Deals of the Week - 16th September 2024

South Australia 

WEST LAKES - $174.75 million 

Scentre Group and Barrenjoey have stepped up their shopping centre funds management ambitions by acquiring a half stake in Adelaide’s Westfield West Lake. 

CBRE’s Simon Rooney negotiated the deal, on behalf of the Dexus Wholesale Property Fund. Scentre Group remains as co-owner and property manager of the other 50% of the asset and will continue to drive its strong performance.

Scentre Group entered the transaction under a pre-emptive agreement, marking its second foray into funds management following the group’s June 2024 acquisition of a 50% interest in Westfield Tea Tree for $308 million.

New South Wales

SCHOFIELDS - $80 million 

A substantial DA-approved residential land site in Western Sydney has been acquired by a Sydney-based developer. 

Located at 14 Schofields Road, the 12Ha site came development approved for 1,381 units across 17 buildings and is nearby supporting amenities such as shops and Schofields station. 

The asset was sold by RWC Western Sydney's Peter Vines and Victor Sheu.

Queensland

PAGET - $16.7 million

Property investment fund, Quanta, has acquired an 8,881 sqm industrial property in Mackay.

The building is located at 91 Connors Road in the tightly held Paget area and came with a 15-year triple net lease to United Group Limited, a subsidiary of Germany's largest construction company, HOCHTIEF.

The property was offloaded by Brisbane-based Arcana Capital.

SPRING HILL - $9.8 million

The iconic 4-floor Engineering House has changed hands, with a local owner-occupier snapping up the building for $9.8 million plus GST in a sign of demand for office space in Brisbane. 

Transacted via a successful expression of interest campaign by the Colliers team of Hunter Higgins and Nick Wedge, 447 Upper Edward Street Spring Hill, located on the doorstep of the CBD, was sold on behalf of a local private investor. 

Colliers Queensland Investment Services National Director Hunter Higgins said there was strong interest in Engineering House due to its location in Spring Hill which was a natural extension of the Brisbane CBD. 

AIRLIE BEACH - $2.1 million 

An interstate investor has snapped up a rare ground floor commercial investment for $2,100,000, showing the huge demand from interstate investors for stable defensive assets along the Queensland coastline.  

The property sits in a prime position in the Whitsunday Business Centre opposite the Coles-anchored Whitsunday Shopping Centre and is the major commercial and retail precinct for the growing Whitsunday region. The asset is leased by PRD Whitsunday on a long-term lease.  

Transacted via a successful expression of interest campaign led by Colliers expert Philip O’Dwyer, 1/230 Shute Harbour Road Airlie Beach was sold on behalf of a private local investor to a private interstate investor represented by Rethink Investing. 

Victoria 

MELBOURNE CBD - $9.25 million

A technology business owner-occupier has purchased an office building at 15-17 Shierlaw Avenue in Melbourne's South East. 

The final sale price represents a land rate of $5,536 per square meter. It features a two-level office building with a total area of 2,211 sqm and 74 basement car parks, boasting a 5-star NABERS rating and was sold with the benefit of full vacant possession. 

The deal was managed by Colliers Ben Baines, Alex Browne, Eddie Foulkes, and James Zhuang.