Deals of the week – 13 December 2021

New South Wales

NORTH SYDNEY - $80 million

North Sydney’s seven level Simsmetal House has recently changed hands from Avendor to Stadia Capital for more than $80 million.

Located at 41 McLaren Street the heritage protected Harry Seidler designed complex was sold with an approved permit for a six-storey extension. The property sits on a 2,359sqm B4 zoned block.

Colliers’ Jon Chomley and Harry Bui negotiated the deal.

PARRAMATTA - $56 million

A Parramatta office has recently been offloaded by Australian Unity who have secured a 5% premium to its June 2021 book value with $66 million.

Located at 32 Phillip Street the eight-storey property presents 6,759sqm of B-grade NLA with 101 car parks. The entire complex is tenanted by GE.

Colliers’ John McCann and James Barber managed the deal with Knight Frank’s Wally Scales and Graeme Russell.

LAVINGTON - $16.2 million

The Northside Hotel in Albury’s Lavington has been picked up by Harvest Hotels for $16.2 million.

Located at 305 Urana Road the deal also includes a bottle shop across the street. The hotel rises two floors with a bar, bistro, beer garden and 12 accommodation suites.

HTL Property’s Blake Edwards was the agent.

Victoria

GREENVALE - $90 million

A sizeable land parcel in Greenvale with potential to yield circa 400 housing lots has recently been picked up by Jinding for more than $90 million.

Located at 1240 Mickleham Road, the 29.06 Ha landholding sits within the soon to be approved Craigieburn West Precinct Structure Plan and has around 22.97 Ha suitable for low density residential development.

RPM’s Christian Ranieri and Zaynoun Melham managed the deal.

RICHMOND - $13.2 million

MAB Corporation has sold two strata offices within its Yarraberg Workspaces complex for a combined $13.2 million.

The complex, located at 43-57 Blazey Street, is set to begin construction shortly and will comprise of seven storeys, with the top floor acting as communal rooftop space.

The biggest of the two offices recently sold presents 852sqm suite on the fifth floor. It was purchased by an owner-occupier, not-for-profit for $6.8 million.

The second office sits on the sixth floor and went to a financial services group for $6.4 million.

Colliers’ Ted Dwyer, Raphael Favas and George Davies managed the sale with Knight Frank’s Matthew Romanin and Nick Bissett.

SOUTH YARRA - $2.645 million

A local investor has paid $2.645 million at the extraordinary land rate of $19,307 p/sqm for a boutique retail/office space at South Yarra.

Located at 555B Chapel Street, the auction drew a significant response with four bidders pushing the price to $600,000 over the vendor’s reserve.

Situated opposite the Colonade Shopping Centre, the property comprises a low maintenance and well-presented single level, 154sqm building featuring open plan spaces, a spacious mezzanine area, natural light and polished concrete floors. 

Teska Carson’s Reece Israel and Michael Ludski handled the auction.

Queensland

BRISBANE - $41 million

A B-grade Brisbane office has recently changed hands from Sentinel to Forza Capital for $41 million.

Located at 200 Creek Street, the 10-storey building is set to undergo uber-green refurbishment which is expected to cost over $9.5 million. The overhaul is expected to cut the assets emissions by 55% – offering a more efficient energy standard than a new building.

It was sold with about 66% occupancy of the 7,606sqm of NLA with tenants including Persolkelly, Ramsay Health Care and South East Queensland Water.

EAGLE FARM - $9.3 million

Industrial units at the new Eagle Farm Business Park have sold out in just six months, totalling $9,300,050 in sales. Titles for the 20-unit business park were released in April 2021 after the development was completed by Rida Corp in late 2020.

Located at 300 Lavarack Ave, Pinkenba, the properties ranged from 68-203sqm, averaging a rate of $4,130/sqm.

The properties were marketed by Ray White Commercial’s Jack Gwyn and Jared Doyle.

RUSSELL ISLAND - $7.2 million

The Russell Island Shopping Centre has been snapped up by a Queensland investor for $7.2 million.

Located at 29-39 High Street, the 1943sqm building on a 5950sqm site is fully-leased to seven tenants and has a net income of $547,800 pa with a WALE of 7.3 years. The centre is anchored by a 15-year lease to SUPA IGA.

The sale was conducted by Ray White Commercial’s Lachlan O’Keeffe and Michael Feltoe.

South Australian 

ADELAIDE - $25.5 million

Pelligra have recently acquired an Adelaide CBD office from Southern Cross Equity Group for $25.5 million.

Located at 80 King William Street and known as the William Grenfell Centre, the 12-storey, 8,373sqm asset is set to undergo a $30 million refurbishment.

The deal was negotiated by Knight Frank’s Oliver Totani and Guy Bennett with Savills’ Rino Carpinelli and Ryan Mills.

Australian Capital Territory

KAMBAH - $18.1 million

A multi-faceted essential services investment in Canberra’s Kambah has recently traded to a local high-net-worth investor for $18.1 million.

Located at 60 Jenke Circuit, the asset was developed in 2018 and encompasses a petrol station, childcare centre, gym, Hungry Jack’s restaurant and a showroom. It was sold with a WALE of 11.4 years.

JLL’s Dylan McEvoy and Gordon McFadyen were the agents.