Deals of the week – 26 July 2021 | Content Hub

Deals of the week – 26 July 2021

Deals of the week – 26 July 2021



NARRE WARREN SOUTH - $225 million

Haben Property Fund together with their joint venture partner, The JY Group, have acquired the Casey Central town centre from M&G Investments for $225 million in Victoria’s largest sub-regional shopping centre sale in five years.


Casey Central is a triple supermarket and discount department store town centre located in Melbourne’s south east. Located on the Narre Warren–Cranbourne Road and set across a single level, the centre is anchored by Coles, Woolworths, ALDI and a brand-new Kmart discount department store. Together, major tenants occupy 54% of the total GLA.  The strong security of income is underpinned by a major tenant Weighted Average Lease Expiry of 14.4 years by income. 


Colliers’ Lachlan MacGillivray facilitated the landmark sale.



Core Projects’ Land Team have successfully transacted of seven greenfield development sites, totalling more than $150 million. The seven individual transactions, ranging from $5,000,000 - $60,000,000, were all completed in the last two days of the financial year, spurred on by the Stamp Duty changes that were coming into effect from July 1 2021.


The transactions, all sold to differing development groups, were completed across Melbourne’s greenfield areas, including significant properties in Rockbank (22 hectares), Beveridge, Melton (12 hectares), Epping (100+ Townhouses and Commercial super lots) and Wollert (26 hectares).


These transactions were negotiated by Kane Malcomson, Chris Jabs, and Trent Malcomson of the Core Projects Land Team.


DANDENONG - $10.5 million

Pelligra Group has purchased one of Melbourne’s largest suburban accommodation assets, the former Ramada Encore Hotel in Dandenong, from Phileo Australia for $10.5 million.
Situated on a 2,370sqm site, 50-52 McCrae Street presents an established four-star hotel featuring 108 guest rooms, a 24-hour reception, restaurant and bar, fitness centre and meeting rooms. Additionally, the hotel includes 101 on-site, undercover parking spaces and two retail premises on the ground floor, which are currently for lease.

Pelligra Group are reportedly planning to refurbish the hotel along with adding additional accommodation as part of a rebranding and repositioning of the asset.


CBRE’s Scott Callow negotiated the sale.


SALE - $4.55 million

Melbourne based fund manager Castlerock have recently divested from Spotlight Plaza in Sale, with a first time Chinese investor picking up the asset for circa $4.55 million.


The property is positioned on a 6,774sqm landholding, underpinned by a 10-year gross lease to Spotlight and 3 boutique shops, which combined provided a total net annual income of around $240,000.


Stonebridge’s Rorey James, Justin Dowers, Kevin Tong and Nic Hage handled the sale.


IVANHOE - $3.557 million

A developer has purchased a home site in Ivanhoe for $3.557 million from a local resident.


The property which is located at 20 Lower Heidelberg Road on a corner land parcel of 1,350sqm is expected to be turned into a luxury boutique residential project.


Savills Australia’s Julian Heatherich and Benson Zhou managed the deal.


BEACONSFIELD – Undisclosed

A local builder has purchased a 6,849sqm townhouse site in Beaconsfield, VIC with plans for a two-stage townhouse project.


Located at 13-15 Mahon Street, the first stage permit is approved for 10 townhouses and the second stage featuring 6 further townhouses.

Savills Australia’s Benson Zhou and Julian Heatherich handled the campaign.



New South Wales


NORTH ROCKS - $57 million

Leda Holdings has purchased a large infill industrial investment in North Rocks for $57 million.


A private investor sold the 46,800sqm site he had owned for 24 years, which has 19,187sqm of improvements across three buildings, and is located in one of the most tightly held industrial precincts in Sydney.  


The asset was sold leased to five different tenants with a weighted average lease expiry (WALE) of 2.94 years, generating $2.4 million in rental income annually.


Colliers’s Gavin Bishop, Sean Thomson, Paul McGlynn, and Matthew Flynn negotiated the sale.


BYFORD - $5.1 million

A multi-tenanted investment in Byford, anchored by 10-year leases to IGA Supermarket and Bottle-O Liquor Store has traded from private local developer to a private Sydney investor for $5.1 million.


The property forms the central part of the Lakeside Plaza Shopping Centre complex with a building footprint of 1,766sqm, and was sold leased returning a net passing income of approximately $330,000 pa.


Ray White Commercial’s Michael Milne managed the sale.


BOTANY - $1.35 million

K and T Properties Pty Ltd has purchased a 461.4sqm vacant parcel of land from Fametell Pty Ltd for $1.35 million.


Located at 2 Erith Street, the land is Zoned B7 Business Park and offers a potential FA of 692.1 sqm (FSR 1.5:1) making the site perfect for potential industrial or commercial development.


The deal, which received over 90 enquiries and multiple pre-auctions offers, was negotiated by Savills Australia’s Sam Wallace.





SURFERS PARADISE - $30 million

One of the last beachfront development sites in Surfers Paradise has been sold to a Sydney based developer for $30 million, paving the way for a luxury high rise residential development.


The 1,500sqm site, positioned on the corner of Garfield Terrace and Enderley Avenue, is just minutes from the beach in an area where the zoning provides for unlimited building heights.

The new owner is said to be planning an upmarket apartment complex to capitalise on the site’s sought-after location.

CBRE’s Mark Witheriff and Rem Rafter negotiated the unconditional sale.


COOMERA – Undisclosed

The latest joint venture between Brisbane-based developers Keylin and Kinstone Group has reached agreement on the purchase of a 47.7 Ha site, known as Coomera Town Centre South, from Queensland Investment Corporation (QIC).


Located in what is anticipated to become the newest lifestyle epicentre of the northern Gold Coast, the settlement of the site notches a monumental milestone in Keylin and Kinstone Group’s preparation to transform the Coomera precinct.


The incoming owners have announced that they will transform the site into an “all-encompassing hub of living, working and recreational facilities in one vibrant destination,” said Keylin Director Louis Cheung.


“The proposal is a true mixed-use centre that allows for a delivery of a residential precinct, supported by extensive lifestyle and adjoining commercial amenity, and direct access to public transport.” 



Western Australia


MADELEY & MIDLAND - $17.53 million

Real Asset Management Group has snapped up two separate centres for a combined $17.53m in Madeley and Midland.


The long-established health centre of over 40 years at 210 Wanneroo Road, Madeley sold for $9,743,358 achieving a 6.35 per cent yield. The 4,289sqm centre comprising of seven medical and health practices is located on the major arterial road.


The second major medical centre with a 10-year head lease to Swan Medical Group at 278-280 Great Eastern Highway in Midland sold for $7,780,000, achieving a 6 per cent yield. The centre was established 42 years ago and is aptly situated close to the Midland hospital.


The deals were negotiated by Ray White Commercial’s Brett Wilkins, Stephen Harrison and Josh Sumner.

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