Pictured above: 49 Stephen Road, Banksmeadow
New South Wales
BANKSMEADOW - $143 million
ESR Australia has secured one of the few remaining large-scale industrial sites in South Sydney, taking their development pipeline to $7.9 billion.
At a time when logistic and industrial demand has never been higher, ESR plans to redevelop the 48,000 sqm asset into a core logistics estate and invest a further $300 million to deliver 58,000 sqm of GFA. Interestingly, the asset's planning controls come with no FSR or height limits, providing a significant redevelopment opportunity.
The asset was sold by the tenant, Allnex, who will continue their tenancy, signing a 5-year lease. Colliers' agents Trent Gallagher and Michael Crombie negotiated the deal on behalf of Allnex.
MANLY - $80 million
Manly Wharf has been sold by TMG Developments, in a deal brokered by CBRE's Simon Rooney and James Douglas.
The heritage-listed asset was initially constructed in 1855 and has since become a key hospitality area within Sydney, being home to the renowned Manly Wharf Hotel.
Manly Wharf was purchased by Howard Smith Wharves owners Adam Flaskas and Paul Henry, who previously transformed the heritage-listed Howard Smith Wharves in Brisbane into an entertainment and cultural precinct.
Victoria
NOBLE PARK - Circa $20 million
A substantial 19,339 sqm industrial freehold site was purchased by an interstate investor, after an expression of interest campaign that garnered 149 enquiries.
In a deal brokered by Lemon Baxter's Paul O'Sullivan and Chris Chartres, the asset located at 440 Princes Highway came leased to a long-term tenant, packaging manufacturer Oji Fibre Solutions, and generates approximately $986,000 in rental income p.a.
THORNBURY - $3.53 million
A large 1,170 sqm landholding with a 20-unit apartment complex in the lifestyle hotspot of Thornbury has sold for the first time in 60 years.
Purchased by a Sydney-based buyer for $3.53 million - $430,000 above reserve - the sale demonstrates the national appeal of apartment assets in Melbourne's inner north. Fitzroys’ Mark Talbot and Ervin Niyaz sold 12 Dundas Street under the hammer on behalf of the vendor whose family originally built the property.
The final sale price reflected a tight 3.3% yield, with the buyer intending to refurbish the property.
MELBOURNE CBD - $2.1 million
A local barrister purchased a 212 sqm penthouse and rooftop at 415 Bourke Street, known as Rochelle House, after a sales campaign that saw over 80 enquiries.
The deal was brokered by Colliers' Matt Stagg and Christian Hatzis, with Hatzis commenting on the sale, stating, "The buyer, who was leasing space within immediate proximity, quickly recognised the scarcity of assets with rooftop opportunities in the CBD, leading to a strong sales result of the property, which was brought to market for the first time in 20 years."
The final sale represented a building rate of $9,905/sqm.
DOCKLANDS - $1.92 million
A prominent project management firm secured five top-floor suites at Australia's first 5-Star Green Star commercial strata office building at level 4 838 Collins Street, featuring an innovative open-air atrium and internal louvres providing natural light and natural ventilation.
The purchaser was already occupying the building and purchased two suites they had been leasing, as well as an additional three to future-proof themselves. The five suites total 338 sqm combined and were purchased for $1,921,530, representing a building rate of $5,685/sqm.
The deal was brokered by Colliers' Christian Hatzis.
Western Australia
BUSSELTON - $16 million
Centuria has purchased the Busselton Boulevard Shopping Centre from a local vendor for $16 million, reflecting a 9.19% initial yield and forecast IRR of over 13%.
The centre, located at 69 Prince Street, is anchored by Coles and currently holds 99% occupancy, with 92% of the assets offering catering to non-discretionary spending.
CBRE’s James Douglas and Chloe Mason, in conjunction with VPG Property’s Craig Butler & David Walser, handled the sale.
Queensland
CAIRNS CITY - $7.45 million
The home of Officeworks in Cairns City has sold to a North Queensland property investor for $7.45 million.
Officeworks has tenanted the 4,695 sqm site at 13-15 Water Street for 20 years but will relocate to larger new premises on Spence Street at the end of their lease in two years.
CBRE’s Danny Betros and Jay Beattie managed the sale via an Expression of Interest campaign that gained interest from owner-occupiers and investors.
