Deals of the week – 7 February 2022

New South Wales

DARLING HARBOUR - $630 million

Allianz Real Estate Investors and the National Pension Service of Korea have team up to secure a 50% share (25% each) in the Darling Quarter complex following a deal with Abu Dhabi Investment Authority worth $630 million (US$445 million). The other half stake is owned by a fund managed by Lendlease.

Completed 10 years ago, Darling Quarter is located at 1-25 Harbour Street, Darling Harbour, and presents 61,000sqm of GFA across two buildings. It was sold with a current 13-year lease to the Commonwealth Bank of Australia.

The deal was managed by CBRE’s Flint Davidson, Stuart McCann and James Parry.

SYDNEY - $199 million

Shayher Group has acquired a 100% freehold commercial asset in the heart of the Sydney CBD from AEW for $199 million.
 
Located at 10 Barrack Street, the 13 level, A-Grade office tower sits on a 1,040 sqm site with a NLA of 9,627 sqm and a 3.5 year Weighted Average Lease Expiry (WALE).
 
The building is set right on the doorstep of Sydney’s George Street and Martin Place and benefits from a significant capital works program of $7.8 million. 10 Barrack Street now holds a 5-star NABERS Energy rating, 4.5-star NABERS Water rating and Certified Carbon Neutral by Climate Active, making the building a market leader in sustainability.
 
The sale was negotiated through CBRE’s James Parry and Flint Davidson in conjunction with Cushman & Wakefield’s Josh Cullen and Mark Hansen.

CHIPPING NORTON - $60.5 million

Aliro has recently picked up two adjoining industrial investment sites with development upside for $60.5 million.

Located at 24 and 30-40 Alfred Street, the 4.91 hectare land area is planned to play host to a logistics focused business park with construction to occur in stages over the next five years.

LJ Hooker Commercial’s Ryan Jennings managed the off-market deal.

Victoria

MELBOURNE - $67.6 million
Rathdrum Properties has recently scooped up an eight storey investment at 570 St Kilda Road from Terraplex for $67.6 million.

The asset was originally purchased in 2012 for $23.8 million.

The deal was handled by CBRE’s Kiran Pillai, Scott McGlone and Hugh Thomson with Cushman & Wakefield’s Leigh Melbourne, Nick Rathgeber, Mark Hanson and Josh Cullen.

SHEPPARTON - $66 million

SPC has made a $66 million sale and leaseback deal with Charter Hall for their Shepparton food processing plant and distribution centre.

The off-market deal includes a 30-year leaseback and will see Charter Hall hold the 23.4 hectare asset in its Direct Industrial Fund No 4 (DIF4).

CBRE’s Chris O’Brien, Ben Hegerty and Andrew Bell managed the sale.

CREMORNE - $41.5 million

Rathdrum have been busy again, this time securing a recently completed seven level office in inner east Cremorne from Roche Holdings for $41.5 million.

The deal for 2-6 Gwynne Street was overseen by Colliers’ Peter Bremner, Rachael Clohesy and Alex Browne, in conjunction with Teska Carson’s Adrian Boutsakis and Luke Bisset.

MARIBYRNONG - $23.33 million

EG has secure the freehold going concern of Maribyrnong’s Anglers Tavern from the Scerri family for $23.33 million.

Located at 2 Raleigh Road, the iconic 8,270sqm riverside property presents multiple bistro rooms and a large customer car park. It is believed that Australian Venue Co will secure the leasehold for around $7 million, but this is yet to be confirmed.

MELBOURNE – Undisclosed

Singaporean group Well Smart Investment Holdings has sold the ibis Budget Melbourne CBD to Capit.el Group led by Eduard Litver.  

Situated on Elizabeth Street, the 3.0-star hotel features 146 recently refurbished guest rooms, 24-hour reception, a food and beverage outlet and other supporting facilities.  

The modern property is operated by Accor Hotels, Australia’s largest hotel management company, under a long-term agreement. The hotel was offered as a freehold strata above four retail shops fronting both Elizabeth Street and Equitable Place to the rear.
 
CBRE’s Wayne Bunz and Scott Callow negotiated the sale.

SOUTH MELBOURNE - Undisclosed

Malaysian Property Developer Gamuda Land has inked its second acquisition in Melbourne’s inner ring for an unstated price tag.

Based in South Melbourne, the new project will see a green and community focussed mixed-use development take shape. Gamuda Land completed their first project at 661 Chapel Street in South Yarra and the developer aims will bring the same ethos to their new venture.

Core to this will be their commitment to sustainable development. The South Melbourne project will feature biophilic design principles to create a green and community focused mixed-use development. One of their pillars aims to achieve 40% reduction in CO2 emissions by 2030 via sustainable master planning, shared facilities and green features.

Queensland

TOWNSVILLE - $7.75 million

Mountain View Marketplace in Kirwan, Townsville, has been snapped up ‘site unseen’ by a Victorian investor for $7.75 million.

The neighbourhood shopping centre, anchored by a SUPA IGA and 11 specialties, sold with a fully-leased yield of 6.9 per cent in an off-market deal.

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