct. Despite the impacts of coronavirus, the hotel has continued to trade through this period, albeit at low occupancy levels.

Colliers International’s Gus Moors, Karen Wales, Steam Leung and Joseph Lin managed the deal.

“This sale represents the first hotel sale in Sydney post COVID and demonstrates continued appetite from investors to secure well located hotel assets in Sydney’s CBD,” said Gus Moors, Head of Hotels at Colliers International.

BADGERYS CREEK - $14.5 million
A farm within the western Sydney Airport precinct has recently sold to the Barba and Putrino families, owner-occupiers in the food industry, for $14.5 million.

The 3.96-hectare site is located at 205 Lawson Drive in Badgerys Creek currently operates as a poultry farm, however the incoming owners have plans for a future development project following a rezoning to flexible mixed-use and employment purposes.

The block of land is the first to transact since the finalisation of the NSW government’s rezoning of “priority precincts” in line with the Western Sydney Aerotropolis Plan.

CBRE’s Elijah Shakir, Andrew Sukkar and Fabio Screpis handled the sale.

CREMORNE - $3.5 million
A local developer has purchased a long-standing childcare centre in Sydney’s inner-city with future development potential prior to auction for $3.5 million.

Located at 139 Holt Avenue in Cremorne, the asset presents a 230sqm building on a 445sqm landholding. The site is positioned just metres from the intersection of Military Road and Holt Avenue.

The property was marketed and sold by Ray White Commercial’s Scott Stephens and Tim Abott.

EASTERN CREEK - $5.485 million
A half-built warehouse in Eastern Creek has sold for $5.485 million following a highly-competitive auction. The ultimate victor was a building company already based in western Sydney, who will take over the project as an owner occupier.

Located at 5 Peter Brock Drive, the 5,381sqm site was sold with an under-construction 2,657sqm building. Construction was paused by MPA when it opted to sell, to give prospective buyers the opportunity to amend a specialised DA. 

The auction drew more than 130 enquiries, 13 registered bidders and 50 bids, exceeding the reserve by $485,000.

CBRE’s Matthew Alessi and Robert Dowdy managed the sale.
 

Victoria

Search for more development sites in Victoria here.

HAWTHORN EAST - $4.45 million
Two side-by-side offices in the affluent Melbourne suburb of Hawthorn East have been purchased by a local investor for $4.45 million.

Holding address at 345-347A Riversdale Road, the buildings occupy a combined 878sqm corner landholding across three titles near Camberwell Junction, and were sold with vacant possession. 

CBRE’s David Minty, Nathan Mufale, Sandro Peluso, Scott Hawthorne and JJ Heng managed the sale.

“Following a campaign that attracted more than 125 enquiries, eight bidders submitted offers for the property, which was eventually sold unconditionally to a domestic buyer,” Mr Minty said.

GREENVALE - $2.2 million
Childcare development sites continue to attract strong attention from a range of active buyers in Melbourne, with the sale of a 3,016sqm site in Greenvale to a developer for $2.2 million.

Located at 1 Greenvale Gardens Boulevard, the proposed childcare centre of 190 places benefits from a high-profile corner location, in one of Melbourne’s major growth corridors. The already approved permit includes designs by ‘Ellis Group Architects’ with alternate schemes for the site including single level 122/144 place centre or 100 place centre plus two residential lots.

Savills Australia’s Julian Heatherich, Mark Stafford and Benson Zhou managed the deal.

DANDENONG - $2 million
A 2,022sqm residential development site in Dandenong, in Melbourne’s South East, has been snapped up off market for $2 million by a local developer.

The site, at 28 Pickett Street, has plans and permits in place for 12 townhouses, representing a strong rate of $166,667 per townhouse.

The Asset was sold by Savills Australia’s Julian Heatherich, Mark Stafford, and Benson Zhou.

According to Julian Heatherich, Director, CBD and Metropolitan Sales at Savills Australia, “Townhouses are ideally suited for the entry level residential market within the local Dandenong market sector in strong demand following recent federal government incentives.”
 

Queensland

Search for more development sites in Queensland here.

ACACIA RIDGE - $90 million +
The Acacia Ridge Business Park, located at 1502 Beaudesert Road in Brisbane's south, has traded from American private equity giant Blackstone to logistics platform ESR for more than $90 million.

New owners ESR will include the 18-hectare property in its $1 billion Australia Development Partnership, which focuses on developing its own assets within the premium logistics facility sector as a result of increased demands of e-commerce. The firm will add a further 100,000sqm of logistics to the business park, which was originally developed by Macquarie-Goodman and includes a large distribution centre operated by convenience store chain Spar Australia.

NORTHGATE - $6.07 million
An office / warehouse site in Brisbane’s northern suburb Northgate, adjacent to the Brisbane Airport, has sold successfully under hammer for a little over $6 million, $170,000 over reserve.

Holding address at Lots 16 & 17, 62 Crockford Street, the property encompasses a level 4,000sqm allotment with double frontage, with a 358sqm office and 2,000sqm column-free warehouse. The asset was sold 100% leased to a subsidiary of Harvey Norman attracting an approximate annual gross income $369,000, with a primary lease term of 7 years and 7 months, plus two five-year options.

Ray White Commercial’s Paul Anderson, Andrew Doyle and Aaron Aleckson managed the deal.

NOOSAVILLE - $2.15 million
A local investor has snapped up the freehold of Weyba Medical Centre in Noosaville for $2.15 million.

The asset, located at 18 Mary Street, came with 221sqm of net lettable area spread across two levels plus balcony areas on an 878sqm landholding. The asset was sold fully leased to three separate tenants; two Allied Health-based and one general medical practice.

The property was marketed and sold by Ray White Commercial’s David Brinkley.
 

Western Australia

Search for more development sites in Western Australia here.

THORNLIE - Undisclosed
A multi-level mixed-use redevelopment site in Perth’s south-east has recently been scooped up by local investor for an undisclosed amount.

The 7,656sqm property, located at 336 Spencer Road in Thornlie, presents multiple commercial spaces comprising a total 1,650sqm of NLA. The site was sold with subdivision approval, however the incoming owner plans to lease the empty space at this stage.

NAI Harcourts’ Marco Celenza handled the deal noting that, “it was a five-year journey of persistence and perseverance which included a property trade to get the deal done.”
 

South Australia

Search for more development sites in South Australia here.

ADELAIDE - $446.2 million
Dexus has made further moves to diversify its portfolio with the recent acquisition of a major Adelaide medical centre in 50/50 partner deal with the unlisted healthcare fund it manages worth $446.2 million.

The sale is noted as one of the largest single-asset private acquisitions within healthcare real estate and takes Dexus’s overall healthcare exposure past $1 billion, while concurrently lifting the partnered, unlisted fund's portfolio to $900 million.

Acquired from developer Commercial & General, the Australian Bragg Centre will be a clinical and research facility within Adelaide’s $3.6 billion BioMed City precinct. The building will be home to Australia’s first proton therapy unit specialising in cancer treatment, which will be housed within a specially designed bunker. The facility is 77% pre-leased with the acquisition terms including a two-year rental guarantee provided by Commercial & General over the remaining space to be leased.

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