In our first Deals of the Week of the year, we cover the final deals from December panning to January.
New South Wales
WOY WOY - $112 million
Dexus Wholesale Property Fund announced in December that it has reached a conditional agreement for the sale of Deepwater Plaza in Woy Woy for $112 million. The sale reflected the completion of three sub-regional shopping centres for the fund across New South Wales, Queensland and Victoria.
The Funds Fund Manager, Michael Sheffield stated "The divestments of these assets continues the implementation of the Fund’s strategy to hold larger regional retail assets.”
All three transactions were negotiated by Simon Rooney of CBRE.
COFFS HARBOUR - Undisclosed
HTL Property in conjunction with Ray White Commercial Queensland have announced the sale of Coffs Motel & Villas.
Coffs Motel & Villas was built in circa 1965 and is situated opon a 8,535 sqm* land parcel that houses 37 rooms and villas. The property holds a prime location, being situated at the mid-way point between Brisbane and Sydney, and has a Development Approval for an 83-room full-service hotel.
“We were overwhelmed with enquiry due to the precision of our marketing channels covering all avenues necessary to achieve such a strong result in a market that had seen 7 interest rate rises within 7 months” commented Ray White Commercial Managing Director and Partner, Michael McCullagh.
“Following our sale of Lookout Mountain Retreat in neighbouring Dorrigo, it was rewarding to be involved in such a strategic marketing process for this property” added HTL Property Director, James Carrick.
MANLY - circa $40 million
The Kelly family, who own several landmark Sydney hotels has secured a circa $40 million buyer for the Brookvale Hotel. Sitting on a 2,700 sqm site between Brookvale Oval and Westfield Warringah Mall, the site was sold to the family owned, Irvin Hotel Group. The deal was brokered by JLL's John Musca and Ben McDonald.
Although the specific figure remains undisclosed, it is speculated that the hotel sold relatively in line to its asking price of $40 million.
Victoria
ARMADALE - $30 million
A row of high-end fashion outlets on High Street have been purchased for over $30 million by family offices associated with senior directors of Melbourne developer, Central Equity.
The 1,1174 sqm corner block which includes six ground floor shops and offices above was purchased in conjunction with the neighbouring building located at 1075 High Street by Central Equity co-founder Dennis Wilson and director Darren Blankfield.
The deal was marketed by Josh Rutman, Jesse Radisich, Nick Peden and MingXuan Li of JLL.
EPPING - $10.94 million
A local industrial developer has purchased the final allotment in MAB Corporation's Alliance Business Park in Epping.
The sale of the 11,950 sqm site was brokered off-market by CBRE's Daniel Eramo, Joe Brzezek, Jake George and Corey LeFavi. MAB's General Manager of Commercial and Industrial, Michael Martin stated: "The sale of the last lot signifies a strong result and marks the successful completion of the sales campaign."
YARRAVILLE - $105 million
Investment management firm, Richmond Bridge has offloaded a logistics development site in Yarravile for $105 million to UniSuper. The 13.2-hectare site located near the Port of Melbourne was acquired by the industry super funds $6.3 billion unlisted property fund.
Nick Stephens, UniSuper's senior manager of property stated that the fund intends to develop the site into a modern infill logistics estate. While the asset has been purchased by UniSuper, Richmond Bridge, which is helmed by former Future Fund property head Barry Brakey alongside former AMP Capital head of real estate funds management Chris Judd, will provide asset and investment advisory services for the site.
CREMORNE - $7.65 million
The historic Cherry Tree Hotel, which was previously co-owned by AFL legend Ron Barassi has been sold for $7.65 million.
The establishment was sold by Melbourne publicans, Chris and Penny Hodges, who had previously owned the Great Britain Hotel in Richmond. It was purchased by the Kurtulus family, well above its expected sale price of $6.5 million, reflecting the strength of pub assets during an inflationary period.
The deal was brokered by Matthew Feld and Luke Bisset of Teska Carson.
South Australia
ADELAIDE - $73 million
Australian Unity has sold its Adelaide CBD office tower to Quintessential Equity for $73 million. Quintessential Equity will also be spending almost half of the sale price, about $30 million, on upgrades for the over 24,000 sqm building.
This sale comes during a turbulent time for commercial office real estate across the country, with the Property Council of Australia's most recent quarterly barometer stating the outlook for office asset growth at a two year low.
The deal was marketed Knight Franks head of institutional sales in SA, Max Frohlich, alongside Colliers’ Paul van Reesema.
Western Australia
BROOKHAMPTON - $100 million
Mixed-farming operation, Cherylton Farms, has been sold by WA property developer Julian Walter for a record $100 million to Victorian agriculture company, Excel Farms.
The 8,554-hectare property located in Western Australia's Great Southern Region main operations include diversified cropping fields and livestock grazing, with a focus on high-yielding crops such as barley, oaths, wheat and canola.
The deal was marketed by senior director of LAWD, Danny Thomas alongside colleagues Simon Wilkinson and Erica Semmens.
Queensland
REDCLIFFE - Undisclosed
QLD pub, the Ambassador of Redcliffe has been sold to a private buyer in an off-market sale brokered by Savills Hotels National Directors Leon Alaban and Tony Bargwanna.
The historic hotel built in 1881 was the first pub in Redcliffe, and has been a tightly held asset with its most recent owners operating the asset for 17 years.
Savills Leon Alaban stated: "This purchase is a strategic acquisition for the buyer, considering that pubs in Southeast Queensland remain to be tightly held commodities couples with the fact that demand remains at all-time highs."
