Deals of the Week - 15th January 2024


January 2024
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Deals of the Week - 15th January 2024

Western Australia

DIANELLA - $76.25 million 

Active Perth-based funds manager Greenpool Capital has purchased Dianella Plaza in Perth’s northern suburbs to close out 2023. 

Dianella Plaza is the fourth retail acquisition for the expanding Greenpool Capital, amassing $468m in acquisitions since 2021, with its most recent purchase being Forest Lakes Shopping Centre WA for $81.5m in July 2022. 

Located in the inner-Perth suburb of Dianella, 8km north of the CBD, the 17,138sqm, food, service and convenience-based neighbourhood centre is anchored by Woolworths and Coles, The Reject Shop, 54 specialties and kiosks, three ATMs and six pad sites. 

The transaction was struck at a $4.25m premium to VCX’s June 2023 book value, reflecting a 6.75% core cap, a passing yield of 6.65% and a fully leased yield of 7.38%. 

CBRE’s Simon Rooney and James Douglas exclusively managed the off-market sale campaign on behalf of Vicinity Centres.


New South Wales 

VARIOUS - circa $60 million 

MA Financial, FinCap and Pengana Capital closed out 2023 with the purchase of one of Australia's largest school camp operators, The Great Aussie Bush Camp. The business and its assets will become part of the newly created Schools Camps Real Estate Fund managed by FinCap. 

The Great Aussie Bush Camp generates roughly $20 million in annual booking revenue and occupies over 73 hectares of land across New South Wales on the Central Coast, Mid North Coast and Lake Macquarie. 

The deal was brokered by Nash Advisory's Tom Butler.

TUMUT - Undisclosed 

The Star Hotel, owned by publican Robert McGhee who previously owned Blacktown's Adam's Tavern, has offloaded the Star Hotel in Tumut. 

In a deal managed by HTL Property's Ben Kennedy and Xavier Plunkett, the freehold going concern for the asset was purchased by a local purchaser after an active on-market EOI campaign. 

The venue sits upon a large 2,638 sqm site,  featuring an expansive first-floor terrace with distant mountain views, a public bar, bistro, commercial kitchen, indoor/outdoor dining areas, eight underutilized accommodation rooms, plus a manager’s residence.


Victoria 

MELBOURNE - $56 million 

A Chinese syndicate and a local investor have jointly acquired Melbourne CBD's iconic Mitchell House, concluding more than five decades of Krongold family ownership. 

The partnership purchased Mitchell House as well as the neighbouring Milledge House just before Christmas, with the final sale price representing the highest price for a commercial building in Melbourne's CBD last year. 

Mitchell House was constructed in 1936 by renowned architect Harry Norris, who is known for designing the David Jones building in the Bourke Street Mall and the Burnham Beeches country house in the Dandenong Ranges. 

The deal was handled by Cushman & Wakefield's Oliver Hay, Daniel Wolman and Leon Ma, with Tom Byrnes and Scott Keck of Charter Keck Cramer working as transaction advisors. 

TRUGANINA - $12 million

Two industrial-zoned blocks in Truganina were purchased by owner-occupiers for a combined price of $12 million.

The two blocks, located at 44 and 52 National Drive, are the final underdeveloped lots on the street within proximity to Goodman Group-owned warehouses, Charter Hall's Core West Estate and Aliro's super-prime facilities.

Steel and aluminium fencing company Triple Star Fencing purchased a 7,232sqm block at 44 National Drive for $6.09 million, and plasterboard and external cladding specialists BoardPro purchased a 7,241sqm block for $5.98 million.

CBRE’s Lachlan May, Cameron Giles, Fergus Pragnell and Tom Murphy brokered the deals on behalf of the private vendors.


Queensland

FLAGSTONE - circa $26 million 

A high-net-worth Syndey-based private investor has acquired Flagstone Village in South East Queensland for more than $26 million following a hotly contested Expressions of Interest campaign. 

CBRE’s Joe Tynan and Michael Hedger negotiated the transaction on behalf of Coles Property Group amid strong investor demand for near new neighbourhood shopping centres in high-growth areas. 

The recently constructed centre has a gross lettable area of approximately 4,604 sqm and is anchored by a circa 3,614 sqm high-performing, full-line Coles supermarket. It includes seven specialty retail tenants and provides strong security via a long 7.7-year WALE by income.  


South Australia

RIVERLEA PARK - $21.5 

Centuria Captial has purchased a greenhouse and glasshouse facility within the Adelaide Plains through its open-ended unlisted Centuria Agriculture Fund (CAF), taking the fund's assets under management to $351 million. 

The facility, located at 234 Carmelo Road, sits on a 59-hectare land parcel, including 6 hectares of glasshouses, and 6 hectares of plastic greenhouses, with the assets operations continued by P’Petual Holdings, one of South Australia's largest vegetable growers. It provides strong lease covenants including a 10-year triple-net lease with annual rent escalations. The acquisition also included a DA approval for an additional 4-hectare glasshouse.

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