Deals of the week – 3 August 2020

Deals of the week – 3 August 2020

August 2020
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Deals of the week – 3 August 2020


Search for more development sites in Victoria here.

MELBOURNE - $205.67 million
LaSalle Investment Management has sold a half share in a 30-storey Melbourne CBD office for $205.675 million.

The investment firm first acquired the building, located at 222 Exhibition Street, in 2015 for $231 million. Singapore’s GIC agreed to the 50% stake following a renovation.

Almost 60pc of the A-grade office space comprises of 30,289sqm NLA, of which 60% is occupied by the state government (predominantly VicRoads) and 17% by WeWork.

MELBOURNE - $121 million
David Jones has contracted to sell its menswear store at 299 Bourke Street Mall to Australian-based investor Newmark Capital for $121 million, progressing with the retailer’s plans to create a premium flagship experience in the heart of Melbourne’s CBD.

The highly sought-after property transacted on a short-term leaseback to David Jones. Newmark Capital are said to be looking at options to transform the 2,247sqm site into a prestigious, mixed-use landmark asset within Melbourne’s iconic and very tightly held Bourke Street Mall 

David Jones CEO Ian Moir stated that “the divestment of 299 Bourke Street Mall will allow us to focus on the optimisation of our larger 310 Bourke Street store and deliver a more cohesive and elevated single store experience in Melbourne’s CBD while simultaneously paying down debt as part of our ongoing debt reduction strategy. The redeveloped 310 Bourke Street, will be specially curated for our Melbourne customers with an emphasis on premium luxury and lifestyle brands across each of our categories.”

CBRE’s Simon Rooney negotiated the sale alongside JACX Property.

MARIBYRNONG - $10 million
An owner occupier in the IT service and retail sector has paid $10 million for a major office/warehouse property at Maribyrnong. 

Settlement for 2-4 Mephan Street asset was struck at the pre-COVID asking price, highlighting ongoing demand for strategic property investment opportunities. The property features an 8,364sqm office/warehouse building on a 14,900sqm site. It includes a two-level, temperature-controlled office totalling 1,116sqm in addition to high clearance warehousing and full drive around access. 

CBRE’s Bryce Pane and Harry Kalaitzis negotiated the sale with Glyn Bosisto and Tom Davis from Bosisto Commercial.

New South Wales

Search for more development sites in New South Wales here.

In Australia’s largest industrial deal for 2020, a portfolio of four ALDI distribution centres are being acquired for $648 million by a joint venture between Charter Hall and insurance giant, Allianz.  The four distribution centres, located in Sydney, Victoria and Brisbane, will be leased back to ALDI Australia.

JLL’s Tony Iuliano, Roger Miller, Adrian Rowse and Gary Hyland transacted the sale. 

Mr Iuliano said, “This portfolio owned by global supermarket operator ALDI had all the right investment ingredients – institutional grade distribution centres in the sought-after food sector, triple net leases, 7 year lease covenants, and total income of $30.1 million per annum.”

GUILDFORD - $6.8 million
A private investor has purchased a substantial-sized and functional industrial facility in Guildford for $6.8 million.

Located at 69 Woodstock Street, the property offers great access and exposure to three street frontages (Woodstock, Marian and McArthur Streets), and an impressive 6,102sqm site area, with warehouse and office areas spanning 3,462sqm.

Ray White Commercial’s Joseph Assaf, Victor Sheu and Peter Vines sold the asset, securing 85 enquiries and 17 contract offers through the campaign.

“The industrial market has remained resilient and is the most robust asset class to overcome the issues imposed by COVID-19,” Mr Assaf said.

“There’s increased demand for well-appointed properties as businesses increasingly move out from retail and commercial areas, and into warehouses.”


Search for more development sites in Queensland here.

WELLINGTON POINT - $14.34 million
The well-established food, lifestyle and convenience-based shopping centre Horizon at Wellington Point in Brisbane’s south west has sold for $14.34 million. The centre was purchased by Ambrose Regional Property Pty Ltd, from owner Eagle Point Investments Pty Ltd.  The sale represents a rate of $5,480/sqm.

The deal was negotiated by JLL’s Jacob Swan and Campbell Bowers.

LUTWYCHE - $11.25 million
JLL have announced the sale of 467 to 473 Lutwyche Road, Queensland, for $11.25 million; the buyer was a local aged care community and disability services organisation. 

The corner landholding comprises of a 1,814sqm landholding and a five-storey building with strong development upside. The 1,776sqm two-storey office was previously occupied by Ladbrokes and also contains 60 basement car bays.

Agents Sam Byrne and Tim Jones closed the deal.

BRISBANE AIRPORT - $10.5 million
APN Convenience Retail REIT (AQR) has snapped up the newly built Brisbane Airport Link Service Centre, from a private local developer, for $10.5 million, thereby boosting the value of its portfolio to circa $455 million.

The centre is anchored by a 15-year lease to Ampol, which is operating a Caltex and Foodary operation at the site, representing 78% of the income. The remainder of the income is derived from Zarraffa’s Coffee and a local restaurant operator, Amhet’s.

CBRE’s Michael Hedger and Darren Collins negotiated the sale.

EVERTON PARK - $2.15 million
A private developer has snapped up a development site approved for 26 townhouses for $2.15 million in the Brisbane suburb of Everton Park.

Located at 14 Aldgate Street, the asset comprised of a substantial 5,428sqm development site and had approval for nine four-bedroom, fifteen three-bedroom, and two two-bedroom townhouses. An amendment was also lodged with Council for 17 townhouses and three freehold allotments.

The property was marketed and sold by Ray White Special Projects’ Matthew Fritzsche and Andrew Burke.

Western Australia

Search for more development sites in Western Australia here.

JANDAKOT - $3.22 million
Commencement of the construction of the new bridge over the Kwinana Freeway linking Northlake Road in Cockburn Central to Armadale Road in Jandakot is increasing commercial and industrial property activity in the area, with the recent sales of two adjoining Jandakot properties totalling more than $3.22 million.

67 Cutler Road, a vacant block of 2,158sqm, was purchased by the Perth Korean Presbyterian Church for $992,500 to construct a church for its members.

68 Cutler Road, a 6,395sqm property at which has offices and workshops, also recently sold, settling for $2.23 million to a local business wanting to expand their operations and premises.

Ray White Commercial’s Enrique Reyes handled the sale.

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