Deals of the week – 05 November 2018 | Content Hub

Deals of the week – 05 November 2018

November 2018
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Deals of the week – 05 November 2018


Search for more development sites in Victoria here.

MELBOURNE - $163 million
A nine-level office tower at 509 St Kilda Road has traded hands from Former AFR Rich Lister John Beville to private Chinese investor Michael Xie, for $163 million. The property was sold fully leased.

"We are diversifying by holding residential development sites and also commercial investments with income like this one," Mr Xie said.

"I believe St Kilda Road has been slowly transforming from commercial to high end residential while the CBD seems to be converting from residential to commercial due to planning and pre-sale issues."

CBRE's Kiran Pillai, Lewis Tong, Josh Rutman, Mark Wizel and Luke Etherington handled the sale.

MELBOURNE - $11.98 million
A Chinese investor has snapped up a five-storey building at 26-32 King Street in Melbourne’s CBD, amid strong competition, for just under $12 million.

The previous owner was a superannuation fund, acting on behalf of Melbourne investors Abraham and Marlene Zelwer, who had bought the property in 2010 for $5.1 million.

"The buyer was seeking to secure a prime CBD asset for long-term capital growth, and this sale demonstrates the strong market appetite for premium properties generating solid income within the CBD," Selling agent Clinton Baxter said.

Mr Baxter, along with colleagues Ming Li and Jesse Radisich from Savills Australia handled the deal.

EPPING - $5.3 million
A property leased to a child-care centre at 236 Harvest Home Road, Epping, in Melbourne’s east, has been sold in a private sale for $5.3 million.

The site accommodates 133 children and finished construction in 2017; It was sold with a full lease extending to the year 2033.

Beller Commercial's Jeremy Gruzewski handled the sale.

GARDENVALE - $1.63 million
A local developer has secured a 286sqm mixed-use development site at 113 Gardenvale Road, Gardenvale, for $1.63 million. The two-storey property currently serves as an office and showroom with space for four car parks.

Teska Carson's George Takis and Michael Taylor sold the vacant property.

New South Wales

Search for more development sites in New South Wales here.

SYDNEY - $5.3 million
The 1882-built, former Redfern Post Office, at 119 Redfern Street Sydney, has been sold to the City of Sydney Council for $5.3 million. The council intends to convert the space, which was sold with vacant possession, into an Aboriginal & Torres Strait Islander Cultural Hub.

The 330sqm heritage listed building was previously owned by DKO Architects who bought the property for $2.6 million in 2014. The architecture firm went on to rejuvenate the space with an A-grade fit out and stated that they have recently out-grown the space, forcing them to relocate.

Colliers International's Trent Gallagher and Tony Crane managed the sale.


Search for more development sites in Queensland here.

BRISBANE – Undisclosed amount
An ibis Styles Hotel in Brisbane’s CBD has recently been sold to one of Singapore’s wealthiest private groups, Legend Land Brisbane Pty Ltd, a subsidiary of Worldwide Hotels.

The 367-room hotel is located at 40 Elizabeth Street, approximately 250m from Queen Street Mall. The sale mark’s the group’s second Australian hotel acquisition this year following its Perth Holiday Inn purchase in April.

Carolyn Choo, Managing Director of Worldwide Hotels, said “It is the intention of the group to expand worldwide, in line with the next phase of its long-term plans. Worldwide Hotels strives to be a significant player in the global hospitality scene.”

CBRE Hotels’ National Director Wayne Bunz handled the off-market transaction.

NERANG - $2.33 million
A 5,639sqm industrial complex at 59 Lawrence Drive in Nerang on the Gold Coast, has recently sold for $2.33 million at auction.

The site sits in a highly sought-after industrial precinct and drew attention for its proximity to the M1 Highway.

Ray White Commercial’s Steven King handled the auction.

Western Australia

Search for more development sites in Western Australia here.

AUSTRALIND - $39.43 million
The Australind Shopping Centre and neighbouring Mardo Commercial Centre have both been sold to Acure Asset Management for just shy of $40 million in what has been pinned as a seed for their newly established Australind Trust.

The two assets encompass 3.5 hectares on adjoining lots near the Leschenault Estuary, 160km south of Perth. Both had recently undergone renovations and were sold 90% leased.

The two sites were sold in an off-market transaction by Colliers International's Ben Tana on behalf of Private property company Vukelic Group.

An office building in East Perth’s Claisebrook Village, just 3km from the Perth CBD, has been sold to a private investor for $7.1 million.

The 1,145sqm office at 16-20 Brown Street was renovated in 2009 and was sold fully leased until 2022.

“The site has good view corridors to Claisebrook Inlet and bidders saw the medium to long-term possibility to redevelop the site to accommodate an apartment or a mixed-use development,” Selling agent Wayne Lawrence said.

Colliers International’s Wayne Lawrence and Tory Packer managed the sale.

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