New South Wales
Various - $287 million
Vicinity Centres has successfully sold half shares in Sydney’s Roselands Centre and Carlingford Court for a combined $287 million, amid resurging buyer interest in shopping centre investment opportunities.
CBRE’s Simon Rooney exclusively negotiated both off-market transactions. The remaining interests in both shopping centres are owned by the Sydney-based JY Group.
The transactions cap an active year for retail investment sales, with more than $6.5 billion in assets traded in 2024 - significantly surpassing the $5.06 billion total, with several transactions still in play.
Roselands Centre and Carlingford Court have a combined gross lettable area of approximately 96,761 sqm, generate exceptional centre turnover totalling more than $630 million annually, and occupy significant high-profile metropolitan sites.
South Australia
THEBARTON - $22 million
Thebarton Square, a 14,510 sqm site that was the former Thebarton campus of the University of Adelaide, has sold for $22 million in an off-market deal by Knight Frank.
The property, situated just 2.5 kilometres west of the Adelaide CBD, is a true island site bordered by Stirling, Anderson, Holland and Windwood Streets in the northeastern corner of Thebarton.
With 11 titles across 19 allotments, the asset incorporates a corporate-style industrial estate consisting of 14 commercial and warehouse buildings with a total lettable area of 10,714 sqm, as well as future development potential for a mixed-use project with development of up to six levels envisaged under its Urban Corridor (Business) zoning.
It was purchased by a local private investor from KM Property Funds for $22 million in an off-market deal negotiated by Ryan Mills and Max Frohlich of Knight Frank.
Victoria
TRUGANINA - $8.35 million
A private investor has purchased a 3,810 sqm office/warehouse that came leased to Harvey Norman.
Located at 2A Dunmore Drive, the asset boasts a gross passing income of $444,716 per annum plus GST, with options until 2031. The building features five container-height roller shutter doors, a generous springing height of 10.2 metres, and a substantial canopy covering 210 square metres, making it an ideal facility for various industrial operations.
The deal was managed by AND Property's Ricardo Cappelletti, Ben Quennell and Joff Mithen.
Queensland
MACKAY - Undisclosed
Star Group has doubled down on its Queensland expansion strategy by acquiring Rydges Mackay Suites and the Mackay Central Retail Centre.
The group, Queensland's largest independently owned and operated pub and liquor retail group, recently acquired the Rydges Gold Coast Airport Hotel. Star Group’s portfolio now comprises 51 licensed venues, over 115 retail liquor outlets, and eight accommodation venues across Queensland.
In its latest foray, it has turned its focus to the fast-growing Mackay market in a deal facilitated by CBRE Hotels National Director Wayne Bunz on behalf of Richard Pegum and Geordie Clark.
