WA/QLD - Circa $45 million
Sydney’s Barwon Investment Partners have secured four properties across both Western Australian and Queensland, inflating their portfolio to a value of $546 million. Among the assets are an eye surgery clinic at Spring Hill in Brisbane, a 143-bay car park located in the same precinct, as well as a two-storey building predominantly leased to a clinical research company in Joondalup, and a community mental health facility in the outer Perth suburb of Butler.
“These acquisitions represent a strong investment for Barwon Healthcare Property Fund (BHPF), underpinning the fund’s selective investment in stables and quality healthcare real estate across Australia,” stated BIP head of Healthcare Property and partner, Tom Patrick. The priciest of the properties was the car park, with the asset costing Barwon $23.7 million.
AVALON - $95 million
The 141.36-hectare block at 15 Avalon Road, right next to the Avalon Airport and possessing frontage to the Princes Freeway diamond interchange, has been sold to Andrew Sirianni’s Universal Corporation. A planning scheme amendment has already been prepared for a re-zoning of the land to C2Z, which will facilitate commercial and industrial uses. The property is flagged to serve as part of Geelong’s major new commercial and industrial precinct. Knight Frank’s Stephen Kelly, James Thorpe, Michael Satterley, and Andrew Gallucci were responsible for bringing the property to market.
HAMPTON - $17.325 million
Residential developer Noetic Places has purchased a vacant 3,662 sqm, amalgamated site in one of the Bayside’s most prestigious suburbs, on a $4,731 sqm land rate. Colliers’ Development Sites team of Hamish Burgess, Joe Kairouz, and Jozef Dickinson helped facilitate the sale, and commented on the competitive nature of the marketing campaign.
“Hampton has and always will be highly prestigious and sought-after. Demand for top tier sites in prime locations remains extremely strong. The site was contested by both local residential developers and interstate developers who were attracted by the impressive beachside location, and the 70 metre north-facing street frontage,” stated Colliers Director, Mr. Burgess.
CARLTON - $3.375 million
Victoria Police Legacy have sold their office at 71 Drummond Street, Carlton, for $850,000 above their reserve price of $2.525 million. The mixed-use zoning of the site is allowing the buyer to rent out the property for both residential and commercial purposes. The not-for-profit vendors are relocating to Burwood East. 71 Drummond Street was marketed by Belle Property’s Scott McElroy and Lauren McElroy.
SUNBURY - $1.81 million
The Sunbury Veterinary Clinic at 41 Gap Road has sold for just over $1.8 million, to a Melbourne investor. With over 100 buyer enquiries and multiple bidders on the day of the auction, the property sold on a tight yield of 3.7%. Sporting a new five-year lease that includes options, the new owner has acquired a secure essential business, on a property comprised of 826 sqm of land area. Aston Commercial’s Liam Rafferty and Jeremy Gruzewski were responsible for bringing the property to market.
New South Wales
STRATHFIELD - $80 million
Sam Arnaout’s development and hospitality group, Iris Capital, has outlaid $80 million to secure the Whelan family’s Strathfield Hotel. Developed back in 1918 by John Whelan, the three-storey pub has been with the family for over a century, and occupies a significant 2,067 sqm corner site directly adjacent to Strathfield train station. With two bars, a restaurant, a gaming room with 30 electronic gaming machines, and 25 guest suites, the Strathfield Hotel accrues annual income in excess of $10 million. Additionally, the site was offered to the market with approval for a mixed-use development behind the pub, that would provide 60 apartments, 14 additional hotel rooms, and further commercial and retail space.
Negotiations for the property were conducted by HTL Property’s Andrew Jolliffe and Daniel Dragicevich.
ERSKINEVILLE - $315 million
Greenland and Golden Horse Australia’s Park Sydney project will have its third stage completed by new owner Coronation Property, after the two vendors sold a five-hectare site at 57 Ashmore Street and 165 Mitchell Road. Coronation have plans to develop just over 1000 apartments, some of which are earmarked as Build-to-Rent. Additionally, approximately 5,000 sqm of retail space is also planned.
“The acquisition... aligns with Coronation’s strategy to secure well-located sites in established and high-performing markets,” stated the Group’s managing director, Joseph Nahas. The site was sold by Colliers’ Guillaume Volz, Eugene White, Henry Burke, and Joseph Lin.
SURRY HILLS - $115 million
The Shakespeare Property Group, who serve as the commercial property arm of Prime Value, have purchased the three-storey property on the corner of Crown Street and Campbell Street, known as Reservoir on Crown. The vendors, LaSalle Investment Management, paid $71 million for the site back in 2017. Reservoir on Crown was built in 1960 and redeveloped by Mirvac in 2009, and has a net lettable area of 4,727 sqm, and sits on one of the largest sites in Surry Hills, at 3,058 sqm. With high annual net face rental growth in Sydney’s fringe market, Surry Hills has recently proven to be a difficult area to buy into.
Knight Frank’s Paul Roberts, Jonathon Vaughan, Tim Holtsbaum and Dominic Ong, alongside JLL’s Mitch Noonan, Luke Billiau, Sophie Tieman, and James Aroney marketed Reservoir on Crown.
WEST END – Undisclosed
The ever-expanding Australian Venue Company has continued to increase their footprint in the Sunshine State, by acquiring The Boundary in Brisbane’s West End, one of the suburb’s most well-renown pubs. First established in 1864, The Boundary has recently been home to significant refurbishment, conducted back in 2018 by JP Architects. All venue staff will be retained, and the pub will continue to operate as per usual, according to AVC representatives.
EMU PARK - $17.95 million
Following an Expressions of Interest campaign steered by Savills’ Jon Tyson and Michael Harcourt, a private Victorian-based investor has acquired Emu Park Village for just shy of $18 million, generating a yield of 5.47%. Consisting of 2,795 sqm in lettable space, the shopping centre is anchored by a Drakes Supermarket outlet, as well as four specialty stores and a first-storey office. “This property attracted solid interest due to the dominant and compact nature of the centre as well as the region’s strong economic growth fundamentals,” stated Mr. Tyson.
TANNUM SANDS - $18.5 million
The Tannum Central Shopping Centre has sold for $18.5 million, for a yield of 4.9%, after an off-market campaign orchestrated by Savills’ Jon Tyson and Peter Tyson. The vendor, Whistle Funds Management, acquired the Centre in 2011, and has recently sold a number of other supermarket and shopping centre assets, including a Woolworths in Narrabri, and the Highfields Plaza near Toowoomba.
“With these divestments we sought to capitalise on the current favourable market conditions crystalising significant value uplift in addition to strong income through the holding period of each fund,” according to the Managing Director of Whistle Funds Management, Andrew Vize. Originally built in 2004, Tannum Central Shopping Centre covers 4,403 sqm in gross floor area, and is anchored by a Coles supermarket, in addition to 14 speciality stores.
MISSION BEACH – Circa $3 million
Eco Village Mission Beach has been sold after an on-market Expressions of Interest campaign facilitated by the JLL Hotel and Hospitality Group’s Senior Vice President, Gareth Closter. The sale represents a yield of sub-7%. “The fundamentals of this asset clearly resonated with the market. With an attractive price point, unique setting boasting 118 metre ocean frontage to Mission Beach, quality existing improvements and broad repositioning potential, the property was a truly special offering,” stated Mr. Closter. The property contains 17 bungalows, a couples retreat, a resort style pool, a restaurant with function facility, and is situated on a 9,080 sqm site.