Deals of the Week - 15th April 2024

New South Wales

PLUMPTON - $20 million 

Salta Properties has offloaded a 36,900 sqm sub-regional shopping centre development site in an off-market transaction. 

Acquired by Revelop, the development site will be the first sub-regional development in Sydney in over 20 years. The site will be developed into a sub-regional shopping centre catering to the western Sydney Market, which Salta coined as 'Plumpton Gardens'. 

The deal was managed by JLL's Nick Willis and Sam Hatcher.

Queensland

WARWICK - $11.8 million 

A Victorian private investor has purchased a 2,865 sqm Home & Life Centre. 

Located at 74-80 Albion Street, the final sale price reflected the sharpest yield for a regional large-format retail asset in Queensland in the last 18 months. The centre came fully tenanted, with retailers including BCF, Petbarn, Doctors&Co  and Anytime Fitness.  

The deal was managed by Colliers' Harry Dever, Marlon Crawford and James Wilson. 

CHUWAR - $7.1 million 

The Karalee Medical Centre located in Chuwar, Queensland, has been sold for a notable $7.1 million, reflecting a yield of 6.5 per cent.

The transaction was facilitated by Burgess Rawson's Raoul Holderhead, Andrew Havig, Rick Jacobson, and Tom Lawrence. 

Situated at 4 Centre Court, this standalone medical facility boasts a premium infrastructure and was sold with a 4.8-year WALE. The net annual rental is $463,376. 

TWEED HEADS - Undisclosed 

A locally based esteemed hospitality entity, the Tirumalasetti Group, has purchased the Bayswater Tweed Motel. 

Located at 129 Wharf Street, the 3,341 sqm site comprises 38 guest rooms spanning two levels, complemented by a manager’s residence, a vacant restaurant and bar with a full commercial kitchen, versatile conference and function facilities, a swimming pool and onsite car parking. 

CBRE’s Hayley Manvell and Mark Witheriff managed the sale on behalf of advisory and investment firm KordaMentha as the appointed receivers and managers.

Tasmania 

MOONAH - $9.7 million 

An industrial property in Hobart’s preferred industrial precinct of Moonah was purchased by a mainland private syndicate million following a strong sales campaign.

The property at 8 Birdwood Avenue consists of a significant land holding of 10,092 sqm occupied by two buildings totalling 4,600 sqm of lettable area. 

The deal was negotiated by Knight Frank's Matthew Wallace and Tom Balcombe.

South Australia 

BANKSIA PARK - $6.4 million 

A Guardian Early Education Centre situated at 275-277 Hancock Road has successfully sold, yielding an impressive 5.74%.  

The transaction marks a significant milestone in the childcare property sector, highlighting robust investor interest in high-quality, long-term leased assets. 

The sale was facilitated by Burgess Rawson’s Adam Thomas and Natalie Couper in conjunction with Ray White Commercial’s Jack Dyson.

Western Australia 

FREEMANTLE - $5 million 

A private investor has acquired the Fremantle Police Headquarters for $5 million marking a significant transaction in the local real estate market. 

The property features a recently renewed 4.5-year lease, with options, to the Western Australian Government, with WA Police occupying the premises as the Fremantle Police Headquarters. 

Burgess Rawson’s Matthew Wright, Raoul Holderhead and Brodie Keay, in conjunction with Empire Property’s Craig White, negotiated the sale of the prominent government-leased investment property situated at 88 High Street, in the heart of the Fremantle CBD.

Victoria 

MENTONE - $4 million 

A prominent freestanding Hungry Jack's on a major arterial Nepean Highway has sold for $4 million, representing the first freestanding fast-food investment to trade in Victoria in 2024. 

The property was offered with a renewed 5-year lease plus additional options to an established operator. 

The deal was handled by Savills' Rick Silberman and Stephen Bolton.