Victoria
MELBOURNE CBD - $32.6 million
The sheer demand for CBD property was articulated when an offshore private investor struck a deal with a local family looking to sell the two-storey site at 272-282 Lonsdale Street. The final sales figure of $32.6 million represents a land rate of $78,958 per sqm, rendering a yield of circa 3%. The site is comprised of four ground floor shops, a first-floor restaurant and rooftop signage, and contains almost 20 metres of frontage to one of the city’s most popular roads in Lonsdale Street.
Colliers’ Oliver Hay, Daniel Wolman, Matt Stagg, and Leon Ma worked in conjunction with JLL’s Josh Rutman, Nick Peden, and MingXuan Li to represent the vendor, who had purchased the property in 2003 for $5.566 million. “As we leave the pandemic behind, location is more important than ever, when we’re seeing a rapid spike in customers returning to physical stores,” Mr. Hay stated.
“Being situated in the epicentre of Melbourne’s retail core and arguably one of the most popular and recognisable intersections in the CBD, Swanston and Lonsdale Street, a location of this calibre brings endless growth opportunities for this asset,” Mr. Ma commented.
PAKENHAM - $14.75 million
Endeavour-owned tenants remain some of the most in-demand occupants for prospective buyers, as illustrated by the sale of a Dan Murphy’s in the east Melbourne suburb of Pakenham. The building is situated on a substantial 1.215-hectare landholding, and possesses a secure 15-year lease to the nationally-recognised liquor merchant. Additionally, 5,750 sqm of the site is zoned Comprehensive Development, and has the potential to be developed into a major mixed-use project.
The vendor had acquired the property for $8.76 million in 2015, and has now sold the property for a notable return on investment; $14.75 million, reflecting a 2.94% passing return. The marketing campaign for 8 Portobello Road was managed by JLL’s Stuart Taylor, Tom Noonan, MingXuan Li, and Jarrod Herscu, alongside Burgess Rawson’s Zomart He, Matthew Wright, and Billy Holderhead.
CAMPBELLFIELD - $2.41 million
An 881 sqm food factory in Campbellfield has been sold at a public auction organised by CVA Property Consultants, achieving a “record price for a standalone office/warehouse in Campbellfield,” according to sales agent Craig McKellar, who facilitated the sale alongside colleague Luca Angelico. Over 38 enquiries were registered over the course of the campaign for 92 Merola Way, and over 18 people were in attendance at the auction on day.
ST ALBANS - $2.3 million
Gross Waddell ICR were appointed to list and sell a set of eleven retail investment properties recently, as part of the Oviss family’s fourth portfolio auction in the past year. The most expensive of this set was a property on the corner of St Albans’ Alfrieda Street and McIvor Road, which achieved a $2.3 million figure, for a 3.95% yield. The site was marketed by Gross Waddell ICR’s Glenn Ye, Alex Ham, and Danny Clark, and featured three tenancies being sold as one that produce a total rental return of $90,866 per annum.
New South Wales
CASTLE HILL - $3.355 million
A development approved childcare site situated within the education rich precinct of Castle Hill has been sold by Burgess Rawson’s Michael Vanstone and Sophie Herdegen, after an extensive marketing process that generated 126 enquiries and 6 qualified offers. A local buyer secured the 900 sqm landholding at 94 David Road for $3.355 million, equating to $64,519 spent per approved place.
“Demand for DA approved childcare sites remains strong, especially from owner-operators looking to expand their footprint faster, as DA approved sites have the massive advantage of minimising time delays,” explained Mr. Vanstone.
WEST TAMWORTH – Undisclosed
The Australian-owned AAM have secured New South Wales’ Bective Station for an undisclosed sales figure, adding to their sizable portfolio. The 4,053-hectare property located near Tamworth will now serve to further bolster AAM’s signature Diversified Agriculture Fund (ADAF). The asset was offloaded by the Vickery family, who have held the landholding for nearly 150 years; the family was represented by McCulloch Agencies' Daniel McCulloch.
The founder of AAM, Garry Edwards, stated that there are emerging opportunities for large-scale agricultural acquisition in today’s market. “Whilst we see lots of family farming businesses growing, there’s a much larger number going through this [ownership] transition process,” explained Mr. Edwards. “This creates opportunities for us to selectively work with these families.”
POKOLBIN - $4.2 million
Chris Anderson has divested the 32.5-hectare property known as Gabriel's Paddocks, with Doltone House serving as the buyer. The seven-bedroom property provides accommodation for a maximum of 16 guests, and contains a working vineyard. According to reports, Doltone House are intending to continue operating the property with holiday accommodation as the central focus, all the whilst they look to attain approval for a function centre on the site. Jurd's Real Estate's Dan Jurd was responsible for the sale of the property.
MARRICKVILLE - $10.15 million
Justin Hemmes has acquired 379 Enmore Road in Marrickville for just north of $10 million, taking hold of the property that sits next door to his Vic on the Park Hotel at 2 Addison Road. The property contains a Metro Petroleum outlet, and was offloaded by the Hatzivasiliou family, who had owned the block since 2001. Hemmes has not provided commentary, but expectations are that the property will be redeveloped to contribute to the expansion of The Vic on the Park.
Queensland
POINT LOOKOUT – Undisclosed
The freehold going concern of North Stradbroke Island’s only pub has been sold by developer and investor Bob Hill, after being promoted by JLL’s Tom Gleeson. Good Time Group Holdings (GTGH) purchased the property alongside the Anthony Moreton Group, in a strategic partnership. GTGH’s Ben Walsh believes that the acquisition of The Stradbroke Island Beach Hotel serves as a landmark moment in the Group’s history. “Not many people can say they own the only pub on an island, in particular on an island that experiences extremely high tourist traffic volumes and realises continuous growth,” he stated.
The hotel is positioned on a 3,267 sqm site, and features a main bar, bistro, beer garden, gaming room, function room and bottle shop. The offering is made complete with 15 hotel rooms as well as caretaking and letting rights for the luxury apartment complex that sits adjacent to the hotel. Whilst a conclusive sales figure has not been disclosed, reports speculate that the agreement was struck for approximately $20 million.
LYTTON - $16 million
KWB Group has sold 97 Trade Street in the riverside suburb of Lytton to a private buyer, with the industrial asset being traded on condition of a leaseback to the Group. The property contains 1.08-hectares, with a 6,000 sqm warehouse residing on the site. The facility possesses two recessed loading docks, a production line, showroom, in addition to 600 sqm’s of office space.
Savills’ Shaw Harrison was responsible for promoting the property, and stressed the exuberance of the buyer. “The private buyer is ecstatic about the purchase as this is their first entry into the QLD market and they have [already] secured a core-located facility with an extremely strong covenant,” Mr. Harrison stated.
