Deals of the Week - 16th October 2023

Australian Capital Territory

DICKSON - $157.5 million

Dickson Village was sold for $157.5 million in one of the year's biggest mixed-use deals.

The sale was facilitated by CBRE's James Douglas, Nic Purdue, and Tristan Cotchett, with the property being acquired by Aware Real Estate, representing Aware Super and its real estate partner Barings.

This top-tier mixed-use development reached completion in September 2023, featuring a resilient retail centre anchored by Coles supermarket and 140 build-to-rent apartments.

The final sale price reflects a circa 6% fully leased yield forecast. 

Victoria

EPPING - $37.69 million

A brand new state-of-the-art industrial facility in Epping was purchased by Boston-based investment manager, Cabot Properties, in a deal negotiated by Knight Frank. 

18 Litoria Court, Epping, located within Stage 2 of the Biodiversity Business Park, comprises a corporate office/warehouse facility with a gross lettable area of 16,117 sqm on a 2.44-hectare site. 

The property was transacted on an initial leaseback term of five years to 99 Bikes Pty Ltd, which is an entity of Pedal Group, with the deal being negotiated by Knight Frank’s Scott Braithwaite and James Templeton following an Expressions of Interest campaign.

MOUNT MARTHA - $15.75 million

The Dava Hotel, near Mount Martha in Victoria's Mornington Peninsula, set a new standard for pub investments by selling to a local buyer for $15.75 million with a 2.7% yield.

While the hotel was originally built as a boarding house in the 1920s, the property was redeveloped as The Dava Lodge Hotel in the 1930s and has undergone several changes since as it has no heritage protection.

The hotel was offloaded by Chris and Peter Dash, who have owned the hotel since 2001, with the deal being handled by Stonebridge's Rorey James, Nic Hage and Kevin Tong, in conjunction with Wilson Property's Ben Wilson.

Queensland 

EUMUNIDI - $20 million

Hospitality family office, the Chomsky family, has further expanded its hotel portfolio with the acquisition of the Imperial Hotel in the Noosa hinterland.

Located near the Eumundi markets, the 112-year-old Queensland-style property holds on-site distilleries, a drive-through bottle shop, a 15-room boutique hotel, and the Eumundi Brewery, which is notably operated by Lion.

The hotel was sold by long-term owners, Craig and Mel Manley, with the deal being brokered by HTL Property's Andrew Jolliffe, Glenn Price and Brent McCarthy.

KALLANGUR -  Circa $12 million

Chavel Capital, a Sydney-based Fund Manager, has sold Kallangur’s newest childcare centre to a Queensland-based high-net-worth investor, representing Queensland’s largest childcare centre sale in recent years.

Located at 100 Cecily Street, the childcare centre opened in June 2023 and is operated by Lead Childcare, which manages 15 centres in Queensland.

The 4,276 sqm site was completed in mid-2023 and has the capacity for 206 long day care places, it also includes a swimming pool that is available to all the families attending the centre.

CBRE’s Sandro Peluso, Jimmy Tat, Marcello Caspani-Muto, Michael Hedger and Will Carmen brokered the deal, achieving a 5% yield, on behalf of Chauvel Capital Partners.

WEONIA & SUNSET VALLEY - Speculated $30 million

Carbon farming and sustainable grazing fund, Pastoral Partners Australia, which is owned by Morrison & Co, a New Zealand infrastructure investor, expanded its portfolio to over 100,000 hectares by acquiring a significant historical aggregation in western Queensland, taking PPA's portfolio to close to $100 million. 

The 25,650-hectare property is found 20 kilometres west of Bollon and represents PPA's largest acquisition to date. PPA invests in pastoral land and leases it to local farmers for sustainable, regenerative grazing.

The deal was brokered by Harcourts GDL's Nick Dunsdon and Andrew Wardle.

New South Wales 

STANMORE - $17 million

The Salisbury Hotel has sold as the pub transaction environment gathers momentum leading into the final quarter of the calendar year.

JLL's Kate MacDonald and Ben McDonald exclusively managed the on-market sale process, with the agents confirming it as one of the busiest campaigns of the year.

The sale sees the stakeholders, led by industry identities Ged Dore and Trish Larkin, end a nearly decade-long association with the pub having undertaken a substantial refurbishment of the art deco property during their tenure creating a thriving community hub and sought-after meeting place in Sydney’s inner west.