New South Wales
DOUBLE BAY - $180 million
The 140-room InterContinental Double Bay has recently traded hands, moving from Chinese real estate giant Shanghai United to a partnership between developers Fridcorp and Piety Group for near $180 million, marking one of the biggest hotel deals since March 2020.
Located at 33 Cross Street, the iconic 140-room hotel also includes function and conference facilities, two bars, a rooftop pool bar and 156 underground car parks which equates to more than 19,545sqm gross building area. The hotel is currently managed by IHG Hotels & Resorts.
The Agency’s Steven Chen brokered the deal off-market.
MASCOT - $151.5 million
An office neighbouring Sydney’s Kingsford Smith Airport in Mascot has been scooped up by Savills Investment Management for $151.5 million
Located at 241 O’Riordan Street, the 12-level complex was originally purchased by the vendor, an E&P Investments Limited managed ‘Fort Street Real Estate Capital Property Fund’, around four years ago for $128.4 million.
The A-grade office was first developed in 1992 and has undergone a refurbishment in 2014-2015. It offers 19,277sqm of commercial floor area with 401 basement car parking bays.
The deal was brokered by Colliers’ James Barber, Adam Woodward and James Mitchell with JLL’s Simon Storry and Luke Billiau.
SMITHFIELD - $10.4 million
A warehouse in Smithfield in Sydney’s west has been picked up by an owner-occupier for $10.4 million; around 20% above the reserve. The property was hotly contested by 15 parties, with loan repayments held up as a reason more western-Sydney owner-occupiers are looking to buy over rent.
Located at 101 Woodpark Road, the 7,334sqm property presents a 2,290sqm warehouse that is currently occupied until mid-next year by BlueScope’s steel coating group, Lysaght.
LJ Hooker Commercial’s Marcel Elias managed the deal.
CHILDCARE PORTFOLIO - $23.722
A Hong Kong investor, who was bidding over the phone, has secured three Victorian childcare assets for a combined total of $23.722
The biggest of the three involved an Explorers Early Learning complex in Williams Landing which found a final auction price of $10.98 million. The remaining sales involved centres In Noble Park and Truganina, selling for $6.742 million and $6 million respectively.
Burgess Rawson’s Zomart He, Natalie Couper and Adam Thomas managed the auction sales.
CLAYTON - ~$12 million
Bakery goods manufacturer Glicks have sold their Clayton South headquarters, a complex that also includes a manufacturing plant and distribution centre, to an interstate owner-occupier for a speculated $12 million in an off-market transaction.
Holding address at 37-53 Whiteside Road, the facility offers a 1.76 hectare landholding with 7,680sqm of office/warehouse space. Glicks is now looking for a new facility in the surrounding area.
The deal was negotiated off-market by Barry Plant’s Benjamin Klein with Crabtrees Real Estate’s Andrew Louden and Chris McKenzie.
TRUGANINA - $6 million
Family-owned Heaven’s Bakehouse has purchased 2 Carmen Street, in Truganina, for $6 million with plans to establish a new production facility.
The brand-new, 3,955sqm development sits within the Axiom Industrial Estate and features split-level office and high-clearance warehouse space, with five container-height roller doors and 55 parking spaces.
CBRE’s Tom Murphy, Ricardo Cappelletti and Fergus Pragnell managed the sale on behalf of the vendor, Al Raziq Investments.
BRSIBANE - $210 million
Chicago investment group, LaSalle Investment Management, has sold a Brisbane CBD office building to Fortius for $210 million.
The asset, situated at 307 Queen Street, was first purchased in 2017 for $142.15 million, with LaSalle then securing a neighbouring seven storey building, at 293 Queen Street, for $52.25 million. With the two building purchases LaSalle held a corner landholding of near 2,500sqm.
SERVICE-STATION PORTFOLIO - $59 million
A portfolio of six service stations anchored by 7-Eleven outlets, all with south-east Queensland addresses, have been scooped up by APN Convenience REIT in a deal worth $59 million. The deal takes the REIT’s portfolio to 97 properties with an end value of $619 million.
The vendor, Bluepoint Property, developed the outlets between 2014 and 2017 with the stations located at Griffin, Holmview, North Lakes, Upper Coomera, Greenbank and Highfield.
JLL’s Jacob Swan and Sam Hatcher managed the deal.
MACGREGOR - $42.15 million
A homemaker centre in Brisbane’s south has changed hands from Aventus Group to Stirling Property Funds for $42.15 million.
Located at 555 Kessels Road in Macgregor, the property was originally purchased by Aventus five years ago, carrying a value of $26.1 million within a portfolio purchase of $219 million. It offers 2.9 hectares of land with 12,330sqm of NLA, with six tenancy spaces.
MARCOOLA - $20 million
The Surfair Beach Hotel in Marcoola, near Maroochydore, has traded from private family owners to Hotel Property Investments for around $20 million.
Australian Venue Co has signed on to take over the Sunshine Coast pub’s operation. Located at 923 David Low Way, the hotel includes a sports and gaming lounge, cocktail bar and bistro.
HTL Property’s Glenn Price and Brent McCarthy handled the deal off-market.
COOLANGATTA - $4.55 million
The ANZ & BOQ site at 24-28 Griffith Street in Coolangatta has sold pre-auction for $4.55 million. This is the second time the property has been transacted in 15 months after Colliers sold the property in February 2020 for $3.85 million.
The 100% ASX Tenanted Beachside Investment featured leases to ANZ Banking Group Limited and Bank of Queensland Limited and sits on a 473sqm mixed-use zoned site just one block from Coolangatta beach. The asset returns $256,386 pa + GST.
Colliers’ James Crawford of managed the deal stating, “The campaign attracted more than 60 enquiries with the interstate buyers being attracted to the secure income and future re-development potential given the 24 metre building height limit and proximity to the Gold Coast International Airport.”
Having purchased the asset in March 2020, the sellers realised an almost 20% gain in just 15 months due to the recent strength of the southern Gold Coast property market.
ELLENBROOK - $12 million
A Perth medical centre has been picked up by Elanor Investors Group for $12 million. The investment firm will add the new acquisition, which marks the fifth this year, to its newly created unlisted healthcare real estate fund.
The Broadway Medical Centre is located at 150 Coolamon Boulevard in Ellenbrook and brings the portfolio to total value of $201.2 million.
CANNING VALE - $4.775 million
Local owner-occupiers have snapped up eight separate office/warehouse units at 2-6 Tulloch Way in Canning Vale with a total sale value of $4.775 million.
The eight assets ranged in size from 446sqm to 640sqm and were originally only available for lease. Recently, the demand for warehouse units has increased, and the property was converted into a strata complex for sale.
Ray White Commercial’s Josh Sumner and Enrique Reyes managed the deals.