Deals of the week – 8 November 2021


Deals of the week – 8 November 2021

New South Wales

 

LANE COVE - $25 million

The former Comfort Inn North Shore in Lane Cove has been sold with plans for a luxury six storey apartment complex to WINIM Funds Management for close to $25 million.

 

The asset comprises of a 2,987sqm land area at 1 Gatacre Avenue, plus an adjoining dwelling at 5 Allison Avenue. The guesthouse holds 43 rooms and has a restaurant.

 

JLL’s Harry Sullivan managed the deal.

 

SMITHFIELD - $14.8 million

A leased industrial property development upside in Smithfield with just sold successfully at auction for $14.8 million; $3.8 million above reserve.

 

Located within 400m of the Cumberland Highway, 40-42 Pavesi Street presents a 12,150sqm site with a substantial amount of surplus land, ideal for future development. The property holds a freestanding building of 2,308sqm with a warehouse and office accommodation located over two levels.


The property was sold leased to Eptec Pty Limited for approximately $296,000 pa. The lease expires on 30 June 2022 with no option period thereafter.

 

LJ Hooker Commercial’s Marcel Elias handled the sale.

 

 

Victoria

 

SELF STORAGE PORTFOLIO - $400 million

11 Melbourne properties belonging to Fort Knox Self Storage have found new owners with Blackstone securing the portfolio for $400 million.

 

Blackstone are eager to help Fort Knox grow its Australian self-storage presence, with the sector at large experiencing significant recent growth.

 

JLL’s Tony Iuliano and Adrian Rowse brokered deal.

 

CRAIGIEBURN - $142 million

Craigieburn’s Aitken Hill Conference Centre has recently been picked up by Singapore listed developer Ho Bee Land (HB Land) for $142 million.

 

The 68.4-hectare facility was originally purchased by HNA in 2016 for $94.7 million. The asset presents 6,000sqm of function space with a 124-room hotel, surrounded by sporting and leisure facilities.

 

The deal was managed by Biggin & Scott Land’s Andrew Egan and Frank Nagle with CBRE’s Scott Callow and David Minty.

 

DELACOMBE - $112 million

The Delacombe Town Centre, situated in a growth corridor south west of Ballarat, has sold from Troon Group to SCA Property Group for $112 million.

 

The four-year-old asset sits on a 6.5 hectare land area, located at 315 Glenelg Highway.

It encompasses 19,098sqm of commercial asset, with Woolworths, Kmart, Dan Murphy’s and ShowBiz Cinemas occupying the space along with 35 smaller specialty stores.

 

JLL’s Stuart Taylor and Sam Hatcher managed the off-market deal.

 

HAWTHORN - $24.5 million

A Coles backed supermarket in Hawthorn has recently traded hands, moving from a syndicate to a private investor for $24.5 million. The vendors had owned the asset for 37 years.

 

Located at 689-699 Glenferrie Road the property has rear access to Grace Street and presents a single storey Hawthorn building across a 1,451sqm site. The asset was sold with a lease to Coles set to expire in more than 20 years.

 

Emmetts Real Estate’s Charles Emmett managed the deal off-market.

 

KEILOR DOWNS - $3.55 million

A vacant aged care home in Keilor Downs has sold for $3.55 million to a private investor, reflecting a sales rate per bed of $163,000

 

Located at 2-6 Copernicus Way, the home was last occupied by Estia Health features 22 rooms and shared bathroom facilities. Positioned opposite the Keilor Downs police station and located at the gateway to the Keilor Downs shopping centre the home features substantial main road street exposure to both Copernicus Way and Sunshine Avenue.

 

The property featured a building area of 1,550sqm and was last refurbished in 2019.

 

The deal was transacted by CBRE’s Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat.

 

 

Queensland

 

BRISBANE - $248 million

A deal has been brokered between Star Entertainment Group and Charter Hall for the Treasury Casino as well as a neighbouring hotel and car park for a combined $248 million.

 

The agreement will see Star lease back the hotel and car park for 30 years with two 15 year options. The casino will be taken up by Charter Hall with vacant possession.

 

MERMAID WATERS - $45.8 million

Sunland has sold the permit-ready retail component of The Lane, an up-and-coming project in Mermaid Waters, for $45.8 million deal.

 

Panthera Group will take over the development, which also includes the central lake.

 

Kollosche Commercial marketed the asset.

 

LIZARD ISLAND - $42 million

The Lizard Island leasehold has been picked up by Fiveight for $42 million. The last time these island rights changed hands was in 1997 when the vendor, Hong Kong listed SEA Group in partnership with Sydney businessman Don Fletcher, paid Suncorp $16 million.

 

The island asset, which sits off the coast north of Cooktown and holds a five-star resort, has been sub-let to Delaware North since 2009 for $2 million per annum.

 

BRENDALE - $19.7 million

Charter Hall have snapped up a logistics investment in Brendale for $19.7 million from a Victorian syndicate.

 

The site encompasses a 4.844-hectare landholding with 84% occupied by shipping group Wallenius Wilhelmsen. The Central zoned land offers potential for a residential, office or retail development.

 

JLL’s Nick Bandiera, Sam Byrne and Tim Jones brokered the deal.

 

 

Western Australia

 

SECRET HARBOUR (WA) & MILDURA (VIC) - $16 million

Centuria Healthcare has sold two premium healthcare investments to Real Asset Management (RAM) for approximately $16 million.
 
The deal includes 1,608sqm buildings on 951sqm sites, with comparable WALEs in excess of six years, in Secret Harbour (WA) and Mildura (VIC).


In Secret Harbour, 2 Clarkshill Road is home to Care Medical Group, Oasis Pharmacy and Complete Range Physiotherapy, while 87-89 Langtree Avenue in Mildura is leased to Tristar Medical Group and Mildura Optical.

CBRE’s Sandro Peluso, Derek Barlow, Marcello Caspani-Muto and Jimmy Tat managed the deal.

 

Tasmania

 

HOBART - $9.1 million

Hobart’s Murray House has recently changed hands, moving from HEXA Group to a Melbourne investor for $9.1 million.

 

Located at 73-81 Murray Street, the three-level asset present offices over ground floor retail and could see a higher-rise redevelopment, given its zoning and positioning near taller buildings.

 

Colliers’ Daniel Wolman and Leon Ma, with Knight Frank’s Richard Steedman and George Burbury, managed the deal.

 

 

Australian Capital Territory

 

CANBERRA - $36 million

Irongate Group (IAP) has divested from a Canberra office leased to the Attorney General department for $36 million.

 

Charter Hall are securing the asset, located at 24 Wormald Street in Symonston, from the ASX-listed company who originally purchased the building 2.5 years ago for $29.75 million.

 

The asset encompasses 4,720sqm of NLA and sits on a 5,186sqm landholding. It sold 18% above its book value and still holds six years remaining on the lease.


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