Victoria
MELBOURNE (NSW & QLD) - $225 million
Financial services firm that specialises in asset management, MA Financial, has purchased Australia's largest marina network, the d'Albora marina portfolio for $225 million from financial services firm, Balmain.
The portfolio, which is comprised of 10 assets across Victoria, NSW, Queensland, including well-known assets such as Sydney's Rushcutters Bay and The Split, as well as management rights to Port of Airlie marina in QLD, will be the core of a new fund by the firm, the MA Marina Fund, indicating further investment in the asset class.
While Balmain did offload the portfolio, they will participate in the fund as a cornerstone investor with an initial interest of 30%.
Joint CEO of MA Financial, Julian Biggins, commented on the acquisition stating, "We see a clear investment opportunity for our clients in this asset class. Marinas have characteristics and benefits that set them apart from traditional real estate investments."
BOX HILL - $12.78 million
A Chinese developer has purchased a large landholding found in Box Hill's activity centre, directly across the road from Box Hill Central.
The sale of the asset located at 69 Carrington Street was brokered by Stonebridge's Chao Zhang and Julian White, with the final sale price of $12.78 million reflecting a land rate just shy of $11,500/sqm.
SPRINGVALE - $1.915 million
Crabtrees Real Estate Senior Executive Darryl Lever and Partner Chris McKenzie have sold a secure industrial investment located in the tightly held Springvale industrial precinct for $1.915 million at Public Auction.
2a Brough Street, also known as 1/33-35 Smith Road, Springvale is leased to Sunrise Valley Foods on a five-year lease with no further options and returns a net rental income of $77,250 p.a.
“With a large crowd in attendance, 3 bidders pushed the price well above the reserve with the final price of $1.915 million reflecting a yield of 4.03%” commented Partner Chris McKenzie.
Queensland
WOOLLOONGABBA - $12.5 million
A cluster of quality development sites in the heart of Brisbane’s popular Woolloongabba suburb has sold for $12.5m to national property developer, Sarazin, in a deal brokered by Gregory Woods and Daniel Pepper of Savills Australia and New Zealand.
The 2,729 sqm site, which comprises of four land parcels – 14, 16 and 18 Wellington Road and 25 Nile Road – forms part of the Woolloongabba Centre neighbourhood plan and is zoned for mixed-use and allows for development up to 20 storeys.
Woolloongabba is a priority development area with State and Federal Governments pouring significant investment into the precinct in the lead-up to Brisbane hosting the 2032 Olympic and Paralympic Games.
New South Wales
BOAMBOLO - $15.5 million
Rupert Murdoch purchased a rural property in Boambolo, next to his property Cavan Station in rural NSW.
While the 758-hectare property is dwarfed by Cavan Station, which sits at 10,000 hectares, it sits in the prized 'golden triangle' of pastoral land in the Murrumbidgee River region.
The deal was handled by LAWD's Col Medway.
CAMPBELLTOWN - $9.15 million
After a sales campaign that generated over 160 enquiries and more than 10 bidders, a group of four restaurants in Sydney's southwest has sold under the hammer for $9.15 million to a private investor.
Located at 1 & 2/4 Rennie Road, the asset houses Harry's Café de Wheels, Big Fat Greek, Lone Star and Oporto, and holds a combined annual net income of $569,100.
The deal was brokered by Burgess Rawson's Kieran Bourke, Rhys Parker and Darren Beehag.
NARRAMBI - $8.5 million
The Naomi Hotel in Narrambi has sold in an off-market deal negotiated by HTL Property's Blake Edwards and Xavier Plunkett.
Sold by publicans Tim Ireson, Ben Cochrane and partners, who owned the asset for 2 years cited geographical constraints and a refocusing on assets closer to the Central West of NSW as the motivating factor for the sale.
HTL Director Blake Edwards commented on the continued strength of pub assets in spite of an inflationary period, stating, "This sale reinforced to us that yields on regional freehold going concern hotels remains robust, and the acute supply shortage of quality stock is continuing well into 2023".
SMITHFIELD - $3.95 million
An owner-occupier specialising in powder coating and fabrication has purchased an industrial warehouse in Smithfield to relocate its current operations.
Located at 8 Sammut Street, Smithfield, sold for $3,950,000, representing a sales rate of $4,876 per sqm on a building of 810s sqm and a large land area of 1,398 sqm.
CBRE’s Janet Joljian brokered the deal via private treaty, stating, “The purchaser was attracted to the building due to its functionality, dual access and freestanding nature as well as the investment opportunity which the property presented, by having a short-term lease in place.”
COOGEE - $3.1 million
The Balafas Family has sold a 257 sqm two-storey mixed-use building on a 123 sqm site at 218 Coogee Bay Road to local investor Pepe Capital Management.
The vacant and recently refurbished property in the heart of Coogee’s iconic shopping village includes two car parking spaces, rear lane access and basement storage.
James Masselos, Anthony Pirrottina and Demi Carigliano of Knight Frank negotiated the sale.
South Australia
ST MARYS - $3.71 million
A medical centre in Adelaide's south has sold to a private Sydney-based investor for $3.71 million, in a deal brokered by Burgess Rawson's Beau Coulter and Shaun Venables in conjunction with Knight Frank's Oliver Totani and Jack Dyson.
Located at 135-139 Daws Road, the centre is comprised of two buildings, anchored by Daws Road Medical Centre and Sonic Healthcare, which holds a total net annual rental income of $247,736.
