Deals of the week – 28 MAY 2018


Deals of the week – 28 MAY 2018

New South Wales

Search for more development sites in New South Wales here.

NEWCASTLE
A commercial property at 402 King St, Newcastle West, has recently sold for $1.2 million.

This site was sold to a local business owner who plans to renovate both the ground floor retail space and first floor residential.

Well located opposite Newcastle Building Society’s head office and the newly refurbished Nex Club - Ren Property's David Podmore brokered the sale.

FRENCHS FOREST
A 2,922sqm development site in Frenchs Forest has been sold for $9.5 million. The site consists of three residential properties sold as one to Sydney’s Rebel Property Group.

Situated in the Northern Beaches Hospital Precinct, there is potential for the site to be re-zoned for various development opportunities.

Knight Frank's Arland Domingo, Anthony Pirrottina and Fiona Cutler handled the sale.

ERSKINEVILLE
A development site at 12 Albert Street in Erskineville has been sold for $3 million to a local developer.

There is currently a five-bedroom house on site, however the new owner has plans to build an 18-room, three-storey boarding house including a manager's flat, common room, laundry and motorcycle parking.

The site was sold at auction by Savills' Nick Tuxworth and David Hickey.


 

Queensland

Search for more development sites in Queensland here.

GLENROY
ASX-listed property trust, Rural Funds Group, has recently acquired a 7,600 hectare cattle property just outside of Rockhampton. The site, known as Comanche, enjoys a nine-kilometre Fitzroy River frontage.

The site was sold at auction for $15.7 million. Rural Funds have stated that they plan to rejuvenate and enhance certain productivities on the site.

“The acquisition supports RFM’s strategy to acquire assets where productivity can be improved, with consequent increases in capital value and rental income.”


 

Victoria

Search for more development sites in Victoria here.

NORTH MELBOURNE
An office block on the fringe of Melbourne’s CBD has sold for $15.31 million - $2.31 million over the vendor’s reserve price.

A private investor bought the block at 552 Victoria St, North Melbourne, from a not-for-profit organisation. While the site was sold with a short-term lease, the new owner plans to occupy the space over time.

Knight Frank's Andrew Hansen, Danny Clark, George Burbury and Tom Ryan handled the expressions of interest campaign.

KEW EAST
A childcare centre in Melbourne’s Kew East has sold to a local investor for $6.5 million.

The 948sqm property is currently leased to Guardian Early Learning for 20 years with options.

Savills' Nick Peden, Jesse Radisich, Julian Heatherich and Benson Zhou handled inquiries.

BENTLEIGH EAST
A development site at 86 Beddoe Street, Bentleigh East, has recently sold for $1.075 million.

The new owner has potential to renovate the existing house or start afresh with potential for townhouse approval.

The site was sold at auction by Hodges’ Tony Clique and Campbell Clooney.


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Ready Media Group
Ready Media Group
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Ready Media Group provides up-to-date business and industry content covering the latest transaction activity, exclusive insights and interviews with thought leaders from across Australia.

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