New South Wales
SYDNEY - $196.4 million
A 27-storey office and retail building at 1 Castlereagh Street in the heart of the Sydney CBD has sold.
The property, located on a 1,164 sqm site on the corner of Castlereagh Street and Hunter Street, opposite the entrance of the newly completed Sydney Metro at Martin Place Station, has a (NLA) of 12,418 sqm. The building was extensively refurbished in 2020-2021 for $24 million.
It was purchased by SLMC Property Australia Pty Ltd (a wholly owned subsidiary of Sim Lian – Metro Capital Pte Ltd in Singapore) following an off-market campaign run by Knight Frank's Dominic Ong, Paul Roberts, Ben Schubert and Jonathan Vaughan.
WARRIEWOOD - $135.5 million
Sydney-based property investment firm, JY Group, has expanded its shopping centre portfolio with the $135.5 million acquisition of a 50% stake in Warriewood Square.
While co-owned and managed by Vicinity Centres, this strong-performing sub-regional centre is located 29km northeast of Sydney’s CBD, in the affluent Northern Beaches area. Warriewood Square is anchored by Woolworths, Coles, Aldi, and Kmart, offering an 11.1-year WALE by income and combined annual sales of over $135 million.
This purchase increases JY Group’s total Australian shopping centre assets to over $2.8 billion, following the earlier acquisition of Roxburgh Village in Melbourne and a stake in Perth’s Westfield Whitford City.
The deal was managed by CBRE's Simon Rooney on behalf of ISPT.
SOUTH & NORTH COAST - Speculated Over $100 million
Hospitality fund manager, Salter Brothers, has acquired three Bannisters Hotels on the NSW South and North Coast.
Located in Mollymook and Port Stephens, the acquisition includes two hotels operated by celebrity chef Rick Stein. Salter Brothers will add the hotel to its unlisted Hospitality Retreat Fund, which owns 13 properties.
The off-market deal was negotiated by Savills on behalf of the vendor, in conjunction with MinterEllison, consultants Napier & Blakeley and Ernst & Young.
TAREE - $34.85 million
Centuria Capital has acquired a $34.85 million subregional shopping centre to establish the Centuria Manning Mall Fund.
Situated in Taree on NSW’s central coast, the approximately 10,800 sqm Manning Mall shopping centre was purchased at a remarkable 62% discount to replacement cost. It is anchored by a high-performing Coles Supermarket, which boasts annual sales significantly above the chain's average, with a lease extending until 2034.
The deal was brokered by Colliers' James Wilson and Ben Wilkinson.
NARRABEEN - $15.4 million
A 1.884-hectare site formerly the Narrabeen RSL Memorial & Recreation Club has been sold for $15.4 million to a local developer. Located at 116 Nareen Parade in North Narrabeen, the property features a distinctive 2-3 storey L-shaped building, three lawn bowling greens, and significant redevelopment potential.
The venue previously included amenities such as a gaming room, multiple lounges, an auditorium, dining areas, office spaces, and 39 parking spots. The transaction was brokered by Nick Lower and Tim Grosmann from Savills Australia and New Zealand on behalf of the Narrabeen RSL sub-branch.
EARLWOOD - $2 million
A mixed-use commercial investment in Sydney’s southwest has sold after just seven days on the market due to strong buyer demand for the asset.
The property at 210 Homer Street in Earlwood, which has 280 sqm of NLA over two levels on a 171 sqm site with four car parks via rear lane access, is 100% occupied by two longstanding tenants; Aussie Home Loans and Australia Wide Creative Media.
The property was purchased by a local high-net-worth individual for $250,000 over the asking price. The sale was negotiated by Knight Frank's Demi Carigliano and Anthony Pirrottina on behalf of the vendors George and Despina Alexandropoulos.
Queensland
ASHGROVE - $3.658 million
A local private investor has made their first commercial property investment with the purchase of the Ashgrove retail centre under the hammer following a highly competitive auction.
Located at 20 Stewart Street, the centre has a proven tenant occupancy history and long leases, with the final sale price reflecting a yield of 5.25%.
The deal was managed by RWC Retail's Michael Feltoe and Lachlan O'Keeffe.
Victoria
ROWVILLE - $1.37 million
An Amcal Pharmacy retail investment has been sold under the hammer following a sales campaign managed by CVA's Jarrod Moran, Stan Dawidowski and Charlie Hicks.
The auction drew strong interest, with six active bidders and approximately 30 attendees, reflecting the continued demand for high-quality, well-tenanted assets. The property achieved a building rate of $13,838 per square metre and delivered a net yield of 4.45%.
The vendor, who had owned the property for 13 years, benefitted from long-term stability with Amcal Pharmacy as the tenant for over a decade.
