Pictured above: The Sofitel Hotel, Adelaide
South Australia
ADELAIDE - $154 million
Alternative investment firm with a hospitality focus, Salter Brothers, purchased the Sofitel Adelaide for $154 million.
Offloaded by the Palumbo family, this acquisition adds to Salter Brothers' sizable hotel portfolio, which manages $3 billion in hotel assets, including the Intercontinental Rialto, Hyatt Regency and Mecure Martin Place among others.
Adelaide's Sofitel is the first 5-star hotel to open in the city in more than 30 years, with the final sale price reflecting a room rate of $613,000 per key.
The deal was brokered by Savills' Nick Lower and Rob Williamson in conjunction with CBRE's Michael Simpson and Tom Gibson.
TORRENSVILLE - $85 million
Property fund manager FRP Capital purchased the Brickworks Marketplace shopping centre in Adelaide for $85 million, representing a 5.43% yield.
Consistent with FRP's investment strategy towards strong WALE and non-discretionary spending, the centre was acquired due to its tenancy mix leaning towards non-discretionary spending, being anchored by Woolworths. This brings FRP Capital's portfolio value to $250 million.
The centre was sold in an off-market deal orchestrated by JLL's Nick Willis and Sam Hatcher and was offloaded by Charter Hall and Telstra Super.
Victoria
CRAIGIEBURN - $87 million
Cadence Property Group and Linkage Property have sold a 41-hectare industrial land parcel in Melbourne's north for $87 million.
In a deal brokered by CBRE's Tom Hayes and Daniel Eramo, in conjunction with Savills' Michael Wall and Anthony Cannizzaro, the site at 50-70 Kinloch Court was purchased by Frasers Property Industrial and holds a net developable area of over 33 hectares while sitting in one of Melbourne's strongest rental growth corridors. This purchase takes Frasers Property Industrial's land bank size to 2.2 million sqm across Australia.
EPPING - $12 million
Colliers and CBRE have transacted a brand new speculative office warehouse in Melbourne’s northern suburb of Epping for $12 million on behalf of Impact Designer Homes.
The 4,172 sqm state-of-the-art facility, completed on May 2023, was initially leased to leading car engineering design specialist, Premcar, on a 3-year lease and subsequently sold to a private investor at an initial yield of 5.73%, representing a building rate of $2,876/sqm.
Colliers' Corey Vraca, Mitch Purcell and Nick O’Brien with CBRE's Jake George and Joe Brzezek managed the deal, providing the new owner an annual rental income of $688,320, equivalent to $165 per sqm.
COLLINGWOOD - Undisclosed
A local private investor has purchased the landmark Bunnings Collingwood site, in inner city Melbourne, after a solid campaign handled by Burgess Rawson’s Beau Coulter, Zomart He and Yosh Mendis.
Located at 179-201 Victoria Parade, the 7430 square metre building was converted from offices in 2016, when the property underwent a re-fit for Bunnings. It is set on a substantial 5,375 square metre site zoned Commercial 1 providing future development options.
Mr Mendis said that while the sale price is undisclosed, it was the third highest price achieved for a freestanding Bunnings in Victoria.
Western Australia
HAZELMERE - $20.6 million
A vacant block of industrial land in Perth’s east has sold in an off-market deal amid ongoing strong demand for infill industrial sites.
The 48,473sq m site at 26 Central Avenue in Hazelmere was purchased by a private developer from Metallica Property Development Pty Ltd for $20.6 million in a deal negotiated by Tom Iredell of Knight Frank.
The buyer intends to take advantage of the site’s prime locational characteristics and surrounding transportation routes and develop it into a prime warehousing and logistics facility.
Queensland
ACACIA RIDGE - Speculated circa $19 million
After holding its last race over a 44-year history last month, the Archerfield Speedway has sold to material management firm, Lantrak.
In a deal managed by CG Property Group's Michael Callow and Michael Richardson in conjunction with Cushman & Wakefield's Morgan Ruig and Matt Richards, the site was sold by owner and former racer, Ron Wanless. Lantrak, who move over 10 million cubic meters of construction material annually, were drawn to the 6.4-hectare infill site that holds favourable zoning allowing them to begin operating relatively quickly.
MOLENDINAR - $4.5 million
Brisbane property and investment firm, Natgen, has purchased a landsite in Gold Coast in a deal brokered by Crew Commercial's Jacob Zhou.
Natgen plans to develop the 4,520 sqm site into a state-of-the-art self-storage facility, including an office and retail space, with the firm both constructing and operating the facility, taking the total assessed completed value of $22.9.
Interestingly, more than one-third of all self-storage projects currently underway are in South East Queensland, with occupancy rates in outer Brisbane sitting at 94.4% as of December 2021.
