Victoria
MELBOURNE CBD – Circa $50 million
V-Leader has purchased a 1,137 sqm amalgamation in the heart of Melbourne from developer Longriver Group, in a deal that was orchestrated off-market by the Colliers team of Oliver Hay, Leon Ma, Daniel Wolman, and Matt Stagg. The purchase is for the seven properties located at 157-173 Lonsdale Street, which includes the well-renown Continental Hotel.
According to V-Leader's Managing Director, Andy Zhang, the decision to target this collection of sites was motivated predominantly by location. “We’ve spent a considerable amount of time analysing the various options and given the site’s proximity to an abundance of amenity, the location instils an opportunity for a variety of uses,” Mr. Zhang commented.
“There's a large amount of capital from investors and developers wanting to take advantage of the limited supply of land in the CBD,” stated Colliers’ Mr. Hay. “Demand has flooded in from local, interstate and offshore groups and created a competitive atmosphere amongst buyers seeking quality land parcels, with considerable opportunity waiting to be unlocked.”
REDFERN – Circa $17 million
Martin Short and the Anderson family have offloaded the Tudor Hotel in Redfern for approximately $17 million, in a deal which represents a record price for the suburb. The Sydney-based hospitality group, Universal Hotels, have acquired the property, after negotiations with HTL Property’s Dan Dragicevich and Andrew Jolliffe.
“The sales activity in Redfern in recent times has been remarkable, underscoring the hospitality renaissance of the precinct,” stated Mr. Dragicevich. “It’s a true local favourite, presenting investment fundamentals that future-proof its continued success.”
ELSTERNWICK - $3.66 million
A substantial 875 sqm land parcel in the coveted suburb of Elsternwick has sold under the hammer, thanks to a marketing campaign from Teska Carson’s Matthew Feld and Luke Bisset. With mixed-use zoning and multi-storey height precedent in the immediate area, the site possesses future development upside. Even still, the property is currently occupied by a two-storey building that contains 1,200 sqm of floor space, most recently tenanted by local institution Solomons Kosher Butchers.
CLAYTON SOUTH - $2.26 million
The Valguarnera Italian Social Club has parted ways with 621 Heatherton Road in Clayton South, after having held the asset since 1985. The 7,800 sqm landholding contains 740 sqm of building, and was sold with a place of assembly permit. CVA Property Consultants’ Stan Dawidowski and Jarrod Moran helped divest the property in a deal conducted with an undisclosed purchaser.
UPPER FERNTREE GULLY - $1.31 million
An Augustus Gelatery outlet in Melbourne's east has sold to a local investor for just over $1.3 million during a hotly contested bidding war, which saw five individual parties compete for 1228 Burwood Highway in Upper Ferntree Gully. The fully refurbished 140 sqm building is situated on a generous 249 sqm corner site that is positioned at the foot of the Dandenong Ranges National Park.
Fitzroys' Chris Kombi and Tom Fisher were responsible for facilitating the sale, offloading the property on behalf of a private vendor. "The purchaser was after a long-term secure investment at a time of volatility in the share and residential markets," Mr. Fisher stated. "The annuity-style income stream from a long lease to a quality tenant is hugely attractive."
New South Wales
MANLY - $23 million
Pallas Group has purchased the 690 sqm landholding at 34 South Steyne in Manly, and have already indicated that they intend to develop the site into an office complex that their CRE debt and equity investment subsidiary, Pallas Capital, will occupy. IB Property’s Steffan Ippolito and Dimitrios Franze arranged the sale.
“Pallas Group has grown rapidly since we opened our headquarters in Double Bay 18 months ago, with 34 new staff joining the team during this time,” commented Pallas Capital’s Executive Chairman, Patrick Keenan. “It was time for us to make way for a second office in Sydney that would service our operations across the eastern seaboard.”
WATERLOO - $12.7 million
SHMH 3 Pty Ltd has purchased a 1,127 sqm site in the Sydney suburb of Waterloo. Whilst the property currently contains a building occupied by the ASX-listed footwear and clothing retailer Accent Group, the landholding was sold with redevelopment intent, as the purchaser, Kavango Pty Ltd, is expected to transform the property into a mixed-use building when the tenant vacates the building in the future.
The deal was negotiated by James Masselos, Demi Carigliano and Anthony Pirrottina of Knight Frank. “It has outstanding passing income with a secure lease underpinned by an ASX-listed covenant, as well as substantial upside in the form of future redevelopment potential,” Mr. Masselos explained. “The property is nestled within the heart of the bustling and ever evolving Green Square, and is a high exposure site, benefitting from 29 metres of frontage to Elizabeth Street and excellent exposure from passing vehicular activity.”
SILVERWATER - $10.2 million
The property at 3 River Street in Silverwater has been exchanged for $10.2 million, just prior to coming to auction. The site is zoned IN1 General Industrial, and has two buildings contained within the single title, providing 1,965 sqm in floor area. With the landholding’s access to some of the more significant arterial roads in the area, including Silverwater Road and the M4, JLL noted strong interest in the property. JLL’s Marco Chiodo, David Lidgard, and Sara Incerti were responsible for marketing the site.
Tasmania
LAKE ST CLAIR – Circa $20 million
NRMA has announced the acquisition of Pumphouse Point, a unique wilderness retreat, as part of their ongoing accumulation of Tasmanian properties. The retreat features two heritage industrial buildings which have been transformed into distinctive and inclusive experience for guests to disconnect and reconnect. JLL’s Peter Harper and Nick MacFie represented the vendor during the sales process.
“Pumphouse Point offers one of the finest and most exclusive boutique hotel experiences on offer in Australia,” stated Mr. Harper. “It took 21 years to obtain the necessary approvals and permits to repurpose the historic site, with the hotel offering understated luxury in an environment that showcases yet remains incredibly sensitive to its breathtaking surrounds.”
Queensland
BIRTINYA - $28.9 million
The Vitality Village healthcare development, located on Queensland’s Sunshine Coast just 12 kilometres south of Maroochydore, has been sold to the real estate investment trust HealthCo Healthcare & Wellness, for a sales figure equivalent to a 6.5% fully-let initial yield. Vitality Village is contained within the $5 billion Sunshine Coast Health Precinct, and possesses a GFA of 4,636 sqm across five levels. It is the first wellbeing facility of its kind in Australia, and is currently anchored by one of Queensland’s largest-aged care providers, Commlink Australia.
CBRE’s Louisa Blennerhassett, Rem Rafter, Michael Hedger, and Sandro Peluso brokered the transaction on behalf of local owners, and were quick to speak on the area’s popularity amongst property investors when pressed for comment. “The growth profile of the Sunshine Coast is attracting very strong investment interest in the region,” Ms. Blennerhassett stated. “Vitality Village is located in a highly sought-after health precinct, adjacent to Sunshine Coast University Hospital, one of Australia’s largest ever health infrastructure projects. This location attracted local, national, and international interest.”
LINDEMAN ISLAND – Undisclosed
The Whitsundays’ Lindeman Island, one of just 24 Queensland islands that can be operated as a resort, has been sold by the Chinese developer White Horse, after it was purchased by the group a decade ago. The acquiring party is an Australian investor, with many reports pointing towards the Queensland-based property developer Shaun Juniper and his wife Samantha as the new owners. Currently, the couple intend to transform the island into a six-star luxury health retreat. CBRE’s Wayne Bunz and Hayley Manvell were the listing agents.
