Commercial Real Estate Deals of the Week - 10th August

Victoria

MAIDSTONE - $32 million

The large format retail centre at 98–100 Hampstead Road, Maidstone has sold for $32 million to a private investor, highlighting continued demand for securely leased retail investments across Melbourne’s inner west.

The 8,072sqm multi-tenanted centre, positioned on a substantial 19,020sqm corner site approximately eight kilometres from the Melbourne CBD, is anchored by national retailers including Supercheap Auto and 99 Bikes. The property generates $1.437 million in net annual income and sold on an initial yield of 4.49%, with one current vacancy providing potential for further income growth.

The deal was negotiated by Rick Silberman of Ray White Retail.

DANDENONG - $7 million

The multi-tenanted industrial investment at 93 Cheltenham Road, Dandenong has sold for $7 million to a private investor following a competitive Expressions of Interest campaign, highlighting continued demand for quality industrial assets across Melbourne’s tightly held south-east.

The 3,069sqm multi-tenanted property sold on a 5.15% passing yield with a 1.5-year WALE. The on-market campaign attracted multiple offers, with buyers drawn to the asset’s established industrial location, diversified tenancy profile and income-producing fundamentals.

The deal was negotiated by CBRE.

South Australia

EDWARDSTOWN - $21.5 million

The industrial asset at 5 Talisman Avenue, Edwardstown has sold off-market for $21.5 million, highlighting continued investor demand for securely leased industrial property in Adelaide’s tightly held inner metropolitan market.

The property comprises a 9,856sqm industrial facility on a substantial 15,670sqm island site and is fully leased to the State Government of South Australia via South Australia Police (SAPOL). Generating approximately $1.02 million per annum in net income, the asset was acquired by Curated Capital from MA Financial, with the current rent sitting around 35% below market levels and offering significant future rental reversion.

The deal was negotiated by Max Frohlich and Ryan Mills of Knight Frank.
 

KLEMZIG - $15.55 million

The residential development sites at 24–46 Boucaut Avenue and 67–75 Windsor Grove, Klemzig have sold for $15.55 million to a local developer, highlighting continued demand for large-scale infill opportunities across Adelaide’s inner north-east.

The transaction comprises two neighbouring General Neighbourhood Zoned sites spanning a combined 14,591sqm, reflecting a land rate of $1,066/sqm. The rectangular landholding provides more than 393 metres of combined frontage across three streets and adjoins Linear Park and Windsor Grove Playground, approximately 1.5 kilometres from the Klemzig Interchange.

The deal was negotiated by Jack O'Leary and Tom Love of JLL, with MRS Property acting as transaction managers.

GOODWOOD - $7.175 million

The investment property at 80–94 Goodwood Road, Goodwood has sold off-market for $7.175 million, highlighting continued investor demand for large-scale, income-producing assets in Adelaide’s tightly held inner-south.

The 2,623sqm landholding, positioned approximately 1.5 kilometres from the Adelaide CBD and directly opposite the Adelaide Showground, features a service station and convenience retail asset completed in 2023. Formerly operated by X Convenience, the property is now leased to BP and sold on a 5.17% yield, with its prominent corner position and underlying land value providing long-term upside.

The deal was negotiated by Rhyce Scott of CBRE.
 
 ADELAIDE - $5 million

The retail property at 55 Gawler Place, Adelaide has sold for $5 million to a private interstate investor, highlighting continued demand for securely leased retail investments in the Adelaide CBD.

The 509sqm ground-floor property, positioned just off Rundle Mall, is fully leased to global discount retailer Daiso until March 2031, with a further five-year option. The property sold on an initial yield of approximately 6%, with buyers attracted to its long-term lease, established international tenant and prime CBD retail location.

The deal was negotiated by Lyndon Cocks and David Buenfeld of Belle Property Commercial Adelaide, together with Chet Al and Harrison Grice of Knight Frank.

New South Wales

The VIVA Energy (OTR) service station and convenience retail asset at 306 Wianamatta Parkway, Ropes Crossing has sold for $12.06 million, reflecting continued investor demand for long-dated convenience retail investments across Sydney's western growth corridor. 

The brand-new asset features a 24/7 drive-thru and freestanding car wash and is secured by a 16-year triple net lease through to 2041, with options extending to 2076. The property generates approximately $687,805 per annum in net income and sold on a 5.70% yield. Peregrine Corporation was the vendor.

The deal was negotiated by Rick Jacobson, Raoul Holderhead, Sam Mercuri and Yosh Mendis of CBRE

BERRY - $11.15 million

The Great Southern Hotel in Berry has sold for $11.15 million to a group of local and Sydney-based hospitality investors, reflecting continued confidence in one of New South Wales' leading regional tourism destinations.

The historic pub, which dates back to the early 1900s, was acquired by an ownership group led by local resident Steve Redman, alongside experienced hotel operators Scott Still and Matt Clifton.

The new owners plan to progressively invest in and upgrade the venue while retaining its established character and connection to the local community.