DEVON MEADOWS - $37.5 million
A low-density housing estate site in Melbourne’s south east has sold to MAB Corporation for $37.5 million.
Located in Devon Meadows, around eight kilometres south east of Cranbourne, the 32-hectare parcel is set to be transformed into a master-planned, 500-lot community. The vendor originally paid $55 million in 2018 as part of a 42.3 Ha amalgamation comprising 10 properties, offloaded by nine vendors.
Colliers International’s Mark Burgio, Trent Hobart, Michael Gardiner and Robert Papaleo managed the deal.
FITZROY - ~$7.8 million
A local developer has recently picked up the property playing home to luxury skincare brand Aesop’s headquarters, with sources indicating the settlement price is around $9,500sqm on the land, or just north of $7.8 million.
25 Smith Street in Fitzroy sits in good company with major local developer Pellicano Group who are pursuing a 13-level tower (named Fitzroy Tower) at 207 Victoria Parade and property tycoon Morry Schwartz who has just lodged or a 10-level project across the road at 14-18 Smith Street. Tim Gurners new $280 million residential and retail project ‘Victoria and Vine’, which will see the transformation of an entire Collingwood suburban block is also nearby.
The deal was negotiated by CBRE’s Rorey James, David Minty and JJ Heng. Mr James noted that the sale was a true testament to the resilience of Melbourne’s property market and more locally that Smith Street, “has emerged as one of the leading strip retail precincts largely underpinned by the on-going growth of development.”
Mr Minty added, that “there was no shortage of interest for this property and there are clear signs that COVID is not dampening buyer sentiment towards good quality real estate. Melbourne’s city fringe suburbs continue to be the preferred markets to play in with limited development opportunities being offered in the CBD.”
HAWTHORN EAST - $6 million
Forza Capital has sold a Hawthorn East office to a local investor for $6 million, following a renovation.
The asset, located at 90 Camberwell Road, was first purchased by the vendor for $4.6 million in late 2018. Forza secured a tenant before listing the property for sale. Japanese electronics giant Epson have signed on and will pay a starting annual rent of $279,000 with two five year options.
Fitzroys marketing agent Paul Burns managed the deal.
New South Wales
NORTH RYDE - $4.65 million
A local Asian Investor has purchased a 1,106sqm strata space let to an operating childcare at 1 Network Place, North Ryde, from the international developer Risland for $4.65 million.
The property offers 1,106sqm of net lettable area and is currently occupied by Kids Planet Childcare under a new 10 + 10 + 10 year lease. The yield achieved was 6.50 %.
The deal was negotiated by Savills Australia’s Nick Lower, Selin Ince & Oliver Ridley.
BRISBANE - ~$75 million
Ghassan Aboud’s Crystalbrook Collection has acquired The Fantauzzo Brisbane – Art Series Hotel, for a speculated $75 million, in its latest foray into the Australian market.
Situated beneath Brisbane’s iconic Story Bridge overlooking the Howard Smith Wharves, the new contemporary hotel features 166 rooms and suites, the renowned Italian Polpetta kitchen and bar, the elevated Fiume bar along with a rooftop pool, fitness centre and meeting spaces.
The property, which this year won Queensland’s top award for commercial architecture,
celebrates photo-realist painter Vincent Fantauzzo, with up to 300 of his works and digital prints on display throughout the hotel.
The official handover will occur in the first half of 2021. Upon handover, the hotel will trade under Crystalbrook Collection with the official new name to be announced in the coming months. Until the acquisition is complete, the hotel will continue trading under the management of Art Series Hotels (ACCOR).
CBRE’s Wayne Bunz handled the deal off market on behalf of the Deague Group, stating that the deal “represents the first major Australian hotel sale in 2020 during COVID-19, signalling that investors anticipate a recovery in the hotel sector.”
WILLAWONG - $41.5 million
An industrial development site in Brisbane’s Willawong, 16 kilometres south of the city, has been sold with a short leaseback for $41.5 million.
Vendor Hastings Deering, a major caterpillar distributor paid $19.4 million for the asset back in 2011. Located at 182 Bowhill Road, Hastings Deering then invested in security fencing, lighting, site compaction and drainage across the period of its proprietorship.
CBRE’s Chris O’Brien, Edward Bull and Peter Turnbull managed the sale.
NORTHGATE & BANYO - ~$8.8 million
Two industrial lots have been sold by Ray White Commercial for a combined value of around $8.8 million.
The first asset, a semi-modern 2,294sqm industrial facility at Lot 2/71 Raubers Road in Northgate, traded for an undisclosed amount, but industry sources revealed the price was in the mid-three-million-dollar range.
The second took place at Lot 6/459 Tufnell Road in Banyo, which settled for $5.3 million, selling via a sale and lease-back process. Moto National Accessories committed to a five plus five-year term, at a commencing rental of $328,125. The price achieved equated to an initial yield of 6.19 per cent, or $2,309psqm on GFA.
Ray White Commercial’s Andrew Doyle and Aaron Aleckson handled the sales.
Mr Aleckson noted that “Further to the sales we’ve settled, we’ve observed another $22 million in transactions through the Northgate and Banyo precinct since COVID-19. This definitely highlights the comfort level buyers have in this area.”
RICHLANDS - $3 million
A private Brisbane based investor has snapped up a brand-new concrete tilt panel office/warehouse facility in the heart of Richlands for $3 million.
Developed in early 2020 by Brisbane developer Industrial Development Group (IDG), 18 Network Place features a clear span warehouse accessed via dual container height roller doors, corporate office accommodation over 2 levels, 3- phase power, ample on-site carparking including 3 undercover and full security fencing to the perimeter.
Garry McNamara, Director of IDG said of the sale: “We were incredibly pleased with the result here at Richlands. Industrial property is one of the few segments of the property market that has remained resilient during the COVID-19 pandemic.”
The 1,461sq m building sits on a 2,539sq m site and offers 7.5 metre clearance with neighbours including Parmalat, Coca-Cola Amatil and Queensland Health. The property is fully leased to locally based business, Australian Electronic Maintenance Services on an annual rental of $175,000 on a 5 + 5 year lease.
The sale was transacted by Savills Australia’s Callum Stenson.
DARWIN - $19.7 million
A Charter Hall managed Long WALE Investment Partnership (LWIP) has scooped up a Darwin hotel, formerly owned across 70 years by the Dowling Family, for $19.7 million.
The Parap Tavern, located at 15 Parap Road in Parap, was sold fully leased to the ALH Group on a lease for 14 further years; with the terms of options, the Woolworths backed group could stay on until 2084.
HTL Property’s Brent McCarthy and Glenn Price managed the deal.