Queensland
CAIRNS CITY - $77 million
Cairns Corporate Tower, a premier commercial office building, has been acquired for $77.5 million by a local group of businesspeople with a long-term vision for the landmark property.
Located at 15 Lake Street, the 15-storey, A-grade tower is strategically positioned in the heart of the CBD and is widely recognised as North Queensland's premier commercial office building.
The sale was facilitated by CBRE’s Danny Betros and Mark Witheriff on behalf of the Brisbane-based, ASX-listed Garda Property Group, who acquired the building nearly 20 years ago and will now focus on its "pure play" industrial REIT strategy.
GRACEMERE - $6.4 million
The site of a newly constructed Hungry Jack’s in Gracemere, located approximately 8km south-west of Rockhampton, has sold for $6.4 million in a transaction that underscores the ongoing strength of the regional quick service restaurant (QSR) market.
Strategically positioned on a high-profile 2,223sqm site with exposure to over 8 million vehicles annually, the property is secured by a rare 13-year head lease to Hungry Jack’s head office with further options extending to 2057.
The sale was managed by CBRE’s Harrison Coburn and Mikaela O’Farrell with the price reflecting a 4.79% yield.
REDBANK – UNDISCLOSED
Kent Relocation Group has purchased a significant industrial site at 38 Birdwood Crescent, Redbank, a 33,906sqm parcel of land within the highly sought-after Redbank Motorway Estate, owned by Goodman.
The transaction marks a strategic acquisition for Kent Relocation Group, allowing them to expand their operations with a new 9000sqm purpose-built facility, with significant container rated hardstand.
The sale was facilitated by CBRE’s Jack Hardy and Matthew Frazer-Ryan.
Western Australia
O’CONNOR - $10.6 million
A commercial site in a prime location within the City of Fremantle has sold following a campaign that generated strong buyer demand.
The 11,763sq m property at 23 Peel Road in O’Connor, 20 kilometres south of the Perth CBD and only five kilometres from the Fremantle Port, has over 100 metres of frontage to the busy Stock Road.
It consists of a 5,463sq m building with both showroom and warehouse space, occupied by long-standing tenants including Carpet Court, West Coast HiFi and Intersport.
The property was purchased by a local private investor for $10.6m following an Offers to Purchase campaign run by Knight Frank agents Tony Delich and Cory Dell’Olio in conjunction with Ross Skelton of RN Corporate on behalf of the vendor, Stock Road Land Pty Ltd.
Victoria
LAVERTON NORTH - $9.05 million
Two side by side industrial properties in Melbourne’s west have sold for a total of $9.05 million in separate transactions that took place within just a few months of each other.
While the office/warehouse facilities – at 8 Agosta Drive and 10 Agosta Drive - are virtually identical, they were sold by different vendors.
The deals, which saw both properties purchased by owner occupiers, were negotiated by Knight Frank agents Andrew Gallucci, Steve Jones and Joel Davy.
The fenced facilities each have 1,371sq m of net lettable area, comprising an expansive internal
warehouse component of 1,143sq m with an 8.2-meter clearance and an elevated air-conditioned open plan office space of 228sq m above the canopy. They each have 20 car parks.
SOUTH YARRA - $6.1 million
A prestigious South Yarra development site has sold and settled in a $6.1 million deal, as demand remains in the market for high-end product and sought-after locations.
Fitzroys’ Lewis Waddell, Ben Liu and David Bourke sold 1-17 Adams Street, South Yarra to a local high-end residential developer.
The sale price showed a strong land rate of circa $8,000 per sqm after Fitzroys’ campaign generated more than 100 enquiries.
Offered with vacant possession, the 774sqm General Residential-zoned site is currently improved by two aged brick apartment blocks
SURREY HILLS & DONCASTER - $3 million
Colliers has successfully completed the sale of two retail assets within the space of a week, transacting in the tightly held and high-profile locations of Surrey Hills and Doncaster.
In Surrey Hills, Shop 2, 358 Canterbury Road was sold to an interstate investor reflecting a strong 6.50% yield. The ground-floor retail property was marketed by Colliers’ Lucas Soccio and Matt Knox.
In Doncaster, Colliers’ Lucas Soccio also concluded the off-market sale of 65 High Street, a former ambulance station, to a local developer for $1,050,000.
BRUNSWICK EAST - $1.91 million
An astute investor has acquired a Brunswick East property amid strong demand for Melbourne city fringe warehouses with Mixed Use zoning.
The vacant property is on 497sqm of land with a 16m frontage, and comprises a single-level brick warehouse of 420sqm with four on-site car parks and rear access.
Fitzroys’ Chris Kombi and Marco Sandrin sold 21-23 Piera Street on behalf of a private investor following a successful auction campaign that drew more than 70 enquiries and multiple bidders.
The $1.91 million sale price reflected a land rate of circa $4,000 per sqm.
ASHBURTON - $1.67 million
Brett Simpson of GrayJohnson has successfully transacted a prime retail property in the heart of Ashburton Village, achieving an impressive $1,671,000 at auction, $271,000 above the reserve price.
The property at 238 High Street, Ashburton attracted multiple bidders and sold under the hammer on a sharp yield of 4.2 per cent. Formerly a Westpac branch and now home to the Ashburton Eye Clinic, the asset occupies a prominent position within the thriving village retail strip.
Comprising a building area of 215 square metres on land of 231 square metres, the property is leased for three years with a further three-year option commencing 1 July 2025. It delivers an annual net income of $70,434 plus GST, and also offers valuable rear off-street parking for three cars.
South Australia
ALBERTON - $4.95 million
Interstate investors, marking their first foray into the South Australian property market, have secured a prime retail asset in Alberton in a $4.95 million off-market sale.
CBRE agent Ned Looker managed the sale of 228-232 Port Road, a large prime corner allotment, securely leased to Super Retail Group (trading as BCF). The property was sold by a local private family looking to reinvest their capital in an active development they are managing.
The property was securely leased through to August 2029 with further options traded at a yield of 5.4%.
