Pictured above: The Sheraton Grand Mirage Resort
Queensland
MAIN BEACH - $192 million
The Sheraton Grand Mirage Resort in the Gold Coast has been offloaded by Star Entertainment Group and Hong Kong property developer, Far East Consortium.
The resort was purchased by the Laundy and Karedis families, who own several hotels such as the Manly Pacific and Crown Plaza, who will pay a $52 million premium from the Star and Far East's purchasing price of $140 million in 2017 - although still lower than the vendors initial asking price of $200-plus million.
The property was sold by McVay Real Estate's Sam McVay and Dan McVay, in conjunction with Colliers' Karen Wales and Steven King, as well as JLL's Adam Bury and Taylor O'Brien. Interestingly, this marks the fourth time that Sam McVay and Dan McVay have sold the hotel.
ALEXANDRA HEADLAND - $11 million
Alexandra Headland’s Alex Hotel has sold to a Sydney-based family for $11 million, representing a yield of 6.19%.
The beachfront hotel, comprising of bars, a café and a bottle shop is currently leased to Australian Leisure and Hospitality Group (ALH). The hotel benefits from 40 gaming licenses and the commercial hotel license allows for three detached bottle shops.
The 934 sqm venue has leases and options in place until 2050 and a current net annual income of $681,000.
CBRE’s Louisa Blennerhassett, Rem Rafter and Paul Fraser brokered the transaction on behalf of a Melbourne family.
COORPAROO - $3.6 million
Ray White Commercial QLD's Stephen Kidd and Elliot Kidd have sold a 1,619 sqm retail asset in Brisbane's east after a sales campaign that saw 178 enquiries.
The property at 48 Cavendish Road currently holds tenancies with Link Visio and Auto Keepers, with it selling under the hammer in an auction that had 12 bidders competing for the property, the final sale price reflected a yield of 5.5%
New South Wales
CARINGBAH - $44 million
The property development arm of Coles Group has sold a mixed-use apartment and retail site in South Sydney for $44 million, in a deal brokered by CBRE's James Douglas and Ben Wicks.
Purchased by privately owned real estate company, Conquest, the site has a Development Approval and Agreement for Lease for a 4,073 sqm Coles and Liquorland, six specialty shops as well as 120 one, two and three-bedroom apartments.
DUMARESQ - Over $35 million
Origin Energy has purchased a 7,690-hectare property, known as Warrane, in regional New South Wales for, what is believed to be, more than its asking of $35 million.
The property was sold by Australian-British businessman, Michael Hintze, who purchased the property in 2007 for $22 million. While the property is slanted as a producer of beef, wool and lamb with the capacity to carry up to 58,000 sheep, the majority of interest came from energy providers. LAWD’s Col Medway and Danny Thomas marketed the property.
ELERMORE VALE - $27 million
The Elermore Vale Shopping Centre was offloaded by boutique Australian funds manager, Tamim asset management.
In an off-market transaction negotiated by JLL's Sebastian Fahey, Dylan McEvoy and Willis in conjunction with Stonebridge's Phillip Gartland and Alexander James-Elliot, the asset was purchased by a Sydney-based private investor.
The 4,063 sqm asset is anchored by supermarket franchiser, Ritchies IGA, with an additional 15 speciality shops with 100% income weighted towards non-discretionary spending. The centre was sold for $27 million, with the sale price reflecting a passing yield of 4.8%
Victoria
BRIGHTON - Undisclosed
Melbourne-based developer, Robert Brij, has purchased the Brighton Savoy Hotel in a deal brokered by Knight Frank's James Thorpe, Stephen Kelly and Langton McHarg.
Located at 150 Esplanade, the 3,400 sqm site will be redeveloped into a $120 million apartment and townhouse project. The asset was sold by long-term owners the Lee family, who had owned it for 55 years. While the final sale remains undisclosed, sources indicate that it was over $30 million.
MOUNT WAVERLEY - $4.54 million
A local investor has paid $4.54 million for an expansive site in Mount Waverley, southeast of Melbourne.
The prime 2,258 square metre corner landholding, at 175 Waverley Road, has a combined 90.52-metre frontage to Waverley Road and Hill View Avenue. Burgess Rawson’s Matthew Wright and Zomart He handled the transaction.
Nachos Cantina leases the property with the current holding income at about $89,000 net per annum plus GST.
South Australia
MCLAREN VALE - $5.7 million
Distinguished South Australian winemaker, Warren Randall, has purchased an 80-hectare vineyard at 485 Malpas Road.
Offloaded by a syndicate of Melbourne-based investors, the property is primarily planted with Shiraz and Cabernet Sauvignon grapes. This purchase brings Randall's holdings in McLaren Vales to over 800 hectares of vineyards, the largest in the region, with the final sale price representing a land rate of less than $100,00/Ha, which is about a 23% drop in land rate.
The sale was handled by Colliers' Nick Goode and Tim Altschwager.
