Deals of the week – 7 June 2021

Deals of the week – 7 June 2021




A portfolio of three east coast industrial investments have traded hands from Ascendas REIT to two separate buyers for a total of $125.1 million.


The first asset involves the former Décor head office and distribution centre at 1314 Ferntree Gully Road in Scoresby. China Tube Pty Ltd in partnership with Haelram Pty Ltd, secured the property for $23.5 million, with vendors, Ascendas, having paid $16.245 million just three years ago.


The next two assets are both held in Brisbane’s Heathwood, with SIRE (Strategic Industrial Real Estate) picking up both logistics investments for a total $101.6 million.


82 Noosa Street offers two warehouses with a total 38,000sqm of floor area on a 2.59-hectare landholding. 62 Stradbroke Street presents 24,555sqm of lettable area.



New South Wales


AUBURN - $13.06 million

The site of Auburn Centrelink has changed hands for the first time since it was constructed in the 1980s, with a $13.06 million sale that sets a new record yield in western Sydney and was more than $4.5 million above the reserve.


An investor based in the area purchased the recently-refurbished 5-9 Macquarie Road, a prominent 1,870sqm property in the heart of Auburn, in a competitive auction. The sale reflects a passing yield of 2.69%, a new benchmark for $10 million + assets in western Sydney, on a Commonwealth Government lease that runs to December 2026.


The property has been owned by the same Queensland family for its entire life and has been occupied by Centrelink for about 20 years. The pre-auction reserve price was $8.5 million and generated 109 bids across 15 registered parties.


CBRE’s Robert Dowdy managed the sale.


BALMAIN - $12 million

April Group has purchased the freehold interest of a Balmain office asset and the leasehold interest of the adjoining wharf from a private vendor for $12 million on a 3.87% yield.


With a prominent waterfront position along Sydney Harbour and just minutes from the Sydney CBD, 7 Cooper Street, Balmain is currently fully occupied by Australia’s largest employer of seafarers, Svitzer Australia under a four-year lease.
The property comprises three levels of office accommodation on a large 1,348sqm freehold site, along with 5,920sqm of leasehold interest in the adjoining wharf.
The deal was negotiated by Savills Australia’s Tim Grosmann and Lucy Abram.


SURRY HILLS - $9 million

The iconic Hollywood Hotel in Surry Hills has traded to Parlour Group for a speculated $9 million. Located at 2 Foster Street, the five-storey venue was first constructed around 1942 and was bought by Doris Goddard (who passed away in 2019), along with her husband, in 1977 for just $175,000. The pair maintained the pub for more than four-decades.


The pub trustee, Stephen Goddard, stated that It brings great pleasure to know the successful party will keep the doors open in a fashion consistent with how Sydney has enjoyed.”


HTL’s Andrew Jolliffe and Sam Handy managed the deal.


SMITHFIELD - $3.21 million

The former owner of industrial equipment manufacturer Quality Tool & Die NSW has sold their company’s long-time base for $3.21 million.


The 1,910sqm site at 95 Percival Road in Smithfield is currently leased to packaging firm Orora Group, with the sale price reflecting a yield of 3.43%. Orora Group moved into the property upon Quality Tool & Die NSW’s owner’s retirement, on a lease running to October 2022, with the former toolmaker retaining ownership of the building.


The private buyer plans to eventually occupy the site, which has frontages on Percival Road and Woodpark Road and a freestanding 850sqm warehouse.


CBRE’s Janet Joljian managed the sale.





BENTLEIGH EAST - $33 million

The freehold interest in the ALH leased Boundary Hotel in Bentleigh East has been picked up by a private investor for $33 million.


The property featured a long-term lease to ALH, part of Endeavour Group (soon to be demerged from Woolworths Group), with initial expiry in 2028 plus 4 x 10-year options. The asset occupies a strategic 4,916sqm site with a favourable Commercial 1 zoning over the majority of the property.


The transaction was negotiated by JLL’s Stuart Taylor, MingXuan Li, Tom Noonan and Will Connolly.


SOUTH YARRA - $13.5 million

Local developer Oreana Property Group has picked up a row of four shops for $13.15 million. The assets are located adjacent to South Yarra Square, a retail arcade that Oreana purchased in May.


Located at 169-175 Toorak Road, the assets were sold via an online auction with 22 registered bidders in total. The properties were purchased by the vendor in 2016 for $7.88 million.


Emmetts’ Charles Emmett, Geoff Emmett, Hung Pham and Andrew Milligan were the agents. With Charles commenting that, “The Victorian government’s snap lockdown decision was announced only 27 hours before the scheduled auction time.


“It was really unfortunate from the point of view that it was one of the most highly anticipated auctions of the year.” 


In spite of this, it is understood that the resulting sale price sets a Victorian record for online auctions.


WANTIRNA SOUTH - $6.42 million

A high-profile large parcel of land located at 500 Stud Road in Wantirna South has recently sold for $6.42 million.


The property was fiercely contested within a four-week EOI campaign and was acquired by Up Property who have future plans for a residential development. Comprising 7,386sqm, the property offers itself for an outstanding opportunity to develop a multi townhouse style development.

CVA Property consultant Daniel Philip managed the sale.


KEYSBOROUGH - $5 million

Four office and warehouse investments in Melbourne’s south-east have recently transacted off-market for a combined total of circa $5 million.


The assets, located in the Greenlink Business Estate on the corner of Eastlink and Greens Road in Keysborough ranged in size from 230-636sqm and were scooped up by four different local investors.


Real Properties’ Ben Ameti and Joe Catanese managed the off-market campaign.


KEW EAST - $2.4 million

A modern 501sqm, two-storey office has traded hands for $2.4 million. The well-presented suite offered open plan and multi-partitioned space with a boardroom/presentation space, rear courtyard, 10 on-site carparks as well as kitchenette, amenities including shower.


The subject property was offered vacate possession and registered over 50 enquiries with interest from both investors and owner occupiers.


The deal was managed by CVA Property Consultants’ Jarrod Moran and Ryan Milivojac.


SUNBURY - $2.4 million

A high exposure land site in the heart of Sunbury has transacted for $2.4 million.


Located within a mecca business district which immediately connects to Vineyard and Gap Roads, the property was sold as a part of an executor’s estate to a developer and received numerous enquiries and offers.


CVA Property consultant Leo Mancino handled the sale.





NOOSAVILLE - $2.075 million

A local investor has snapped up the freehold of popular local restaurant China Jade at 27 Mary Street in the Sunshine Coast’s affluent Noosaville – sale price was $2.075 million.


The 1,032sqm freehold provided a freestanding building with a northerly facing aspect and offered a rare dual-income opportunity from the restaurant and separate residence above.


The property was marketed and sold by Ray White Commercial’s David Brinkley.

MIAMI - $1.25 million

A local buyer has purchased a mixed-use industrial site just off of the Gold Coast Highway in Miami prior to the auction as 8 Hillcrest Parade sold for $1.25 million.


The property is a freestanding warehouse with a hardstand area and the warehouse measures 297sqm which includes a small, air-conditioned, office area.


The asset was marketed and sold by Ray White Industrial’s Hudson Kaddatz.



Western Australia


RIVERVALE - $5.3 million

A private local businessman and developer has purchased a substantial office/warehouse in the inner eastern Perth suburb of Rivervale as 33 Cleaver Terrace sold for $5.3 million.


The property was sold via private treaty and sits on a large 9,991sqm land area with a 6,020sqm warehouse and 1,522sqm of office space. The buyer intends to upgrade the facility for the purpose of office/showroom and warehousing.


The asset was successfully marketed and sold by Ray White Commercial’s Chris Matthews and Martin Vogt.



South Australia


MCLAREN FLAT – Undisclosed

Wholesale foods supplier B&E Foods has expanded its footprint after acquiring a one-time Ingham’s turkey processing site in McLaren Flat.
The 323 Foggo Road property was last sold in 2017 to Adelaide businessman Troy DeYoung, who has spent the ensuing period restructuring and cleaning up the site and resolving various boundary and title issues.
With that process complete, he has on-sold the site to B&E Foods.


The circa 4.21 Ha land holding includes a modern, 2,310sqm processing plant, numerous cool rooms, freezers, temperature-controlled processing areas and a dry goods storage space.
Additionally it has extensively developed hardstand areas, four loading bays and a rear canopy. It also features a 270sqm sales and administration building, a large 520sqm workshop and waste-water treatment and 43 car parking spaces in a purpose-built car park, along with additional areas for parking as required.


CBRE’s Phil Schell negotiated the deal.



Australia Capital Territory


BELCONNEN - $14 million

A fund managed by Elanor Investors Group has sold a prime 6,049sqm town centre mixed-use development site for $14 million to a Sydney based developer prior to the close of the Expressions of Interest campaign.


Located approximately 6.8km from Canberra CBD on a gateway site to the Belconnen Town Centre, the property benefits from significant frontage to Benjamin Way.  The Belconnen Masterplan allows for a 10 to 16 level mixed use development with residential, childcare, medical, office and limited retail.
 Savills Australia’s Andrew Stewart and James Girvan managed the deal.

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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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