Victoria
HOPPERS CROSSING - $100 million
Bunnings outlets continue to provoke major interest from commercial property investors, as these oft-times supremely secure assets sell for significant sums. On this occasion, it’s a Bunnings in the western Melbourne suburb of Hoppers Crossing that has procured a hefty figure, with the 5.54-hectare Industrial 3-zoned 221-239 Old Geelong Road reportedly selling to Guirong Zhang’s ESCB Holdings. The Bunnings-anchored complex is at the centre of the suburb’s largest LFR hubs, and also contains a 4,809 sqm standalone Amart facility. The sale was organised by Burgess Rawson’s Billy Holderhead, Beau Coulter, Yosh Mendis and Zomart He.
ELSTERNWICK - $9.85 million
At the Melbourne leg of the latest Burgess Rawson portfolio auction, a medical centre in inner-city Melbourne has been sold to a private investor for $9.85 million on a 4.82 per cent yield in the auction’s highest value sale for Victoria. The multi-disciplinary health clinic contains 20 car spaces and a permit for 17 practitioners, and was labelled as a “set-and-forget" asset by the appointed sales agents, Billy Holderhead, Matthew Wright and Zomart He.
PORT MELBOURNE - $8.92 million
One of Port Melbourne's most recognisable hospitality venues has changed hands, as The Exchange Hotel was sold for $8.92 million at Burgess Rawson's most recent portfolio auction. It was reportedly a number of Chinese investors who sought out the prized entertainment repository, as its longstanding lease to one of Australia's most respected hoteliers in the Australian Venue Company rendered the site too secure an opportunity to pass up. Established in 1916, the inner city hotel is strategically located in the heart of Port Melbourne's renowned Bay Street shopping precinct, and stands just 2.7 kilometres from the Melbourne CBD. The property was sold by Burgess Rawson's Billy Holderhead, Zomart He, Shaun Venables and Matthew Wright.
PASCOE VALE - $1.66 million
A vacant property at 84 Cumberland Road has sold under the hammer at a public auction after a marketing campaign orchestrated by Fitzroys’ Lewis Waddell and Ervin Niyaz. The 202 sqm building, situated on a 405 sqm site with 12.8 metres of frontage to busy Cumberland Road was purchased by a local value-add buyer looking to refurbish and lease out the property.
“There’s a strong catchment in the area and lots of car parks around the site, making it very accessible and useful for services businesses. Investors were very confident of being able to secure a quality tenant for the property,” Mr. Waddell said. “We had investors, owner-occupiers and and developers all show interest in the property. Highly-accessible sites are always well-received, and this is close to Bell Street, Pascoe Vale Road and Citylink.”
New South Wales
SYDNEY CBD – Circa $109 million
Two small offices on Carrington Street have been sold by Brookfield Properties for significant sums. 36 Carrington Street served as the bigger of the two deals, having traded to the AFIAA investment group for $70.5 million. The building was originally developed in 1972 and contains 2,440 sqm and nine-storeys of office space. After recent upgrades by Brookfield, end-of-trip facilities now bolster the property’s features.
A few doors down, 32 Carrington Street has been obtained by April Group for $38.5 million. Colloquially known as Lisgar House, the building is currently comprised of 2,128 sqm in floor space. Additionally, April Group have announced that there are plans in place to begin further renovations on the site, so as to strengthen the 11-storey office’s offerings. Brookfield was represented by CBRE’s Danny Shi, Harry George, James Parry and Michael Andrews, in conjunction with CI Australia’s Shirley Fan and John Bowie Wilson.
NORTH SYDNEY - $150 million
Sumner Capital have secured a buyer for 50 Miller Street, thanks to a successful sales campaign run by CBRE’s James Parry, Kenny Duncanson, Hugh Thomson and Catherine Scott, in conjunction with JLL’s James Barber, Luke Billiau, Simon Storry and Kate Low. The buyer is the privately-held investment firm Sun Venture, who has acquired the office building for a reported $150 million. With the majority of the building let to the United States Consulate General, the property was put on the market in July shortly after major upgrades were conducted, so as to increase net lettable area and reposition the building to A-Grade standards.
WOLLONGONG – Circa $25 million
Endeavour Hotels have acquired Wollongong’s Five Islands Hotel from the Ludlow Hospitality Fund, who were “very happy” with the sales process conducted by agency HTL Property, according to Ludlow Hospitality founder Paddy Coughlan. Agents Sam Handy, Dan Dragicevich and Andrew Jolliffe ran the on-market campaign, and found interest emanated from multiple sources.
“Not surprisingly, we enjoyed multiple offers to purchase the Five Islands Hotel; with the majority of the interest coming from Sydney investors looking to take strategic positions in growth corridors radiating outwards from the traditional metro core,” stated Mr. Handy. The asset possesses a 24-hour liquor licence alongside 22 gaming machines, and underwent a refurbishment back in 2020, just prior to Ludlow purchasing the venue from Oscars Hotels in June 2021.
WISEMANS FERRY – Undisclosed
Iris Capital continues to expand their hospitality footprint after their acquisition of Wisemans Inn Hotel in Wisemans Ferry. Purchased off of Young Hotels after facilitation by HTL Property’s Andrew Jolliffe and Dan Dragicevich, the Wisemans Inn Hotel sits atop a 5,100 sqm landholding and enjoys picturesque views of the Wisemans Ferry waterway on the Hawkesbury River.
“Separately, and on the buy-side, Sam Arnaout's Iris Capital has demonstrated a deliberate approach to augmenting a balance sheet which now includes significant residential tower developments, traditional and accommodation hotels, casinos and multiple agricultural investments,” Mr. Jolliffe stated.
WEST RYDE - $3.75 million
The Women's Housing Company has sold a block of eight units on a 1,284 sqm site at 100 Station Street to a local private investor. The property has additional development approval for a boarding house with 22 self-contained studio apartments. Negotiations were orchestrated by Anthony Pirrottina and Harrison Burcher of Knight Frank, in conjunction with Richard Garland of MMJ.
ACT
BARTON – Undisclosed
The established professional relationship between Doma and Charter Hall has continued to bear fruit as the former, in conjunction with Kenyon Investments, has sold a Canberra office to Charter Hall for an undisclosed sum. Doma and Kenyon Investments acquired 15 Sydney Avenue back in 2019, securing the site for $38 million. Now, Charter Hall have purchased the property, and intend to house the Australian Taxation Office as a tenant in a new $300 million office that they will construct on the landholding.
Speaking on the property investment vehicle’s continued interest in government leasing, Charter Hall’s managing director David Harrison explained that “we’ve got the largest office portfolio in the country and the largest component of office leased to government tenants... we clearly love the credit quality of government tenants.”
Queensland
DECEPTION BAY - $3.65 million
5-9 Wallin Avenue in Deception Bay has been sold by Royal Duke Holdings to a private Sydney development firm, thanks to a lead from Sydney through the Development Ready portal. The 4,785 sqm site currently possesses development approval for 36 units across 6 levels, but it has been advised that the property is also suited to the construction of a range of alternative assets. “The site is also suited to NDIS, residential townhouses, retirement and aged care, and short-term accommodation (STCA),” explained CBRE’s Mitch Witherow, who marketed the property alongside colleague Will Carman.
