Deals of the Week - 17th February 2025

New South Wales

SYDNEY - $250 million

Hong Kong-based Early Light Investment Group has offloaded a landmark commercial building in the heart of Sydney's CBD. 

Located at 20 Bridge Street, the building has been the home of the ASX for over 20 years, with Early Light Investment Group purchasing the property in 2017 for $355 million, on a 4.5% yield. 

The building was purchased by US investment firm, PGIM, alongside Anton Real Estate Partners, with the final sale representing an over 29% discount from the 2017 purchase price, and a yield of circa 7%. 

The deal was managed by Knight Frank's Paul Roberts, Dominic Ong, Linda Zhu and Ben Schubert. 

GOSFORD -  $10.85 million 

A Melbourne-based investor has paid $10.85 million for an asset leased to Amazon in West Gosford, NSW. 

Located at 9 Marstan Close the state-of-the-art property was built in 2023 and operates as an Amazon Delivery Station as part of Amazon’s last-mile logistics network. It is strategically positioned near the Central Coast Highway, Pacific Highway and the M1 Pacific Motorway which now connects to Sydney via NorthConnex.

Burgess Rawson’s Yosh Mendis and Rhys Parker facilitated the sale.

Mr Mendis said the property saw strong interest and competition from investors across Australia, eventually selling to an interstate investor, reflecting a yield of 4.74%.

WAGGA WAGGA - Undisclosed 

The Elanor Hotel Accommodation Fund has successfully offloaded the Mantra Pavilion - Wagga Wagga following an off-market sale managed by HTL Property's Andrew Jackson. 

The Mantra Pavilion, a premier hotel located in the heart of Wagga Wagga offers 45 rooms, a ground-floor restaurant with a private dining room, conference facilities and bar. The renowned hotel, clearly recognisable by its architecturally designed canopy, is a favourite for corporate and leisure guests alike.  

The successful private investor, who wishes to remain anonymous, is set to bring fresh vision and exciting opportunities to the property.

Queensland 

LOGAN - $115 million 

Logan SuperCentre in Brisbane’s south has sold for $115 million, marking the deal as Australia’s biggest large-format retail transaction in more than two years. 

CBRE’s Simon Rooney exclusively managed the off-market deal amid ongoing investor interest in LFR assets. 

The transaction is the largest LFR sale nationally since late 2022, with just six centres above $50 million sold across Australia in 2024. Centuria Capital Group (ASX: CNI) acquired the asset for a new unlisted fund. 

The centre occupies a high profile 26,800 sqm site, with outstanding frontage to Pacific Highway, the main arterial road linking Brisbane and the Gold Coast.

Victoria 

PRESTON - Circa $9 million 

International investors have snapped up a 141-place Guardian-leased childcare centre in the Melbourne suburb of Preston. 

CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat brokered the sale. 

Mr Peluso said the centre, located at 391 Murray Road, stood out to the Asian investors because of Guardian’s proven track record as a quality childcare provider with high occupancy rates. 

PRESTON - Circa $4 million 

Melbourne industrial relations mediator Mick Gatto has purchased the former St Mary’s Anglican Church in Preston. The acquisition is for a property that includes the church and vicarage, originally built in 1922. Gatto, alongside his wife Cheryl, operates the not-for-profit Equal Access for Autism, which will utilise the building. 

The church is located at 233 Tyler Street, positioned on a 2622 sqm with a prime vantage point, offering views over Melbourne’s eastern suburbs. The property is situated on a hill, making it a notable landmark in the area. 

The sale of the property was handled by Gross Waddell ICR agents Danny Clark and Julian Materia.