Deals of the week – 29 OCTOBER 2018

October 2018
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Deals of the week – 29 OCTOBER 2018


Search for more development sites in Victoria here.

BURWOOD - $180 million
Burwood One, a shopping mall in Melbourne’s eastern suburbs, has been taken over by a private Hong Kong based buyer (shown to be Kowloon-based investor Si Feng) for over $180 million.

Sitting on the corner of Blackburn Road and Burwood Highway, the 26,598sqm mall is home to the nation’s first Kmart, which opened in 1969. It was reported that the mall generates more than $9.5 million in income annually.

Sales of sub-regional malls have soared through 2018, surpassing last year’s total with three months remaining.

CBRE agents Mark Wizel, Lewis Tong, Justin Dowers and Trent Weir brokered the deal.

WINDSOR - $6.6 million
A 1,308sqm prime development site at 360 High Street Windsor, has recently sold for $6.6 million to a local investor.

The property encompassed six 2-bedroom apartments and was marketed with strong re-development options and a holding income of nearly $150,000 annually.

Knight Frank’s Andrew Greenway, James Thorpe and Tom Zhou handled the sale.

CAMBERWELL - $4.25 million
A 1,647sqm site in Melbourne’s affluent east, has recently sold to a developer for $4.25 million.

The new owner of the property at 936-938 Toorak Road, Camberwell, has announced plans to build 20 apartments on the site.

CBRE's Julian White, David Minty and Chao Zhang handled the sale.

ROWVILLE - $3.1 million
An industrial property in Melbourne’s eastern suburbs has been sold with development approval for $3.1 million.

The 4,922sqm site at 13 Kellets Road, Rowville, was previously held by Eclipse Commercial Furniture and was sold with approval for a warehouse extension.

Colliers International's Richard Wilkinson and Crabtree Real Estate's Luke Pitcher brokered the deal.

New South Wales

Search for more development sites in New South Wales here.

WOLLONGONG - $50 million
The Redcape Hotel Group has recently struck a deal to acquire three Wollongong pubs from Denfish Hotels for $50 million, ahead of expectations that the company will float and seek around $150 million in the process.

The recent acquisition fleshes Redcape’s portfolio out to around $1 billion, and if it does float, will be the second-biggest listed pub portfolio by value behind ALE Property Group.

The pubs involved in the recent transaction include the Unanderra Hotel, Figtree Hotel and Central Hotel in Shellharbour.

The sale of the three Wollongong pubs was handled by HTL Property Andrew Jolliffe and Dan Dragicevich.

BADGERYS CREEK - $5.75 million
With construction commencing for Sydney’s second airport, land prices are on the rise; this was evident recently in the selling of a 2 Ha plot of land to a private investor for $5.75 million.

The site at 10 Martin Place, Badgerys Creek, sits within the airport precinct. CBRE Selling agent Thomas Mosca said that the sale price was 84% higher than the last suburb sale price record.

“The auction had a strong turnout of 40 people, including six registered bidders and 19 recorded bids,” Mr Mosca said.

“This allotment is earmarked for future ‘Flexible Employment’, offering a range of uses and possibilities, including development opportunities.”


Search for more development sites in Queensland here.

BRENDALE - $6.205 million
A newly developed industrial facility in Brisbane’s north has been sold to a Sydney investor after the site recently secured a long-term tenant.

Felton Property Group were responsible for the 6,267sqm office/warehouse development and secured French flooring wholesaler, Gerflor, on a lease for six years before selling in an off-market campaign.

CBRE's Dillon Murphy and Hugh Adnam handled both the lease and sale.

MIAMI - $1.8 million
A recently renovated mixed-use site in Miami on the Gold Coast has sold for $1.8 million. The 1,219sqm property presents a mini-storage facility with 51 sheds, a caretaker residence, office and now includes a four-bedroom residence too.

Tony Grbcic and Adam Grbcic of Ray White Commercial handled the sale.

Western Australia

Search for more development sites in Western Australia here.

The National Archives of Australia building in Perth’s East Victoria Park is set to become townhouses following the sale of the site in the middle of this year.

The 11,033sqm site was earmarked for higher density development by the Town of Victoria Park and was sold to Hamlen Property Group for the development of a “missing middle” terraced homes project.

“Our plan is to develop the site into a master-planned medium-density development comprising 50 house and land packages.” Hamlen Property Group director Stephen Pelosi said.

The NAA’s lease ended in September and is in the process of relocating to a new CBD office, with business operations returning in February next year.

The sale was negotiated by CBRE’s Michael Milne and Ben Younger.

TUART HILL - $2.7 million
The Peter Cook Pharmacy on Wanneroo Road in Tuart Hill in Perth’s north has been sold to a local private investor, after 40 years within the same ownership, for $2.7 million.

The two-storey building sits on a 1,423sqm land parcel and was marketed with strong re-development potential.

Mark Hay Realty Group handled the sales campaign.


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