Deals of the week – 15 OCTOBER 2018

October 2018
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Deals of the week – 15 OCTOBER 2018


Search for more development sites in Victoria here.

BLACKBURN - $30.2 million
A mostly vacant, 6,059sqm office building at 1 Chapel Street, Blackburn, has been sold for $30.2 million in an ‘off-market’ campaign.

Vantage Property Investments secured the site, which retains a five-year lease to Leader Newspapers, from Rupert Murdoch's News Corp. The property will be held in a stand-alone pooled investment fund managed by Vantage.

Selling agents commented that the site offered strong local demand for office accommodation and multiple exit strategies.

CBRE’s Scott Orchard, Josh Rutman and Kiran Pillai handled the sale.

PRESTON - $4.25 million
A 1,460sqm development site at 176 High Street, Preston, has been sold to a local developer for $4.25 million. The site was sold with planning approval for the development of an architect-designed eight-level mixed-use development; involving 73 apartments and retail outlets.

Knight Frank's Andrew Greenway and Tom Zhou and Jellis Craig's Richard Rose handled the sale.

COLAC - $1.85 million
A development site at 309-315 Murray Street in Colac, Victoria, has been sold for $1.85 million.

The 4,843sqm corner site accommodates a 1,845sqm building offering short term income. While the site has commercial zoning, it is suitable for a range of possible outcomes.

Tim Darcy of Darcy Jarman and Andrew Waddell of Gross Waddell negotiated the sale.

New South Wales

Search for more development sites in New South Wales here.

PARRAMATTA - $56.63 million
An A-Grade building at 91 Phillip Street in Parramatta’s CBD has been secured by global fund manager, BlackRock, for $56.63 million.

‘The KPMG Building’, as it is known, was previously sold in 2015 for $30 million. The vendor then refurbished the space to capitalise on demand in the area. The property sits on a prominent corner encompassing 2,193sqm and has potential for further redevelopment.

Cushman & Wakefield’s Steven Kearney and Mark Hansen and Savills Australia’s Simon Fenn, Graeme Russell, Tim Grosmann and Ben Azar, managed the deal.

GLADESVILLE - $2.22 million
A 569.1sqm residential block, zoned R4 High Density, has been sold for $2.22 million at a well contested auction.

The site at 10 Linsley Street, Gladesville, in Sydney’s north, was marketed with development potential and was sold with the possibility of letting three properties on site for short term income.

Ray White’s Jessica Ryan and Robert Cassidy managed the sale.   


Search for more development sites in Queensland here.

BEENLEIGH - $1.788 million
A retail strip known as ‘The Centre’ at 13-17 Main Street, Beenleigh, has been sold to Gold Coast private investor for just under $1.8 million at a tightly fought auction.

A local family sold the 1,391sqm site which encompasses a 472sqm building with seven shops and 25 parking bays.

JLL's Andrew Havig handled the auction.

Western Australia

Search for more development sites in Western Australia here.

AVELEY - $26.925 million
A private investor has snapped up a neighbourhood shopping centre in Perth’s north from Woolworths for just shy of $27 million.

The 4,919sqm site was sold almost fully leased, with Woolworths secured in a 12-year lease, as well as nine other specialty stores on long leases.

Nick Potter, Sashi Makkapati and Billy Dent from Cushman & Wakefield handled the deal.

FALCON - $7.65 million
A big-box liquor store in Perth has recently been sold to West Australian-based property syndicate, Mair Property Funds, for $7.65 million.

The store, at 4 Olive Road in Falcon (80km from Perth CBD), was previously owned by Redcliffe Holdings and retains its lease to the Wesfarmers-owned First Choice Liquor with options. The creation of big-box retail has been limited across WA by the state government.

CBRE's Richard Cash and Anthony Del Borrello negotiated the sale.


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