Deals of the Week - 27th May 2024

May 2024
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Deals of the Week - 27th May 2024

Western Australia 

PERTH - $9 million 

The Riverton Shopping Centre has been offloaded by a private owner, with the final sale price reflecting a yield of just over 7%. 

The centre came fully leased to a mix of tenants, including IGA, Wizard Pharmacy, Firewood Café & Restaurant and Willetton News, among the 9 specialty storesjust the second neighbourhood centre to transact in WA in 2024.

The deal was managed by JLL's Nigel Freshwater and Sean Flynn.

South Australia

GOLDEN GROVE - $8 million 

A Victoria-based investor has purchased a South Australian childcare centre, marking the largest childcare transaction in the state since 2022. 

Located at 2-8 Botany Drive, the 900sqm childcare centre is fully leased to ASX-listed, Nido Early Learning on a 20-year initial lease.   

CBRE’s Sandro Peluso, Jimmy Tat, Marcello Caspani-Muto and Rhyce Scott managed the sale which achieved a yield of 5.75%. 

LONSDALE - $1.85 million 

A purpose-built cold storage facility sold following a sales campaign managed by Colliers' Paul Tierney and Tom Barrett.

Located at Lot 16 & 17 Hull Court, the 952 sqm highly specialised asset sits within an established industrial precinct and features 10 loading bays with a full-length canopy, 4 coolrooms and on-site parking and security fencing.


SPRINGFIELD - $5.35 million 

A private Sydney-based investor has purchased a near-new freestanding Club Lime gym in Springfield for $5.35 million. 

Located at 11 Commercial Drive, the facility was developed by Enhance Property Investments in 2023 and is secured by a seven-year triple net lease to ASX-listed Viva Leisure, with options extending to 2040. 

CBRE’s Nick Kennedy and Harrison Coburn brokered the deal with the sale price reflecting a yield of 6.37%. 

This sale marks the third transaction in the vendor's portfolio, bringing the total of sales to almost $16.5 million, following the previous successful deals of Hungry Jacks Beenleigh for $5.1 million (4.68% yield) and Taco Bell and Yiros Shop Beenleigh for $6 million (5.5% yield). 

CURRUMBIN - $3.3 million 

An industrial property in the Gold Coast was purchased by a local investor post-auction, reflecting a tight 3.27% yield. 

The property located at 4 Traders Way was offloaded by a local investor, with the sales campaign being managed by RWC's Ryan Langham and Damon Walker.

New South Wales

CARLTON - $2.12 million 

A mixed-use freehold property in South Sydney with redevelopment potential has sold before auction following strong buyer demand during the sales campaign.  

The property at 309 Princes Highway in Carlton was purchased by a local investor for $2.12 million from Jemag Pty Ltd in a deal negotiated by Adam Droubi and Anthony Pirrottina of Knight Frank.  

The 562 sqm site is currently occupied by a two-storey mixed-use freehold with two ground-floor retail/commercial lots totalling 177 sqm, including one occupied by Betie’s Café, along with a 150 sqm generous three-bedroom apartment on the first floor.  

SURRY HILLS - Undisclosed 

A commanding retail and commercial freehold property positioned at the gateway of Sydney’s CBD has sold for the first time in 27 years.  

The property at 36-38 Wentworth Avenue in Surry Hills consists of a three-storey building with 845 sqm of net lettable area plus four car spaces with rear lane access on an expansive 278 sqm site. 

The building is 100% leased to Motorcycle Accessories Super Market and Corporate Fitness Centre.  

The asset was sold in an off-market deal by Knight Frank's James Masselos, Jessen O’Sullivan and Andrew Harford. 

GULGON - Undisclosed 

Owners Trevor Morgan and Di Burcham successfully offloaded the Ten Dollar Town Motel & Larsen's Restaurant after a sales campaign managed by JLL's Greg Jeloudev and Edward Browne.

The asset was purchased by an investor syndicate, which added the asset to its portfolio of hospitality and commercial assets. The Ten Dollar Town Hotel & Larsen's Restaurant holds an occupancy level of over 95% and has a current DA Approval for 7 additional motel suites.

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