Deals of the week – 11 October 2021 | Content Hub

Deals of the week – 11 October 2021

Deals of the week – 11 October 2021

Australian Capital Territory


CANBERRA - $300 million

A central Canberra office has recently traded hands from South Korean fund manager Mirae Asset Global Investments to a partnership between Charter Hall and GIC for a little over $300 million.


Located at 50 Marcus Clarke Street, the building was originally purchased in 2017 for $321 million. The 12-storey, 40,201sqm tower sits on a 1.2 acre landholding and was sold fully leased to Department of Employment and Education and Australian Electoral Commission major occupiers.


CBRE’s Michael Andrews and Nic Purdue managed the deal.





HOBART - $300 million

A deal for Parliament Square in Hobart has recently been orchestrated for a speculated $300 million, seeing Spirit Super take over the mixed-use site Trawalla Group, Citta Property Group and Qualitas.


The project involves a 7,322sqm site comprised of several former government buildings. The site saw construction commence in 2013, with a hotel and office expected to be completed in December and next year, bringing the project to a close.


CBRE’s Mark Granter, Kiran Pillai, Michael Simpson and Stuart McCann managed the deal.



New South Wales


KEMPSEY - $28.55 million

A Victorian syndicate led by The Lowe Group has acquired a Bunnings Warehouse on the NSW mid-north coast for $28.55 million, reflecting a national non-metro benchmark yield of 4.19%.


This asset comprises an approximate 10,999sqm Bunnings Warehouse on a prominent 29,832sqm site area, three kilometres south of Kempsey’s CBD on the NSW mid-north coast. The investment featured a new 10-year lease with annual CPI rental reviews capped at 2.5%.


Colliers’ James Wilson and Alex James-Elliott managed the sale.


GOSFORD - $12.1 million

Two adjacent properties, totalling 5,071sqm, in the heart of Gosford have been acquired by two Sydney-based developers for a total of $12.1 million.


280 Mann Street is a fully leased office building with a diverse tenant profile, with the added benefit of being positioned on a 2,211sqm site just to the north of Gosford Train Station. 290-300 Mann Street comprised a vacant retail building, a multi-let retail warehouse and a large on-grade car park.


The combined sites had an existing DA approval for a multi-storey mixed-use development comprising ground floor retail and 219 residential apartments but were offered to market either individually or in-one-line. Both properties were sold on an individual basis to residential developers looking to capitalise on the favourable mixed-use zoning, central Gosford location and the potential to submit a new DA specific to each site.


The deal was brokered by Savills Australia’s Andrew Palmer, Ollie Ridley, Steven Lerche and Nick Lower.


ROZELLE - $8.2 million

In an off-market transaction this month, 670-672 Darling Street, Rozelle, was sold for $8.2 million to a private purchaser on behalf of the Isaac family.

The new owner of 670-672 Darling Street plans to take advantage of significant infrastructure upgrades and transform the iconic 600sqm corner site into a new medical precinct. The 900sqm building is approximately 47% vacant (by lettable area) with existing tenants including Rozelle Medical Centre and two commercial office tenancies.


Colliers’ James Cowan handled the off-market campaign.


LUDDENHAM – Undisclosed

Gulli Foods has become the first buyer of a property within the newly-gazetted Agribusiness Precinct near the future Western Sydney International Airport.
The family-owned company has purchased 57-73 Campbell Street, Luddenham; four separate titles combining to a 4.42 Ha landholding. Roughly 1.5km from Sydney’s future second airport, the Luddenham property is within an Agribusiness Precinct established to deliver fresh and value-added local food production.

CBRE’s Andrew Sukkar and Fabio Screpis managed the sale.





TARNEIT - $54.68 million

A permit-ready site in Tarneit has traded hands from New Sky Group to Satterley for $54.68 million.


The 45.9-hectare property, located at 800 Derrimut Road, was originally purchased in 2016 for $33 million; the vendor went on to obtain a permit for a 417-lot subdivision before making the recent sale.


Gill Property’s Graham Hemingway and Stephen Bolton managed the deal.


NORTHCOTE - $11 million

An investor has paid approximately $11 million for an aged care home in Melbourne’s inner-north.
The 2,895sqm site at 14-24 Pearl Street, Northcote, was sold with vacant possession, having last been operational in early-2021, and features 75 single-bed rooms across three levels. Occupying a 69m frontage on Pearl Street, the landholding is one of the largest parcels offered in the Northcote and Clifton Hill area, 5km north of the Melbourne CBD, in a decade.  
CBRE’s Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat managed the campaign.






Three Brisbane industrial sites have been scooped up by Arrow Capital Partners for $50 million.


Included in the deal are; Citiswich Business Park at Bundamba, a 14-hectare property at which Arrow intends to build 50,000sqm of warehousing; a 2-hectare tract in Yatala, which will see a 10,000 sqm factory take shape; and finally 72 Aquarium Avenue, Hemmant, which offers 3.1 hectares with a warehouse and hardstand facility leased to Besix Watpac.


SARINA - $13 million

The Woolworths anchored Sarina Village Shopping Centre has recently been picked up by Melbourne based MPG Funds Management for their MPG Retail Brands Property Trust for $13 million.


The acquisition of Sarina Village by MPG is the third Queensland retail asset to be acquired by the fund and brings the total number of assets in the portfolio to nine.


Built in 2007, Sarina Village is an open format neighbourhood shopping centre anchored by a 2,754 square metre Woolworths and 7 specialty shops, with a total GFA of 3,354sqm. The 10,190sqm site features parking for 189 cars and featured a weighted average lease expiry term of 5.8 years.


The off-market sale was brokered by Savills Australia’s Peter Tyson.


BEENLEIGH - $6.618 million

Charter Hall has secured the ALH Group-leased Imperial Hotel located in Beenleigh for $6.618 million.


Situated on a 1,834sqm site, the Imperial Hotel comprises a two-level hotel complex featuring a main bar, sports and Keno bar and gaming room together with a drive-through BWS bottle shop.


The transaction was brokered by Savills Australia’s Leon Alaban and Michael Harcourt.

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