Deals of the week – 29 July 2019 | Content Hub

Deals of the week – 29 July 2019

July 2019
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Deals of the week – 29 July 2019


Search for more development sites in Victoria here.

MELBOURNE - $830 million
Charter Hall and Canada’s Public Sector Pension Investment Board have jointly acquired a 47-storey A-grade commercial office tower at 242 Exhibition Street, in the Melbourne CBD, in an off-market $830 million transaction. 

The tower retains 100% occupancy by Telstra, with a 11.5-year WALE, and recently saw a $67 million upgrade to the lifts and base building areas.

The property was previously held, with equal shares, by Oxford Investa Property Partners (OIPP) and the Investa Commercial Property Fund.

Cushman & Wakefield’s Josh Cullen and Luke Etherington managed the sale.

HALLAM - $5.05million
Velcro Australia has divested an industrial property in the Melbourne suburb of Hallam for just over $5 million.

The 2,777sqm property, at 5-11 David Lee Road, was sold to a private investor/developer, with a six month lease-back to Velcro Australia.

CBRE’s Patrick Noone, Alex Grima and James Jorgensen negotiated the sale.

“The lack of quality industrial assets for sale in the tightly held Hallam Precinct, combined with the absence of developable land in the wider Dandenong/Hallam markets resulted in nine offers at the end of the campaign,” Mr Noone said.

THOMASTOWN - $4.3 million
Another Melbourne industrial property has sold after a private Sydney investor divested a 9,000sqm office/warehouse site in Thomastown for $4.3 million. 

The property, situated at 43-47 Northgate Drive, features a 2,700sqm building, built by Vaughan Construction in 2004, with a current net passing rent of $316,520 per annum. 

“After a highly competitive Expressions of Interest campaign, Costin Investments purchased the property for its low site coverage and value add opportunity,” CBRE’s Daniel Eramo said.

Mr Eramo negotiated the sale with CBRE colleague Broderick Turmaine.

New South Wales

Search for more development sites in New South Wales here.

NEWCASTLE - $52.2 million
Doma Group’s first office project in Newcastle's Honeysuckle precinct has been sold for $52.2 million. The A-Grade seven-storey commercial building was picked up IOOF Investment Management, and is currently fully leased to seven separate tenants.

The 6,524sqm building was completed in 2017 and marks the highest-priced office sale in Newcastle.

Colliers International’s Peter Macadam, Paul Powderly, Matthew Winter and Michael Montelibano managed the sale.

RANDWICK - $8.25 million
A Shell-branded service station in the Sydney suburb of Randwick has sold under the hammer in Sydney for $8.25 million.

43-47 Frenchmans Road was hotly contested by 14 bidders who sought this rare eastern suburbs investment property with development upside.

JLL agent Dylan McEvoy said, “the auction attracted 14 bidders, reflecting the strong interest from investors, developers and owner-operators we fielded during the campaign. In the lead-up to the auction, we received 129 genuine inquiries from prospective purchasers who saw the potential for major future residential and commercial development.”

Mr McEvoy managed the auction with JLL colleague Nic Simarro.

WETHERILL PARK - $1.36 million
Karoon Construction has purchased a Wetherill Park office/warehouse facility in Sydney’s west for $1.36 million. The property is currently leased until November 29 to chemical supplier Sika with no option. 

“This sale is evidence of renewed buyer confidence in the strata market, particularly sites that have exclusive yard area,” CBRE’s Janet Joljian said.

The 1,047sqm property features a 411sqm building and 636sqm of yard space and is zoned IN1 General Industrial under Fairfield City Council.

Ms Joljian sold the property with CBRE colleague John Tsoutsa.


Search for more development sites in Queensland here.

COLLINGWOOD PARK - $11.08 million
An approved development site in Ipswich has sold to a private Brisbane based syndicate for just over $11 million in an off-market transaction.

The 39.26-hectare landholding, in Cairns Street, Collingwood Park, is in a growth corridor and has development approval for a 277-lot subdivision.

Ray White's Tony Williams and Mark Creevey brokered the deal.

Western Australia

Search for more development sites in Western Australia here.

BANKSIA GROVE - $27.3 million
Woolworths has divested its self-anchored Banskia Grove shopping centre in Perth’s north eastern growth hub for $27,282,828 to a private Singapore-based investor. 

The complex is currently leased to 11 specialty stores across a total NLA of 5,721sqm. Woolworths will continue on a 12-year lease with options allowing for the lease to run to 2081.

Anthony Del Borrello and Richard Cash of CBRE’s Western Australian Retail Investments team negotiated the sale.

Mr Del Borrello commented that this transaction demonstrated continued demand from offshore investors, noting they had been particularly active in the Perth retail space over the past 12 months. Over 90 enquiries and seven contestable offers were received.

South Australia

Search for more development sites in South Australia here.

ADELAIDE - $115 million
Lendlease's have traded an A-grade office and carpark property in the Adelaide CBD for $127 million, far exceeding original price expectations of about $115 million.

Centuria Capital Group picked up the 12,154sqm office building, situated at 80 Flinders Street, which was constructed in 2006 and underwent a refurbishment of the lobby and end-of-trip facilities this year.

"As a market, Adelaide is continuing to transform through a strong pipeline of approximately $130 billion of infrastructure and defence projects, as well as offering attractive fundamentals relative to other core CBD markets,” Jason Huljich, joint chief executive of Centuria, said.

CBRE’s Ian Thomas and Knight Frank’s Guy Bennett handled the deal.


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