New South Wales
HILLSDALE - $75 million
A Bunnings outlet in the Eastgardens shopping complex has been scooped up by Newmark for $75 million, marking the sixth Bunnings asset to join their Hardware Trust.
The south Sydney asset last traded in 2015 when Wesfarmers sold the property, unfinished, to a local investor for $56 million. Located at 140-148 Denison Street in Hillsdale, the store offers 14,920sqm of lettable area on 2.3 hectares of land.
Colliers’ James Wilson managed the deal.
PUB PORTFOLIO - $75 million
A portfolio of five pubs in NSW’s Central West region have been picked up by Investment Management Group (IMG) for a total of $75 million.
The hotels include, the Royal Hotel in Orange (near $24 million), the Dudley Hotel in Bathurst, the Castlereagh Hotel in Dubbo, the Federal Hotel in Wellington and the Federal Hotel in Mudgee. MPK Hotels was the vendor, led by hoteliers Nick McKechnie and Nelson Kelly, who had built up the portfolio over the previous 10 years.
Pub Brokers & Advisory’s Nic Butler managed the sale.
ARNDELL PARK - $27 million
A distribution centre in Arndell Park has been scooped up by Centuria Industrial REIT (CIP) for $27 million. Located at 29-31 Penelope Crescent, the 9,400sqm asset sits on a 1.9-hectare landholding and was last sold in 2013 for $12.35 million.
The property was sold with a lease to civil and construction infrastructure supplier Jaybro Pty Ltd. The lease is set to expire in 2.2 years.
The acquisition marks CIP’s second Sydney industrial transaction in the last seven weeks. The investment trust holds 62 assets in its portfolio worth a total of over $2.6 billion.
SEVEN HILLS - $18.92 million
A data centre in Sydney’s Seven Hills has traded off-market to Microsoft for $18.92 million. Located at 57 Station Road, the 2.57-hectare tract is yet-to-be developed, currently presenting two small buildings, one of which is occupied by Frasers Timber.
The acquisition marks Microsoft’s third data centre asset in Sydney.
BYRON BAY – Undisclosed
The Flannery family’s KTQ Group has this week divested The Sun Hotel in Byron Bay after it was snapped up by an investment group, led by Winchester Group.
The Sun occupies a 7,653sqm freehold landholding located on Byron Bay’s North Beach in a significant growth area, the hotel is surrounded by key demand drivers including Habitat Precinct, The Arts and Industry Estate, Elements of Byron Resort and the North Beach Solar Train Station
“A change of ownership will allow an opportunity for the venue to enter the next phase of its lifecycle and reimagine itself as a family friendly environment and as one of Byron Bay’s iconic venues,” Winchester Group Director, Shaun Dunleavy commented.
CBRE’s Wayne Bunz and Paul Fraser negotiated the sale.
MILDURA - $81.1 million
Mildura Central has reportedly sold, changing hands from Vicinity’s Enhanced Retail Fund to IP Generation for $81.1 million – $78.1m plus cash contributions. Vicinity originally picked up the asset in late 2014 for $109.75 million.
Located on the corner of Deakin Avenue and Fifteenth Street, the 7.35-hectare landholding presents 20,200sqm of NLA. The centre is anchored by a strong performing Woolworths and Target, with Target yet-to-confirm if it will remain after last year’s restructuring.
Colliers’ Lachlan MacGillivray managed the deal.
PAKENHAM - $30 million
Pakenham Place has traded hands from QIC to Leaf Corporation and BANCO Group for an amount speculated to be around $30 million.
Situated at 67-79 Main St, the 15,879sqm shopping centre occupies a near five-hectare landholding and is comprised of 30 specialty stores, a medical centre, service station and 750 car parks. Coles has re-signed on and Aldi have recently joined a newly vacant Target space. The incoming owners have indicated that they will pursue a refurbishment.
MOOROOPNA - $7 million
A Coles-backed retail property in Goulburn has been picked up by a local investor for $7 million. Located at 107-121 Echuca Road in Mooroopna, around 190 kilometres north of Melbourne, the 1.39-hectare asset offers 2,860sqm Coles and Liquorland, along with a separate Shell Coles Express service station and 141 car parks.
Ray White Commercial’s Tom Barr and Ryan Trickey managed the sale.
MORNINGTON - $3.72 million
The property formerly operating at the Mornington Cinemas has sold successfully at auction for $3.72 million, smashing its price guide of $3 million. Four parties were actively bidding with the final result setting a local land rate benchmark.
The successful bidder was a local investor who will undertake a refurbishment. A new tenant will also be sought for the repurposed two-storey building.
The asset was sold by Vinci Carbone’s Joseph Carbone with Jacobs & Lowe’s Michelle Adams and Jeremy Lewis.
BRIGHTON - $3.525 million
An exclusive Bayside medical centre has sold for $3.525 million, reflecting a $625,000 uplift in price for the owner who originally purchased the property just 18 months ago.
The former Genesis Medical Centre featured a permit for 5 medical practitioners and was purchased by a Vet who will occupy and refurbish the facility moving from any existing premises around the corner.
390 Bay Street, Brighton, presented one of the last few remaining opportunities for medical usage and owner occupation along the tightly held Bay Street strip. Positioned meters from both Coles Supermarket and the new Bianco Apartment Development (429 Bay Street, Brighton) which was sold by the same agency team over 2 years ago.
The transaction, which took place 48 hours before its scheduled auction, was handled by CBRE’s Sandro Peluso, Josh Twelftree, Jimmy Tat & Marcello Caspani-Muto.
A residential development site in Surfers Paradise recently changed hands for $5.1 million.
Located at 12-14 Hamilton Avenue, the property presented 810sqm of vacant land, situated in the heart of Surfers Paradise, 120m from the beach. It was zoned 'High Density Residential' which will allow unlimited height restrictions.
Ray White Commercial’s Michael Willems managed the campaign with Ray White Special Project’s Matthew Fritzsche.