Deals of the week – 29 November 2021


Deals of the week – 29 November 2021

New Zealand

 

CHRISTCHURCH - NZ$88.8 million 

Adelaide-based Di Mauro Group has expanded its New Zealand retail portfolio with the acquisition of prominent Christchurch regional shopping centre The Palms form AMP Capital Shopping Centre Fund for NZ$88.8 million.

 

The 34,395sqm centre is anchored by leading retailers, including department store chain Farmers, Woolworths Group owned supermarket chain Countdown and Reading Cinemas, providing an impressive major tenant WALE of 8.2 years.


CBRE’s Simon Rooney and Brent McGregor negotiated the off-market transaction.


“New Zealand continues to gain traction as a retail investment destination, with offshore investors attracted by the country’s compelling investment fundamentals, including low retail supply per capita, ongoing strong population growth, robust retail turnover growth, low acquisition costs and an attractive yield profile,”
Mr Rooney said

 

 

Queensland

 

MILTON - $400 million

The Taiwan backed Shayher Group has agreed to acquire the Milton Green business park from Dexus for more than $400 million.

 

The four-hectare asset sets just 500m from Shayer’s Brisbane headquarters and is comprised of 51,000sqm of GFA across six buildings occupied by multiple tenants including Downer and Sandvik. The property is also home to 1,050 car parks and nine retail tenancies.

 

JLL managed the deal.

 

BRISBANE & GOLD COAST - $93.65 million

Australian Unity’s Healthcare Property Trust (AUHPT) has settled a transaction with McKenzie Aged Care Group to secure three Queensland aged care properties for $93.65 million. The properties have been leased back to McKenzie Aged Care Group for a minimum term of 25-years.

 

The three properties include Capella Bay, a contemporary 133-resident facility located in Capalaba, approximately 22km south-east of the Brisbane CBD. The second property, Seabrook, provides accommodation for 122 residents and is in the established suburb of Deception Bay, 40km north of the Brisbane CBD. The third facility is The Terraces, a modern three-storey 149-resident facility in the Gold Coast suburb of Varsity Lakes.

The 25-year lease agreements also include the option for McKenzie Aged Care Group to extend the leases by two additional 10-year periods.

 

GOLD COAST - $60 million

Two Gold Coast pubs have recently changed hands for a total of $60 million; both properties were sold to private family investors.

 

The deals included the Varsity Lakes Tavern, Dan Murphy’s and Fitness First in Burleigh Waters (which sold for $38 million) and the new Pimpama Central Tavern (which sold off the plan for $22.2 million).

 

Burgess Rawson’s Billy Holderhead and Glenn Conridge managed the deals in conjunction with Savills Australia’s Tony Bargwanna and Joseph Ganim and Kelly & Co Property’s Pat Kelly.

 

NARANGBA - $44.5 million

An industrial investment in Brisbane’s Narangba has recently sold to Dexus for $44.5 million.

 

Located at 9 Boron Street the property is leased to Sandvik Australia Holdings for a further seven years. The 3.68-Ha property holds a warehouse of 11,840sqm which sits on approximately 32% of the total land area.

 

JLL’s Nick Bandiera, Tony Iuliano and Gary Hyland managed the deal.

 

SLACKS CREEK - $2.3 million

A Slacks Creek industrial property located at 15 Herbert Street has broken a precinct record selling for $600/sqm The property was marketed together with another site at 4 Bowen Street which also achieved a high rate per square metre.

 

With a combined building area of 470sqm on 3,081sqm, the properties sold separately to local owner occupiers for a combined price of $2.3 million. Both new owners intend to develop the properties later.

 

Ray White Industrial’s James Balfour and Lachie Hale managed the deals.

 

 

New South Wales

 

SYDNEY - $200 million

Shayher Group have not just been busy in Brisbane, having recently agreed to another major capital city acquisition, this time in Sydney where it is reportedly spending close to $200 million for 10 Barrack Street.

 

US-based AEW Capital Management is the vendor, having originally purchased the building in 2017 for $138 million. The tower offers around 9,540sqm of NLA across 12 storeys.

 

CBRE and Cushman & Wakefield brokered the deal.

 

CHATSWOOD - $12 million

A fully leased mixed-use Chatswood property has sold successfully under the hammer for $12 million.

 

Lots 2-8/341 Victoria Avenue, presents a 891.6sqm landholding with an 18.29 metre frontage. The zoning allows multiple uses from retail, commercial, hotel or motel accommodation, to medical centres or shop top housing.

 

Shead Property’s Bill Geroulis, Rick Sombroek & Ivor Zhou handled the auction.

 

ARTARMON - $10.9 million

The freehold titles of three adjoining shops in Sydney’s Artarmon have recently sold in one line for close to $11 million.

 

98, 100 and 102 Hampden Road, were sold fully leased returning a total net income of $280,001 pa. The 878.9sqm landholding presents an 18.54-metre frontage and was marketed with development upside

 

Shead Property’s Bill Geroulis, Rick Sombroek & Ivor Zhou managed the deal.

 

DUBBO - $1.52 million

A local, regional investor has purchased a 1,327sqm high-rise office building known as ‘Oliver House’ in Dubbo for $1.52 million.

  

32-40 Church Street was constructed in the 1960’s, by the Australia’s Workers Union, and was the first high-rise development in Dubbo. It remains the tallest commercial building in the city.

 

The deal was negotiated by Nick Lower and Selin Ince of Savills Australia in conjunction with Graeme Board from Bob Berry Real-estate.

 

 

Victoria

 

KEW - $15.125 million

The three- storey Kew headquarters of Bank Australia has recently traded hands to local developer Noble Bell Holdings for $15.125 million.

 

Built in 1982, 222 High Street presents a 1,857sqm land parcel and is earmarked for a new taller office building.

 

Colliers’ Alex Browne, Peter Bremner and Ted Dwyer were the agents.

 

MOORABIN - $2.9 million

A local developer has paid a Melbourne based investor $2.9 million for a Moorabbin industrial property, making a land rate of $1,212 p/sqm.

 

57 Keys Road was sold vacant and comprises of a usable warehouse/storage and office facilities suitable for multiple uses, as well as easy access to several arterial roads. The purchaser has plans to redevelop the half acre (2,393sqm) site which currently hosts an older style 1,500sqm industrial facility.   

 

Teska Carson’s George Takis brokered the deal.

 

 

South Australia

 

EASTWOOD - $10 million

Cancer Council SA has secured a sale for the second of two inner-Adelaide accommodation complexes; the deal is speculated to be worth a little over $10 million with Barwon Investment Partners taking over the property.

 

Greenhill Lodge, located at 204 Greenhill Road in Eastwood offers a two-storey building with 55 self-contained guest suites. The site totals a 5,026sqm land area that has potential for a six-storey development.

 

The asset was originally listed with the 66-room Flinders Lodge in Kent Town, which sold for $12.25 million six months ago. Both were sold with a 14-month leaseback.

 

Colliers’ Alistair Mackie, Justin Hazell and Jordon Schmidt were the agents.

 

 

Western Australia

 

ROCKINGHAM - $28.5 million

Rockingham Central, a bulky goods and office investment located between Baldivis and Kwinana has been picked up by Perth based fund manager Lester Group for $28.5 million.

 

The vendors, Arise Developments, completed construction last month. The new development offers around 6,000sqm of NLA across three storeys and was sold part-leased to Anytime Fitness, Dentistry Plus, Professionals Real Estate and Zambrero.

 

Colliers’ Wayne Lawrence managed the deal.


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