Deals of the Week - 10th February 2025

Queensland

DARRA - $80.55 million 

Charter Hall has announced that its $13 billion Charter Hall Prime Industrial Fund has acquired a prime industrial development site at Harcourt Road Darra, which will be developed into a $350 million estate upon completion. 

The 17.5-hectare site is located within the prime infill logistics precinct of Darra, 12 kilometres southwest of the Brisbane CBD and at the junction of the Ipswich and Centenary Motorways. The vacant site will be developed into a state-of-the-art logistics estate of approximately 100,000 sqm of GLA, with the opportunity for flexible configurations to cater for tenant demand. 

As one of the last remaining large-scale development sites in the inner southwest, it is highly attractive to third-party logistics occupiers, direct-to-customer businesses, and high-end manufacturers.  

The sale was brokered by Cushman and Wakefield’s Tony Iuliano and Gary Hyland. 

CLEVELAND - $10.65 million

A brand-new, multi-tenanted large-format retail centre in the thriving Brisbane suburb of Cleveland has successfully sold, reflecting a yield of 5.55%.  

Located at 47 Shore Street West, the modern retail asset, completed in 2024, boasts a premium 2,018-square-metre state-of-the-art building on a site of 4,617 square metres. Fully leased for $591,426 per annum, the property is home to a highly sought-after mix of national and international tenants, including Mycar, The Salvation Army, and Lifeline.  

Burgess Rawson facilitated the sale through a National Expressions of Interest campaign, led by Yosh Mendis, Josh Scapolan and Andrew Havig.  

BOWEN HILLS - $4.6 million 

Colliers has transacted a vacant commercial office building at Bowen Hills for $4,650,000 to a local owner-occupier to house the headquarters for their hospitality business.  

In a deal struck by Colliers Hunter Higgins, the 712 sqm site at 42 Thompson Street was sold on behalf of a local owner-occupier.  

Colliers Hunter Higgins said ongoing development, urban renewal projects and potential for long-term capital growth at Bowen Hills had contributed to strong demand for commercial property in the area. 

Victoria 

KALKALLO - $64.5 million 

ASX-listed fund acquiring the newly developed Kallo Town Centre in Melbourne’s northern growth corridor for $64.5 million. This landmark deal marks Victoria’s largest neighbourhood shopping centre sale in over four years and highlights the sector’s renewed appeal. 

Stonebridge Property Group’s Justin Dowers and Kevin Tong exclusively managed the off-market sale, representing the vendor, Oreana.  

The sale contributes to the $262 million worth of Victorian neighbourhood centre transactions recorded in 2024. While this marks a modest 4% increase in annual transaction volumes since COVID-19, it signals a broader resurgence in the sector, underpinned by high population growth, robust employment figures, and the increasing integration of brick-and-mortar retail with online shopping.  

KNOXFIELD - $22 million 

A local owner-occupier has snapped up a rare opportunity to acquire a freehold warehouse and office asset owned by Growthpoint Properties Australia in Melbourne’s East. 

The property has dual street frontages, a land area of 14,750 sqm and a total building area of 8,089 sqm. 

The off-market sale of the property at 3 Millenium Court, was brokered in just 48 hours by CBRE’s David Aiello and Sasan Misaghian. 

Mr Misaghian said the result represents a 13% premium on the book value of $19.4 million.

New South Wales 

GLENDENNING - $33 million 

Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, and Realterm, an independent global investment manager, announced today the third acquisition of their transportation logistics real estate joint venture in Australia. The asset, 59 Glendenning Road, Glendenning, was acquired for $33M (AUD) on a nine-month sale and lease back from S&L Steel.  

The property features a 9,019 sqm freestanding industrial warehouse facility across a 20,234 sqm site. Its premier North-West location boasts a record low vacancy level of 0.5% and is supported by an expanding surrounding population, excellent transport links, and immediate proximity to the M7 Motorway.  

The asset brings the joint venture’s portfolio to over $125 million, following its inaugural acquisition of 77 Governor Macquarie Drive, Chipping Norton, a 41,490 sqm IOS secure storage facility, and a 28,760 sqm IOS transport facility at 311 The Horsley Drive, Fairfield which was acquired for $28M in the back half of the year.  

The sale of 59 Glendenning Road, was brokered by Colliers’ Gavin Bishop, Sean Thomson, Michael Crombie and Trent Gallagher. 

CHATSWOOD -  $17.3 million 

The Chemist Warehouse shop in Chatswood has sold off the market for $17.3 million, representing a tight net yield of 2.9%. 

Chatswood is seen as an upmarket retail, residential, and commercial precinct within Metropolitan Sydney. Vicinity Centres are in the process of redeveloping and repositioning their Chatswood Chase Shopping Centre to take advantage of this, with the aim to create one of Sydney’s leading luxury retail, dining and lifestyle destinations.

The vendor was a Hong Kong-based investor and was sold to NRG Pty ltd a local investment group.

Shead Property’s Rick Sombroek and Bill Geroulis negotiated the sale.

Western Australia 

FREMANTLE - $9.1 million 

A prominent medical centre in Perth’s western suburbs with a long and rich history has sold for $9.1 million, demonstrating the strong demand for quality healthcare assets.  

The two-storey property at 91 Hampton Road, called the Ellen Health Medical Centre, consists of a 1,131 sqm building on a 1,508 sqm site.  

It was purchased for $9.1 million following an Expressions of Interest campaign run by Knight Frank agents Cory Dell’Olio, Tony Delich and Sam Biggins on behalf of a private vendor. 

The Fremantle building has a long history, having originally been built in 1937 and operated as Beacon Theatre before having other uses including a supermarket.  

In 2014 the character building, which has frontage to both Hampton Road and Wray Avenue, was renovated to become a purpose-built medical centre. 

South Australia 

BLAKEVIEW - $5.75 million 

A private investor has paid $5.575 million for a KFC in Blakeview, South Australia reflecting a sharp 4% return. The transaction was negotiated by Burgess Rawson’s Beau Coulter.

Located at 14 Village Terrace, the property generates an income of $223,000 net per annum with 3.0 per cent annual increases and a secure 10-year lease with two 10-year options.

Developed by Leyton Property’s Hamish Brown and Will Brown, the property was completed late last year and sits strategically opposite Blakes Crossing Shopping Centre, which features a Woolworths Supermarket and 14 specialty shops.