New South Wales
SELF-STORAGE PORTFOLIO - $160 million
A suite of five self-storage investments managed by Storage King have been picked up by Abacus for $160 million.
The deal includes three assets in metropolitan Sydney (Artarmon, Chatswood and St Leonards), as well as Pymble and Dee Why. In total, the assets are comprised of 25,000sqm of area.
MACQUARIE PARK - $55 million
An office investment in Macquarie Park has recently changed hands from RF Corval to Charter Hall for $55 million. The vendor originally picked up the asset in 2016 for $34 million.
Located at 37 Epping Road, the asset sits on a landholding of 8,010sqm and was purpose built in 2003 for Officeworks, which remains on as a tenant; Teva Pharmaceuticals is also listed as a major tenant. The building presents four levels of with 5,752sqm of office space and a showroom of 2,522sqm. There is also a café on the ground floor.
CBRE’s Scott Gray Spencer and Kenny Duncanson managed the deal in conjunction with Knight Frank.
YOUNG - $11 million
A small-format, brand new Bunnings Warehouse in a remote town in the South West Slopes region of New South Wales has transacted for $11 million.
Located at 282 Boorowa Street, Young, the Bunnings sits on a 1.15-hectare landholding and was sold with a 10-year lease (exp. Nov 2030) plus options. The asset was completed in 2020 and also offers 88 on-grade parking spaces on title.
Colliers’ James Wilson and Alex James-Elliot were the agents.
BALMAIN - Undisclosed
Long time owners Allan Stevens and family have parted ways with one of Balmain’s favourite pubs, The London Hotel, after 32 years of ownership.
The Victorian- style Hotel is one of Sydney’s oldest pubs being built in 1857 and having operated nonstop since 1870. The hotel underwent a significant ‘refresh’ during the 2020 Covid-19 shutdown period and offers two separate bars, 10 gaming machine entitlements, kitchen and dining facilities, function room and first floor manager's residence.
JLL’s Ben McDonald managed the off-market sale.
PARKES - Undisclosed
The Railway Hotel has traded hands from Bianca Sheridan and Kasie Fergusson, who have held the pub for the past 11 years, to a local investor for an undisclosed amount.
The freehold going concern sale includes a 24-hour hoteliers licence, ground floor public bar and dining room, gaming room with 6 GMEs, and outdoor beer garden. The first floor incorporates the city-style ‘Hart Bar’ and acts as the local hub for entertainment and cocktails in Parkes, as well as a fully renovated 3-bedroom manager’s flat.
JLL’s Kate MacDonald managed the deal in conjunction with Moore & Moore Real Estate’s Deane Moore.
Victoria
SOUTH MELBOURNE - $17 million
Continuing its expansion in Melbourne’s commercial property space, Fortis has acquired two new sites in South Melbourne.
The projects will go on to offer premium commercial office space in the city-fringe location where Fortis is now developing four sites. Fortis will continue to hold these commercial buildings as long-term income producing assets.
The 313-317 Kings Way site presents an area of 330sqm and was acquired for circa $5 million. A new development at the location will comprise 18 levels of premium office space, with a ground floor food and beverage activation. Designed by award-winning architects Elenberg Fraser, the development will feature full floorplate executive style office suites with uninterrupted views of Albert Park and the CBD, basement parking and dedicated end-of-trip facilities for tenants.
The transaction was negotiated by Savills.
Located at 34 Eastern Road in South Melbourne, the second site was acquired from H. CO for circa $12 million. Designed by Fieldwork Architecture, the new building will feature a ground floor retail activation, with seven levels of premium office space. A planning permit is already in place for the site and construction is anticipated to commence in late-2021.
The transaction was negotiated by Dominic Gibson of Melbourne Acquisitions.
HORSHAM - $9.8 million
Bunnings Horsham has recently sold off market to an offshore investor for $9.8 million.
Located at 24-38 Wilson Street, the asset sits on a landholding of 9,581sqm and presents a building of 7,465sqm.
JLL’s Stuart Taylor, Tom Noonan and MingXuan Li managed the sale.
HAWTHORN EAST - $9.1 million
A triple storey showroom and office in Melbourne’s Hawthorn East has been scooped up by an investor for a speculated $9.1 million.
Located at 12-16 Camberwell Road, the 1,338sqm landholding presents a building of 2,420sqm with an annual rental income of $415,722, with potential to return $550,000 pa. The property also offers significant development upside with multi-height precedent.
Teska & Carson’s Luke Bisset and Larry Takis managed the deal.
NUNAWADING - $2.75 million
A warehouse located at 29 Metropolitan Avenue has sold successfully to a prestige car company for $2.75 million, prior to ever going to market.
The campaign was expected to generate very strong interest due to lack of supply and pent-up demand within the Nunawading area, partly contributed by the forced relocation of occupiers within the Bulleen precinct due to the North-East Link.
The clear span freehold warehouse measures 625sqm and is comprised of 500sqm warehouse factory and a two level 125sqm showroom/office/mezzanine.
CVA Property Consultants’ Jarrod Moran and Stan Dawidowski managed the sale.
NOTTING HILL - $2 million
An industrial warehouse located at 3/187-201 Rooks Road has recently been picked up a local investor for $2 million.
This property was sold at a record low 4.5% yield with a longstanding tenant SG Stairs providing $91,000.00 per annum and having recently signed a renewed 5-year lease. This industrial warehouse spans over a building of area 768sqm featuring a first-floor office area of 100sqm and sits amongst Vermont’s tightly held industrial precinct.
CVA’s Daniel Philip and Stan Dawidowski managed the deal.
DANDENONG - $1.7 million
A signature first floor office investment in the Hub Arcade, located at 12/131-147 Walker Street has recently sold to a private investor for $1.7 million.
Spanning 622sqm, this building is home to several established retailers and was sold with a lease to Anglicare Victoria with a returning income of $123,805 per annum net.
CVA’s John Nockles and Tim Cooney handled the sale.
NOTTING HILL - $1.071 million
A warehouse in located at 3/25 Howleys Road has recently sold to a local owner occupier for $1.071 million.
With a total area spanning 324sqm, the first floor comprises 95sqm of office space with 229sqm of ground floor warehouse.
CVA’s Daniel Philip and David Napoleone managed the sale.
DIGGERS REST – Undisclosed
A three-year-old child-care centre located at 10 Farm Road that is fully leased to YMCA on a 15 year term with further options, has recently sold under the hammer.
Sitting on over 2,459sqm of Urban Growth zoned land, the property is set to benefit from some of the country’s highest forecast population growth (45% increase scheduled by 2041). The auction saw six bidders spread across physical attendance and online bidding.
CBRE’s Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto managed the deal.
Queensland
VICTORIA POINT - $160 million
The TownCentre Victoria Point in Brisbane’s south-east has been picked up by HomeCo for $160 million.
The asset was first developed nearly 20 years ago and offers 20,892sqm of NLA across nine buildings, with 866 car parking bays on a total landholding 7.6 hectares. Major tenants include Bunnings, Woolworths, McDonald’s and Healius Medical Centre.
JLL’s Nick Willis, Jacob Swan and Sam Hatcher managed the sale.
South Australia
WEST CROYDON - $2.25 million
The vacant St Teresa Aged Care facility, located at 88-94 Robert Street has been offloaded by UnitingSA for a speculated $2.25 million. The 2,787sqm landholding was previously home to a facility which could accommodate 46 individuals.
This asset was sold to another occupier who have announced plans to renovate, refurbish and re-release the centre as a supported residential facility.
Colliers’ Justin Hazell managed the sale.
Australian Capital Territory
PHILLIP - $18.75 million
A freestanding office building within the Capital Business Park commercial precinct at 2-6 Shea Street has been picked up by an interstate private investor for $18.75 million.
The 4,776sqm office asset sits on a commanding 4,486sqm site with basement car parking for 98 vehicles. This was the first time the asset was offered for sale since construction. The asset is underpinned by the Commonwealth (51% of NLA) and a variety of private sector tenants with a 3-year WALE.
Colliers’ Matthew Winter managed the deal.
