Queensland
TOOWONG - $53 million
A large development site known as Aviary Toowong in inner Brisbane has sold for $53 million.
The 9,000 sqm site on the corner of Sherwood Road and High Street was purchased by a Brisbane investment company, from a syndicate run by Ray White Capital and State Development Corporation Pty Ltd.
The deal was negotiated by Christian Sandstrom of Knight Frank.
The purchaser intends to undertake a joint venture with the owner of the adjoining site at 80-88 Jephson Street to integrate the properties into a $1 billion retail, office and residential development over the total 1.3 hectares of land.
Australian Capital Territory
Canberra - $41.5 million
Serene Capital, a funds management firm that focuses on core property classes, purchased Canberra's Abode Hotel and Apartments for $41.5 million.
In a deal negotiated by CBRE's Micahel Simpson, Vasso Zographou and Tristan Cotchett, the hotel was sold by Shakespeare Property Group, with a long-term lease to Iconic Hotels.
This purchase takes Serene Capitals' assets under management to $750 million, with a particular focus on office and hotel assets.
New South Wales
HOMEBUSH WEST - $24.5 million
Three adjoining industrial assets were sold in one line via private treaty to a private owner-occupier.
Located at 179-181 & 185 Parramatta Road and 29-31 Park Road Homebush West, the facilities hold a total land area of 10,474 sqm, which the new owner plans to use to redevelop the site for a new custom-built facility.
The deal was negotiated by Knight Frank's Angus Klem and Wally Scales.
Western Australia
MANDURAH - $13 million
The only remaining holiday park in the heart of the West Australian coastal city of Mandurah, a tourist destination around an hour south of Perth, has sold.
The Mandurah Coastal Holiday Park at 153-169 Mandurah Terrace was purchased for $13 million by Equinox Group, a group from the eastern states of Australia in the holiday park industry, from a private family.
The deal was negotiated following an Expressions of Interest campaign run by Tony Delich and Cory Dell’Olio of Knight Frank.
South Australia
ADELAIDE - $13 million
Colliers' Alistair Mackie, Rhys Newman and Paul van Reesema have transacted a quality office building with significant value add upside in a prime Adelaide CBD location for $13 million and a passing yield of 6.43%.
Brought to the market for the first time since construction, the 3,432 sqm three-storey office building with 56 basement car parks generated strong interest from a local and national perspective with a mixture of funds, syndicates and private high-net-worth investors.
Victoria
BRIGHTON - $7.15 million
Church Street has reaffirmed its blue-chip status, with the auction of a NAB on a shopping strip achieving a $7.15 million sale.
Fitzroys’ Mark Talbot and Tom Fisher sold 35 Church Street on behalf of a local investor.
The sale price reflected a sharp 3.5% yield and a land rate of $24,826 per sqm. It also came in well above the campaign expectations of $6.7 million-plus and reflected a price uplift of more than $1.050 million since the property last sold in 2019, also through Fitzroys.
NAB, which has been at the site for 30 years, has renewed its lease over the strong-performing branch with a 5+5+5-year lease that brings a strong income of $254,616 per plus outgoings including land tax.
THORNBURY - $3.355 million
a sought-after retail investment, located on a prime Thornbury corner, currently tenanted by Tradelink, which sold under the hammer for $3,355,000 and a yield of 4.35%.
Colliers’ agents Andrew Ryan, Corey Vraca and Mitch Purcell, with transactional manager Greville Pabst, received over 100 enquiries from local and offshore investors, also land banking developers were eager to pursue this opportunity due to the highly desirable Commercial 1 Zoning and allowable height.
Andrew Ryan said "It was a highly contested auction that saw six bidders fight it out, and after 33 bids, it landed on the eventual sale price was $3,355,000. A strong result illustrating investors' appetite when there is a quality tenant and high-quality real estate fundamentals."
