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Deals of the week – 21 December 2020
Posted by Commercial Ready on Dec 21, 2020

New South Wales

Search for more development sites in New South Wales here.

SURRY HILLS - $97 million
German fund manager Real IS has reportedly entered into a deal to secure two adjoining office buildings in Surry Hills from private developer Cornerstone Property Group for $97 million. The deal marks the largest of its kind for the inner-city suburb.

Known as Surry Hills House and No. 1 Lacey, both buildings had undergone extensive refurbishment before being offered to the market and offer 6,902sqm of NLA. The assets were sold leased, anchored by software firm Canva.

JLL’s Mitch Noonan and James Aroney sold the property in conjunction with IB Property’s Steffan Ippolito.

KINGSWOOD - $80 million
Western Sydney University has divested from a shopping centre it developed in the city's west, securing a deal worth a speculated $80 million from private developer Holdmark Property Group. university will reinvest proceeds from the sale back into its core activities of teaching and research.

As well as the Caddens Corner shopping centre, which presents 9,500sqm of retail and community space, the deal includes a 3.3-hectare block ripe for high-residential development. The mall is anchored by a Woolworths and BWS, with speciality retail and food outlets, a food and dining precinct, childcare centre, medical centre, a gym, and more than 500 car spaces.

JLL’s Nick Willis and Sam Hatcher managed the deal.

PENRITH - $4.755 million
Rise Projects have sold a Penrith warehouse at 63 Leland Street sold under the hammer for $4.755 million.

A private investor acquired the tenanted, 1,791sqm warehouse, which offers clearance heights of up to 7.5 metres, modern office space with excellent natural lighting, high power supply of 1200 amps and a generous concrete forecourt for loading. The asset was sold fully leased with five years remaining.

CBRE’s Brendan Wein, Matthew Alessi and PRD’s Rob Tappouras, Jay Morosi negotiated the sale.

ENGADINE - $4.75 million
A commercial asset in Sydney’s south has sold to a private investor at auction for $4.75 million.

Located at 39-47 Station Street in Engadine, the 1,087sqm retail strip property had been owned by the vendors, a private family, for more than 40 years.

Ray White's Samuel Hadgelias and Con Economos transacted the sale.

KINGS PARK - $4.105 million
A Kings Park office warehouse at 9 Melissa Place also sold at auction, this time for $4.105 million.

The 1,649sqm office/warehouse was sold on behalf of a private client to Napier Holdings Pty Ltd. and generated 125 enquiries, with six registered bidders and 48 bids resulting in a sale price that was $100,000 over the reserve. The property offers clearances of up to 6.4 metres, access via two container height roller doors and two-level office accommodation as well as a concrete forecourt enabling excellent container loading/unloading.

The auction was negotiated by CBRE’s Mr Wein and Matthew Alessi.

REGENTS PARK - $1.01 million
An owner occupier has snapped up a derelict western Sydney warehouse for $1.01 million with plans to capitalise on the property’s development potential.

The 16 Mary Street, Regents Park property is zoned R2 low density residential with existing warehouse use rights. The 589sqm site includes a freestanding building and has development approval for an attached dual occupancy.

CBRE’s Robert Dowdy managed the sale campaign.
 

Victoria

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TARNEIT - $6.57 million
ASX-listed property group HomeCo has secured a new asset for their childcare portfolio, this time in Melbourne’s western suburb Tarneit for $6.57 million.

Located at 80 Homebush Drive, the 2,305sqm corner site offers a 2,093sqm building which can accommodate 140 children. It was sold with a lease to Explorers Early Learning on a 15-year term with two 10-year options.

CBRE’s Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto managed the sale.

NORTH MELBOURNE - $5.25 million
A dual-building, healthcare investment in North Melbourne has been scooped up by a private local investor for $5.25 million.

Located at 64 Chapman Street, the 872sqm site offered 414sqm of floors space and was sold fully leased to orthopaedic practices VicOrtho (on a new six-year lease) and Orthokids.

Gray Johnson's Matt Hoath and Rory White managed the deal.

BEAUMARIS - $3 million
A local resident has picked up a permit approved residential development site in Beaumaris at auction for $3.005 million; some $355,000 above the vendor’s reserve.

Positioned on a significant land holding of 1,394sqm at 17–19 Balcombe Park Lane, the property was offered to the market with approved permit and stamped plans for 3 large high-end town residences each with their own pool. Existing Improvements comprise a 4-bedroom, 2-bathroom family home featuring short term income.

The auction attracted in excess of 60 people on site with over 20 watching on-line. Gross Waddell’s Korda Mentha, Alex Ham and Andrew Greenway handled the sale.

MOONEE PONDS - $2.811 million
A vacant, corner development site in Melbourne’s Moonee Ponds has been purchased for a little over $2.8 million by a domestic developer; $211,000 above the on-market reserve.

Located at 48 Holmes Road, the 1,164sqm site is zoned General Residential and was previously earmarked for a three-storey apartment project comprising 11 units.

CBRE’s David Minty, Nathan Mufale, Alex Brierley and JJ Heng managed the sale.

KEILOR EAST - $2 million
Swan Plumbing Supplies has snapped up a new office/warehouse in Keilor East from a private developer for $2 million.

Holding address at 30 Slater Parade, the 1,043sqm property featured a new office showroom with warehousing, which was ideal for trade supplies.

CBRE’s Jake George negotiated the sale off-market before the vendor was set to run an on-market campaign.
 

Queensland

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TOOWONG - $1.9 million
A Toowong site with development approval for five architecturally designed terrace homes has sold for $1.9 million at 56 Aston Street in Brisbane.

Proposed for delivery on five freehold lots ranging in size from 171sqm to 267sqm – the properties are designed to offer two levels of living area above a garage and storage area – just 5km from the Brisbane CBD.

The property was marketed and sold by Ray White’s Mark Creevey and Tony Williams.

MOOLOOLABA - $1.2 million
Buyers Daniel and Sara Briscoe have snapped up a stand-alone freehold investment in the heart of Mooloolaba as 143-147 Brisbane Road sold for $1.2 million.

The asset, which came with a 289sqm building size and 509sqm site area, holds tenants including Coastal Skin Clinic, Worn. Clothing, Mooloolaba Massage Sports Health Clinic, and Advantage Pilates in place. The building is set to undergo renovations and will be the new face of the popular Roca Verde Hair Studio.

The property was sold off-market by Ray White Commercial’s Tallon Pamenter.
 

South Australia

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ADELAIDE - $1.275 million
A high-profile value-add office property in Adelaide CBD has traded hands between private investors for $1.275 million. Located at 21 Wright Street, the asset offers 455sqm of NLA and provides strong holding income from a long-standing sitting tenant.

Knight Frank’s Oliver Totani, Jack Dyson, Marco Onorato managed the sale.



A new drive thru Starbucks in Queensland selling at a record yield of 4.2% set the tone of commercial property agent Burgess Rawson’s final Portfolio Auction of the year in Melbourne today.
Lendlease have secured another 25% of 1 Farrer Place, a Sydney CBD landmark, from GPT Group for $584.6 million (in line with its most recent book value); a deal that demonstrates the resilience of trophy towers; Perth-based property syndicator Kerching Capital has realised $12.6 million from the sale of the Sandstone Point Village neighbourhood centre in Brisbane’s north; The Elanor Healthcare Real Estate Fund has acquired a new asset for its portfolio, this time splashing out $22.9 million for a multi-tenanted medical facility in Rockingham; plus more.
National commercial property agent Burgess Rawson is concluding 2020 with its largest Portfolio Auction campaign on 8 and 9 December.