New South Wales
CARLINGFORD - $120.5 million
Hong Kong-based JY Group has acquired a half stake in Sydney’s Carlingford Court from Telstra Super, for a fully-leased yield of 6.5%. JY Group’s Australian assets now balloon to a total value of nearly $1.8 billion, with this purchase serving as the second partnership between JY and Carlingford Court’s other owner, Vicinity Centres, after JY secured a half stake alongside Vicinity for one of Australia’s oldest suburban shopping centres: Roselands in Sydney’s north-west. Spread over 3.55-hectares, Carlingford Court contains 33,298 sqm of net lettable area over four floors, in addition to 1,427 car parks. The centre is anchored by some of the nation’s most reputable brands, including Coles, Target and Woolworths, as well as McDonalds, The Reject Shop, and Fitness First.
CBRE's Simon Rooney negotiated the off-market sale on behalf of Telstra Super, and he believes that the final figure is indicative of the wider market conditions. “The result demonstrates the continued demand for quality, metropolitan sub-regional assets with a focus on non-discretionary spending," stated Mr. Rooney. "There is particularly strong interest in assets which offer mixed-use development potential and strategic value-add opportunities.”
KEMPS CREEK – Undisclosed
Frasers Property Industrial has bolstered their $5.5 billion portfolio of assets under management after securing a 73.4-hectare industrial land parcel at Aldington Road in Kemps Creek. The estate that the group intend to construct on the property will contain warehouses, distribution centres, freight transport facilities and premium health and wellbeing amenities, according to Frasers.
“Frasers Property Industrial has expanded its landbank in Kemps Creek once again – a decision that was supported by the significant leasing inquiry and ongoing success at our nearby estate The YARDS,” explained Frasers Property Industrial executive general manager, Ian Barter. “We are proud to announce our latest major acquisition, which is set to create thousands of local jobs as planning and construction gets underway.”
NORTH ST MARYS - $35.3 million
A 31,850 sqm large-scale logistics facility, formerly operated as a Masters store, has been divested by HMC Capital, with fund manager Centennial acquiring the property in a deal that represents the conclusion of their partnership fund with real estate arm of private equity giant KKR. The property possesses in excess of 1,000 sqm of office and amenities, with internal heights that extend up to 9 metres. The property was promoted by Colliers' Gavin Bishop and Sean Thompson.
According to Centennial executive director and industrial and logistics head Paul Ford, 243 Forrester Road worked well with the company’s investment criteria. “We’re playing in the space where we can acquire assets typically smaller, in the $10 million to $40 million range, but we also often develop them out... We try to avoid competition with bigger institutions but end up creating big institutional product.”
MOSMAN - $3.05 million
A two-level commercial site at 30 Spit Road has been acquired by Stenel Pty Ltd for $3.05 million, with the property’s future upside motivating significant interest. Whilst the 151 sqm building that currently stands on the landholding is currently being leased by doggy daycare centre, Mosman Paws, buyer interest was driven by the underutilisation of the site. “The 176sqm site is significantly under-utilised, with the current planning controls and zoning providing for a mixed-used residential apartment block of up to five storeys, subject to the relevant planning approvals,” according to CBRE’s Toby Silk, who facilitated the sale.
The final sales figure represents a record dollar per sqm rate on floor area for the strip, with Mr. Silk attributing the accomplishment to the current volatility in the share market. “While the property market is shifting, limited stock means that demand is still outpacing supply for premium commercial property, and record prices are being achieved.”
Victoria
FLEMINGTON - $10.2 million
Knight Frank has taken advantage of continued interest in Melbourne’s inner-west, arranging the sale of a massive, 2,222 sqm vacant commercial property to a local developer for $10.2 million. The Commercial 1 zoned land at 17-31 Newmarket Street is currently occupied by a large office/warehouse that contains 2,169 sqm of net lettable area. “Buyers were drawn to the prime large-scale property due to its size, particularly within the highly sought-after blue-chip location of Flemington,” stated Matthew Romanin, who managed the campaign alongside colleagues Nick Bisset and Joel Davy. “We fielded more than 120 enquiries for the property, which resulted in six offers from potential buyers.”
KOO WEE RUP - $5.75 million
The 4.06-hectare site at 150 Sybella Avenue was sold for just under $6 million following an Expressions of Interest campaign arranged by Fitzroys’ Marco Sandrin and Brent Glassford. Leased to Ameropa Australia, a part of Switzerland-based international agribusiness conglomerate Ameropa AG, the property returns $354,695 per annum, and features a combined building area of 5,457 sqm. Located in close proximity to the Cardinia and Casey growth corridors with excellent proximity to Koo Wee Rup’s revitalised town centre, the site possesses significant holding value.
“Agribusiness-tenanted investments have become highly sought-after amid a sustained period of strong growing conditions and heightened commodity prices,” stated Mr. Glassford. “There remains a severe shortage of warehousing assets available to the market. This, combined with the property’s secure, long-term lease to a global agribusiness operator, and its strong road connections meant we had a rush of investors show strong interest in the site, ultimately leading to a strong sales result in just seven days.”
BENDIGO – Undisclosed
The former Bendigo Mining Exchange, located in the heart of the Bendigo CBD at 24-26 Pall Mall, has been sold after extensive renovations were completed back in 2019 and 2020 to restore its heritage features. Once part of the ‘Beehive’ building complex, the building today has an integral role in the local council’s CBD development plan, and is vital to Bendigo’s future entertainment and tourist precinct.
The property was sold by Colliers’ agents Travis Hurst and Sarah Noble, who were pleased to announce that a Bendigo local was able to secure the site. “We’re pleased to announce that a local person has conditionally signed a purchase contract for the building and will soon take steps to realise their vision,” stated Mr. Hurst. The exact buyer has not yet been identified.
Queensland
ORMEAU - $34 million
Clarence Property has divested Ormeau Marketplace in the south-east Queensland for $34 million to a private investor, thanks to a conjunctional campaign carried out by CBRE’s Joe Tynan and Michael Hedger alongside JLL’s Sebastian Fahey and Nick Willis. The sale represents a strong yield of 5.24%, and serves as one of the first non-portfolio neighbourhood shopping centre transactions in Australia since May.
“The quality of this asset attracted both onshore and offshore investor interest during the competitive off-market process, with the successful purchaser having a portfolio of similar assets across Australia,” according to Mr. Tynan. Ormeau Marketplace has a length 11.5-year WALE, and 87% of its income is produced by a full-line Woolworths outlet that has a 20-year lease that expires in 2035.
NORTHGATE - $8.8 million
A private local investor has purchased a 9,403 sqm industrial property situated over two titles from Neta Tire Service and Sales for $8.8 million, in a deal brokered by Paul Anderson and Andrew Doyle of Knight Frank, in conjunction with David Fielding and Dani Conn of Castle Property Group. The two titles at 87 Old Toombul Road and 12 Spiers Street were sold in one line, with a 12-month leaseback to Neta included as part of the conditions of the transaction.
“The sites offered an exceptional value-add opportunity to the purchaser, which was a strong drawcard in the current market,” explained Mr. Anderson. “The successful purchaser intends to renovate the existing facilities at lease expiration and offer as refurbished leasing product.”
