New South Wales
SYDNEY ~$800 million
An undeveloped Sydney office has traded hands from Macquarie Group Limited to a joint venture between Investa Commercial Property Fund and Manulife, in a deal speculated to be worth close to $800 million.
Located at 39 Martin Place, the 28-storey building is currently under construction and is expected to be completed in 2024. It will present 30,000sqm of high-end office space with around 2,000sqm of retail on the lower levels. No leases have been committed to at this stage.
CARLINGFORD - $68.5 million
Billionaire developer Harry Triguboff has picked up a 2.8-hectare supersite in Carlingford, in Sydney’s outer north-west, for $68.5 million. Range administrators HLB Mann had priced the asset between $68 million and $85 million.
The triangle-shaped property, located at 263-273 and 277-281 Pennant Hills Road (around 22 kilometres from the CBD), has potential to support up to 700 apartments within a near $600 million development, and was sold with an existing permit for 450 apartments.
Mr Triguboff believes the signs of the market return are good, and occurring at a rate faster to which he had initially predicted.
Collier International’s Matthew Meynell and James Cowan negotiated the deal.
PENRITH - $31 million
Redcape Hotel Group has scooped up the O’Donoghues Hotel in Penrith from FAL Hotels for $31 million, further demonstrating the speed of recovery in the hospitality asset sector.
The western Sydney pub occupies an 8,000sqm landholding and includes a restaurant, beer garden and bottle shop. The sale bolsters the value of Redcape's NSW and Queensland portfolio to around $1.2 billion.
JLL’s John Musca and Ben McDonald led the sales campaign.
LITHGOW - $10 million
Isaac Property have sold a service station located in Lithgow, along one of Sydney’s prominent highways, for $10 million representing a 4.92% yield.
The 2,632 sqm service centre holds address at 1129 -1131 Great Western Highway and forms part of a large, multi-user highway service centre site. 7-Eleven holds a 15-year lease and Zambrero holds a 10-year lease, generating a net income of $498,230 per annum.
JLL’s Dylan McEvoy and Gordon McFadyen managed the deal.
NORTH TURRAMURRA – Undisclosed
A not-for-profit foundation has purchased a slice of history as 61 Miowera Road, operating as a Girl Guide Training and Outdoor Centre known as ‘Glengarry’ for the past 70 years, sold for an undisclosed sum.
The asset is set on 8 Ha of land adjoining the Ku-Ring-Gai National Park. It consists of a main building with commercial kitchen, large meeting area, and dorm-style accommodation. The incoming owners will maintain existing community involvement and willwork with the Guides to provide the Guides ongoing access and use of the site.
Ray White Commercial’s Peter Vines, Victor Sheu and Sam Hadgelias managed the campaign which drew significant interest with more than 130 enquiries, over 30 private inspections, and 12 contracts issued.
MELBOURNE - $40 million +
The Head Office building of e-commerce giant Alibaba has changed hands from a private family to Peachtree Capital's Greg Rosshandler for more than $40 million.
Located at 411 Collins Street, the nine-storey office asset was built in the 1930s and presents a distinct modern-gothic facade.
The deal was managed by Vinci Carbone's Frank Vinci and Joseph Carbone, along with Colliers International’s Oliver Hay, Matt Stagg, Daniel Wolman and Leon Ma.
TORQUAY - $25.1 million
Woolworths Torquay Central has sold to a Melbourne based private investor for $25.1 million, representing the first major supermarket sales campaign in Victoria following the extensive lockdown period.
The 2,980sqm regional freestanding supermarket was put to market by a private family that developed it in 2004. The sale represents a record yield for a regional Victorian supermarket investment, at 3.65% including adjoining land. Prior to the sale of Woolworths Torquay Central, only two on-market supermarket-based investment campaigns in Victoria had transacted during 2020; Woolworths Keysborough South and Coburg Hill Shopping Centre at yields of 5.4% and 6.0% respectively.
Selling agent Justin Dowers of Stonebridge commented that,"What became clear as soon the marketing campaign for Woolworths Torquay Central commenced was the sentiment for this type of investment product had heightened, particularly due to an increase in supermarket sales performance further cementing these investments as the "go-to" recession/ pandemic proof investment, similar to that of certain logistics assets."
The property was sold by Mr Dowers and Stonebridge colleague Kevin Tong.
DANDENONG SOUTH - $15.46 million
BIA Developments have sold a prized investment asset in Melbourne’s Dandenong South to a Sydney investment group has picked up for $15.46 million
Located at 75 South Gippsland Highway, the 3.89-hectare landholding was sold fully leased to Onsite Rental Group for just over six years. The asset presents 3,400sqm of office/warehouse across in five buildings.
Colliers International’s James Stott, Gordon Code and Daniel Telling represented vendor BIA Developments.
PORTFOLIO - $4.9 million
From a portfolio offering of three Magic Car Wash properties, two have recently sold for a combined amount of $4.875 million, with founder Claude Roda opting to retain control of the third.
1021 Burwood Highway, Ferntree Gully, was picked up by an Asia-based buyer for $2.7 million, on a sale and leaseback agreement. While 250 La Trobe Terrace in Newtown, also sold with a leaseback, this time for $2.175 million. The third unsold asset is located at 1557 High Street in Glen Iris.
CBRE’s Scott Hawthorne, Jing Jun Heng, David Minty and Scott Orchard managed the sales.
COORPAROO - $10 million +
Bolton Clarke has purchased an exceptional development site, currently occupied by the Coorparoo RSL, in the affluent inner-Brisbane suburb for over $10 million.
Located at 20 Harries Road in Coorparoo, the property commands a 2,693sqm corner site with 105m of street frontage and sits opposite Coorparoo Square, the $252 million mixed-use development recently completed by heavyweights Fraser Property Australia and Honeycombes Property Group.
The property was marketed and sold by Ray White Commercial’s Tom Barr and Ray White Special Projects’ Matthew Fritzsche.
COOMERA - Undisclosed
Brisbane developers Keylin and Kinstone have acquired a major Greenland development site in Coomera’s emerging town centre precinct as the joint venture makes further significant investment into the Gold Coast.
The 47.7 Ha site, known as Coomera Town Centre South, is located at 64 Foxwell Road between Dreamworld and the Westfield Coomera shopping centre. The purchase is the second major transaction undertaken by Keylin and Kinstone in the last 12 months, following the $50 million joint venture purchase of the Serenity 4212 estate at Helensvale which has emerged as one of the city’s most successful waterfront land estates.
The sales campaign was undertaken jointly by CBRE’s Mark Witheriff and David Corke, and Colliers Internationl’s Brendan Hogan, James Holland and Jason Lynch.
ALBANY - $1.05 million
A Singaporean tourism developer has snapped up a vacant site in Albany as Lots 1&2 Frenchman Bay Road sold for $1.05 million.
The two combined lots were zoned for tourism use and offered a total 3.26 Ha site area, with Lot 1 occupying 1.9 Ha, and Lot 2 occupying 1.36 Ha. The site is currently vacant and was sold with planning approval for the development of 24 accommodation units, as well as a caretaker’s residence and café.
Ray White Commercial’s Brett Wilkins and Phil Zoiti managed the sale.
PORT ADELAIDE - $17.6 million
An industrial property in Port Adelaide has traded from boutique fund manager Quintessential Equity to property syndicator Silverfin Capital for $17.6 million.
The deal was made with a 10-year lease to InfraBuild, who have occupied the site since Quintessential Equity took over ownership seven years ago.
The property is located on Webb Street, around 14 kilometres north-west of the Adelaide CBD, and offers 44,000sqm of land, with good access to sea, rail and road networks.
The deal was managed by CBRE’s Ben Hegerty.