Deals of the Week - 19th June 2023

Pictured above: The Axxess Corporate Park

Victoria

MOUNT WAVERLEY - $306.2 million

An 85,000 sqm business park in Melbourne has been offloaded by Dexus, in a deal that reflects a 7.4% premium from its December 2022 valuation.

The Axxess Corporate Park in Mount Waverley was purchased by investment firm, Gateway Capital, which recently partnered with Canadian asset management firm Cadillac Fairview, part of Ontario Teachers' Pension Plan. Due to the size of the sale, and the international buyer, it is subject to approval by the Foreign Investment Review Board. 

The deal was brokered by Cushman & Wakefield's Tony Iuliano and Adrian Rowse.

CHIRNSIDE - $50.4 million

Joint venture partners MaxCap Group and Troon Group have confirmed their recently completed development, the Chirnside Lifestyle Centre, has been acquired by IOOF Investment Services Ltd for its AM Property Plus trust, part of the Direct Property Portfolio managed by MLC Asset Management, the investment division of Insignia Financial Group.

The 11,100 sqm gross lettable area large format retail project, comprising 286 on-grade car bays, was 100% pre-leased after construction in December 2022. 

The sale was managed by Colliers, Tim McIntosh, James Wilson, and Mike Crittenden in conjunction with Stonebridge Property Group's Justin Dowers, Kevin Tong and Phillip Gartland. 

BROOKFIELD - $7.75 million

A private investor has paid $7.75 million for the Genesis Health and Fitness Centre at 15-21 Coburns Road, Brookfield, in Melbourne’s outer west.

The asset sits on a substantial 5,916 sqm corner site, and includes a 2,220 sqm purpose-built leisure centre, leased to Genesis for 12 years commencing 1 July 2015, with options for two further six-year terms. 

Burgess Rawson’s Justin Kramersh negotiated the sale.

Queensland

PARK RIDGE - $86 million

A private investor has purchased the Park Ridge Town Centre in a deal brokered by Savills' Peter Tyson and Steven Lerche.

The centre holds a gross lettable area of 14,300 sqm and is anchored by Woolworths and Coles. It was offloaded by RG Property, who developed the asset from a one supermarket centre to hold two, as well as other expansions such as specialty stores, fast food outlets and fuel pad sites.

New South Wales

PYRMONT - Undisclosed

The Dunkirk Hotel in Pyrmont has been sold by a private investment firm, Shogroup, owned and operated by James Wynne.

Situated on Harris Street in Pyrmont, the Dunkirk Hotel underwent a significant renovation over two years following the onset of COVID-19, including a striking upgrade to the façade, expanding and enhancing the gaming room, and refurbishing the 12 accommodation rooms. Following this transformation, the hotel experienced a 400% uplift in revenue across all departments.

The off-market sale was facilitated by JLL's Kate MacDonald, and signifies a shift in transaction pace for the hotel market in Sydney after the announcement of the sale of the iconic Imperial Hotel in Erskineville by last week.