Deals of the week – 30 August 2021

Deals of the week – 30 August 2021

New South Wales


GLADESVILLE - $55 million

Mintus, one of Australia’s most progressive property services providers across the residential, retail, and commercial sectors, has acquired Glade View Business Park in Gladesville from Dexus for $55 million.


Glade View Business Park is located at 436-484 Victoria Road and is a freehold offering that sits within a gateway suburb to the Sydney CBD. The property comprises 23 commercial suites across two buildings with 423 car spaces, providing more than 18,000sqm of office space and a significant land holding of circa two hectares.


The property was sold via an off-market campaign managed by Ray White Commercial’s Peter Vines and Victor Sheu, together with CBRE’s Nicholas Heaton, Toby Silk and Aaron Arias.


FIVE DOCK - $25.9 million

Charter Hall Direct Long WALE Fund has acquired Coles Five Dock, a stratum titled supermarket in the inner western suburbs of Sydney for $25.9 million, reflecting a competitive sharp yield of 4.29%. The supermarket last transacted in 2017 for $19.66 million.


The trophy asset comprises a modern Coles Supermarket supported by a single restaurant specialty across a GLAR of 3,550 sqm with two levels of basement parking. Coles is secured on a rare 20-year lease to 2036 with extensive options to 2076.


Colliers’ James Wilson and Alex James-Elliott negotiated the sale.


TAREN POINT - $14.75 million

A two-level office, showroom and warehouse located at 7 Box Road has recently sold off-market for $14.75 million.


As part of the deal, the vendor Chemcorp will lease back the property for one year. Located on a 4,036sqm parcel of land the site yield achieved was 4.74% delivering a $700,000 net income. The new owners have purchased the site as a long-term investment.


Colliers’s Trent Gallagher managed the sale.


ROCKDALE - $8.5 million

A local builder/developer has purchased a 1,306sqm development site in Rockdale for $8.5 million.


Located at 401-405 Princes Highway, the large DA approved site yielded significant interest from the broader market due to the lack of quality DA approved sites currently on the market.


With DA Approval for 43 Apartments, Two Ground Floor Retail Shops and three Levels of parking spanning the site offers 3,181sqm of residential NLA and 257sqm of commercial NLA. The residential configuration includes 14 x 1-Bedroom Units, 23 x 2-Bedroom Units and 5 x 3-Bedroom Units.


The deal was negotiated by Savills Australia’s Nick Lower and Selin Ince.


SUMMER HILL - $3.55 million

A local long term investor / developer looking to take advantage of proposed infrastructure projects under the draft Parramatta Road plan has scooped up a Summer Hill residential asset under the hammer for $3.55 million.


The campaign fell during the city’s peak period of restrictions but nevertheless went to virtual auction, opening with a bid of $2.9 million.

30-32 Parramatta Road benefits from its prominent position in the heart of Summer Hill just 9km from the Sydney CBD. It offers a total site area 929sqm with a potential GFA of 1,858sqm and a 15-metre height limit. It currently presents two semi-detached homes with holding income.


Ray White Commercial’s Kristian Morris and Lachlan Palm handled the auction.





PORT MELBOURNE - $50 million

Luxury car dealer and property investor Nick Theodossi has teamed up with developer Ross Pelligra in purchasing Inchcape Australia’s flagship Subaru dealership property at 99 Lorimer Street Port Melbourne, in a $50 million off-market deal.


The partners will initially look at either partially occupying or leasing the significant existing improvements, whilst unlocking the development potential from vacant/car parking space of circa 4700 square metres at the rear of the 9000 square metre Subaru building. 


The 1.8-hectare site benefits from additional frontages to both Hartley and Boundary streets as well as Capital City zoning which allows for multi storey residential outcomes.


The deal was brokered by Dawkins Occhiuto’s Walter Occhiuto and Andrew Dawkins.


TARNEIT - $14 million

A 5.5-hectare mixed-use land parcel in Melbourne’s Tarneit has been picked up by Countryland Australia for $14 million.


Located at 645 Derrimut Road, the incoming owners intend to pursue an education and health project set to have a final end value of $120 million, with construction expected to commence in 2025.


Goldbank Real Estate Group’s Goldy Sharma and Vikram Raichura managed the deal.


TRUGANINA - $7.3 million

Sustainable infrastructure specialist ACCIONA has sold an 11,900sqm industrial site in Melbourne’s western suburbs to an investor for $7.3 million.


Located at 13-17 Jessica Way, the site’s 2,055sqm building is split between 1,275sqm of high-clearance warehouse space and 780sqm of dual-level office facilities. It also features an overhead gantry crane, access via six roller doors, a dedicated wash bay and a large yard secured by an electronic fence.
CBRE’s Tom Murphy, Ricardo Cappelletti and Fergus Pragnell managed the sale campaign.


SOUTH MELBOURNE - $6.9 million

A 3-level 1970s office building on a highly prized Commercial-1-zoned plot located at 18 and 22 Thomson Street has recently transacted off-market for $6.9 million.

An outstanding redevelopment or landbank play, the building sits two doors down from Gurner’s super-luxury 10-level “74 Eastern”. Developers 
Pallas Capital are the successful new owners who will take over a re-development project from the previous local owners. 


Tomassi & Co managed the off-market deal.


CLAYTON - $4.9 million
Three retail shops fully leased on the one freehold title in Clayton have recently sold prior to auction for $4,898,888.


The shops, located at 290-294 Clayton Road, return an annual income of $161,577.48 and were marketed with future residential development upside.


The campaign generated over 60 enquiries in just 2-weeks. A buyer submitted an offer early, prompting a one-round expressions of interest style campaign, with multiple buyers submitting multiple offers.


CVA’s John Nockles and Daniel Philip managed the deal.


SOUTH YARRA - $4.645 million

A South Yarra office property at 48 Wilson Street with significant development potential has sold via online auction for $4.645 million. The auction attracted 39 parties with four bidders driving a result which achieved a land rate at $11,584sqm and a building rate at $15,280sqm.


A local investor was the successful bidder, having already set plans to landbank and develop the property down the track.


Located just 200 metres from the Jam Factory and Chapel Street and close to the Prahran Market and trains and trams, the property comprises a single level, 304sqm office building on a 401sqm site zoned Activity Centre 1.


Dawkins Occhiuto’s Tim Grant and Andrew Dawkins managed the online auction.


SUNSHINE WEST - $4.5 million

A well-established and highly sought-after industrial property in Melbourne’s west has been purchased by private investor, Clayton Road Holdings for circa $4.5 million.


The high-clearance warehouse is located at 51-55 North View Drive. It has a lettable area of 2,673sqm, including corporate offices, a boardroom and onsite parking for 27 cars.

CBRE’s Ricardo CappellettiFergus Pragnell and Lachlan May brokered the sale.


CARLTON - $4.2 million

A local developer has purchased a 362sqm property owned and occupied by the Churches of Christ for more than 100 years for $4.2 million.


Located at 148-150 Queensberry Street the property comprises an older-style simple church building situated in the University Precinct of Carlton, between RMIT and Melbourne Universities and just 200 metres from the CBD.


The deal was negotiated by Savills Australia’s Clinton Baxter and Julian Heatherich.


DERRIMUT - $3.466 million

TWC Enterprises has signed a $3.466 million deal to secure a freestanding warehouse in Melbourne’s sought-after Paramount Estate. 


Holding address at 65 Paramount Boulevard the prominent corner asset comprises a warehouse of 2,088sqm with an accompanied yard. This brand-new development has two street frontages with access to onsite staff parking and a separate loading area with three motorised roller shutters.

CBRE’s Ricardo CappellettiTom Murphy and Fergus Pragnell brokered the sale.


SOUTH YARRA - Undisclosed

Michael Renzella’s Hotel Claremont building in South Yarra has sold to a local developer for an undisclosed price. The 189 Toorak Road property was marketed with price expectations north of $20 million but the price and identity of the buyer remain confidential.


The property, which attracted more than 200 enquiries including six formal expressions of interest, will likely undergo a redevelopment along the lines of the approved permit with which it was sold. This would incorporate a circa $50 million, 12 level, luxury mixed-use project, comprising four shops totalling 712sqm, 1,195sqm of office space, 57 apartments, and 30 car parking spaces. 


Teska Carson’s Michael Ludski and Luke Bisset managed the deal.


KENSINGTON - Undisclosed

A local developer has recently picked up a development site at 28-32 Albermarle Street, Kensington.


The property offers a land area of 746sqm (featuring existing improvements of 600sqm) and was sold with an approved planning permit for 36 units over a 6-storey development. 


CVA’s Ryan Milivojac, Craig McKellar and Ben Quennell managed the deal.





HERSTON - $8.2 million

An inner-city development site at 40, 42 and 46 Fleming Road with approval for 22 freehold terrace homes and 3 home sites, has been sold to private property development firm Unison Projects for $8.2 million.


The 5,623sqm block of land over three titles is situated 3.5km north of the Brisbane CBD, and garnered significant enquiry from both local and interstate developers, builders and aged care groups. 


The site was sold with an existing holding income of $237,900 pa, from the 20 room student accommodation and three existing houses.


Ray White Special Projects’ Mark Creevey, Tony Williams and Matthew Fritzsche managed the deal.


BRENDALE - $4.03 million

A private investor has acquired a brand-new, fully-leased industrial property in Brisbane’s north for $4.03 million. The sale price represents an initial yield of 5.88% from Specialised & Emergency Vehicles Australia’s (SEVA) seven-year lease.  SEVA develops and manufactures solutions for front-line and mine-compliant emergency vehicles, for private and government partners. 


The 2,864sqm site at 21 Kingsbury Street features a freestanding 1,800sqm facility with high-clearance warehouse and office space. 


The site was sold off market by CBRE’s Hugh Adnam and Dillon Murphy.


BRENDALE - $3.2 million

A Brisbane-based investor has purchased a brand-new, fully-leased industrial property, again in Brendale, for $3.2 million. The sale price represents an initial yield of 5.5% on MegaBuy’s five-year lease.


The 2,328sqm site at 18 Maxwell Street features a freestanding 1,409sqm facility with high-clearance warehousing and 196sqm of office space. It is occupied by MegaBuy Technology Superstore, Australia's leading online retailer of computer hardware, software and consumer electronics.


The property was sold off-market by CBRE’s Hugh Adnam and Dillon Murphy.


STRATHPINE - $2.505 million

Sandalwood Shopping Village generated keen interest from buyers, successfully selling under the hammer for $2.505 million.


The 773sqm Strathpine property received 186 enquiries prior to auction, with 26 registered bidders on the day, and 53 bids placed; the winning bid went to a local investor. 


The property is a prominent retail centre which comprises a complementary mix of nine national and local operators, with a WALE of 2.99 years.


Ray White Commercial’s Michael Feltoe and Lachlan O’Keeffe managed the auction.


CALOUNDRA WEST - $1.885 million

A local investor has purchased a fully leased, freestanding, corner industrial complex at 1 Geoffrey Street, Caloundra West, on the Sunshine Coast for $1.885 million on a 5.15 per cent yield.


The 800sqm building which currently has four titles, is situated on a 2,116sqm corner allotment, centrally located within the highly sort after Caloundra Industrial Precinct. Currently it’s fully leased to Niagara Furniture, Currimundi Auto Care and North Coast Upholstery.


The building comprises four separate 200sqm sheds, all having drive-through access via garage roller doors with a bitumen driveway on each side of the building.


The deal was negotiated by Savills Australia’s Scott Gardiner and Will Carman.

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