New South Wales
PRESTONS - $58.3 Million
A 15,066 sqm industrial warehouse at 5 Yarrawa St. Preston has been sold off market to Pittwater Industrial, setting a record low yield at 3.6%.
Loftex has almost doubled their money since they acquired the site in 2019.
The sale was brokered by JLL’s Roger Miller and Tony Iuliano.
MERRYLANDS - $7.1 million
A high profile Sydney Childcare centre on 1139 sqm was sold with a low yield of 4.25%. The Merrylands Childcare centre is secured by a 10 year lease until 2031 plus options with 3% annual rental increases.
The property was sole by Burgess Rawson’s Michael Vanstone and Michael Gilbert.
SOUTHERN TABLELANDS - In excess of $2.5 million
This 160ha property, Petrichor has sold to a local farming family prior to the expressions of interest period had closed on 31st March 2022.
The site is over 200km from Sydney east of Crookwell and is ideally positioned for an annual average rainfall of 855 millimetres a year. It is divided into 11 titles and 16 established paddocks for weekly stock rotations.
The sale was facilitated by Col Medway of LAWD.
Victoria
MELBOURNE CBD - Circa $50 million
The well-renowned Hotel Lindrum has been sold by vendor, private investor and Australian Jewish News publisher Robert Magid and acquired by property developer Time & Place.
It has been sold with an approval for a mixed use development with 77 hotel rooms and 68 apartments. The scheme may be reviewed to include upper floor offices and a greater hospitality component.
The sale was facilitated by JLL’s Josh Rutman, MingXuan Li, Peter Harper and Nick MacFie.
SOUTH YARRA - $17.05 million
A two level commercial building at 333 Malvern Road has been sold with a competitively low yield of 2.43% and strong building rate of $11.813/sqm.
The sale was led by Stonebridge Property Group agents Julian White, Chao Zhang and Rorey James via expressions of interest.
The vendor was a syndicate led by Hickory Group founder, Michael Argyrou who purchased the property in 2015 for $8million.
MELBOURNE ST. KILDA RD. - $49.4 million
Half of The Victoria Automobile Chamber of Commerce’s 60 year old headquarters has been sold to its existing co-owner Wing Tai. Abacus Property Group has offloaded its interest for a small premium above book value.
The building sits on 4645 sqm and has a permit to replace the existing eight storey office and add seven levels above.
ORMOND - $6.21 million
A 2 level commercial building at 600-604 North Road has been sold almost 25% above expectations at a competitive land rate of $4,398 psm.
The purchaser was a local developer who plans to utilise the space for a retail and residential project.
The sale attracted 13 EOI's from around the globe and was facilitated by JLL agents Nick Peden, Jesse Radisich and MingXuan Li.
Queensland
NEWTOWN - $1.21 million
An entry level medical investment in the high growth area of Toowoomba has sold with a long term tenant in place who has already been there for over 15 years.
There is a further lease in place until 2026 and annual CPI rent reviews.
The sale took place at Burgess Rawson’s 151st Live Portfolio Auction with agents Campbell Bowers and Andrew Havig managing the sale.
INDOOROOPILLY - $18.6 million
5385 sqm of land at 11 Riverview Terrace and 12 Foxton Street as well as 30, 40 and 44 Station Road has been purchased by South east Queensland developer Keylin Group.
The land is zoned Mixed Use and Medium Density Residential and a portion of it will be dedicated to Build to Rent Residences.
It is located just 80m to Indooroopilly Shopping Centre, 170m to the train station, has easy access to three major arterial roads and is only 7 kilometres west of Brisbane’s CBD.
The sale took place at Burgess Rawson’s 151st Live Portfolio Auction with agents James Berlinger and Rick Jacobson managing the sale.
NAMBOUR - $4.825 million
A 7-Eleven convenience outlet in one of Queensland’s fastest growing regions has been sold with a 12 year long term lease in place.
It has been sold at a 5.29% yield, 3% rent increases and attractive net lease structure with 7-Eleven responsible for council rates, water rates, insurance, repairs and maintenance.
Western Australia
PERTH - $10.060 million
First Choice Liquor and Tavern on the Albany Highway in Bentley sold last week at a low yield of 4.04% and a secure 10 + 10 + 10 year lease.
The freehold side of 8735 sqm is occupied by top tier tenants Coles Group and Australian Venue Co. in a strategic location that services over 33,000 vehicles a day in the heart of a fast growing residential suburb.
SOUTHERN RIVER - $6.56 million
Leased to high profile ASX listed tenant G8 Education, 8 Bikram Circuit was sold with a 30 year net lease in place to 2052, 2.5% annual increases and with a yield of 4.76%.
The property is newly constructed on 2466m2 and is located in WA’s 5th largest LGA.
G8 Education is Australia’s larges listed child care provider.
South Australia
PROSPECT - $4.1 million
Sold with a 5.2% yield this 1750 sqm recently upgraded showroom was sold by conjunctional agents Knight Frank and Burgess Rawson.
The site is positioned in a prime retail precinct with a 5 year lease in place (plus options) and 3.5% rent increases, with tenant Maverick Campers.
Tasmania
LAUNCESTON - $11 million
A freehold site with blue chip tenants Good Guys has been sold on 7,104sqm with a 4.86% yield in an already highly established retail destination with frontage to Goderich Street/East Tamar Highway.
The brand new lease is for 7 years with annual rent reviews and currently generates $514,552 p.a until June 2022. The property adjoins Bunnings, RSEA, JB Hi-Fi, Officeworks, Petstock, Fairbrother Constructions and McDonalds.
The sale was delivered via the Burgess Rawson live portfolio auction.
