New South Wales
ENGADINE - $31.5 million
A trust managed by White & Partners has successfully sold the Engadine Tavern for $31.5 million to a local developer, marking the first major pub deal of the year and securing the trust a 39% capital gain in less than three years.
Located on the corner of Station Street and Preston Avenue, the asset comprises three properties across a landholding of more than half a hectare. The pub includes 26 gaming machines, a 60-space car park, a stand-alone drive-through bottle shop and separately accessed function centre. It was originally acquired by the vendors in July 2018 for $22.3 million.
HTL Property's Dan Dragicevich, Andrew Jolliffe and Sam Handy managed the sale.
ARCADIA - $12.39 million
An adventure retreat and conference centre in Sydney’s north has traded between Wesley Mission and Pymble Ladies’ College for $12.39 million.
Known as Vision Valley and located an hour north of Sydney at 7A Vision Valley Road Arcadia, the 29.5-hectare property has been used for school camps and corporate retreats since its opening in 1972 and can sleep 274 people.
Ray White Commercial’s Peter Vines managed the deal, stating that 15 groups competed for the asset.
PRESTONS - $11.48 million
Investment group Hannas has sold an industrial site in Prestons to a private developer for $11.81 million.
Located at 195 Wonga Road, the 1.46-hectare property was offered to the market with full services to power, sewerage, telecommunications and water.
LJ Hooker’s Marcel Elias handled the sale.
COFFS HARBOUR - $10 million
In more pub sales news, Oscars Hotels have sold the Plantation Hotel in Coffs Harbour for circa $10 million.
The large format coastal pub sits on a 3,000sqm landholding and offers a 24-hour licence, bistro, 15 gaming entitlements, a beer garden, 30 first floor accommodation rooms, and 2 manager’s flats.
JLL’s Kate MacDonald facilitated the transaction.
Victoria
ARMSTRONG CREEK - ~$40 million
ID_Land has secured its third housing estate site in Armstrong Creek, south of Geelong, reportedly spending around $40 million for the new venture.
Located at 86-100 and 102-148 Reserve Road, the asset has the potential for subdivision into around 500 lots, the first of which are expected to be offered in early 2021. The project, referred to as The Reserve, is expected to have an end value of near $135 million.
WOLLERT - $30 million
A farm in Wollert, 26 kilometres north of Melbourne, has been scooped up by Cedar Woods for $30 million.
The 21.7-hectare property is neatly positioned next to another site owned Cedar Woods which they secured in 2019 for $56.65 million. The two properties will for part of the Mason Quarter housing estate, with the new acquisition extending the community to include around 300 lots and two schools, adding to the original plot set to be divided into about 500 lots.
Mason Quarter will also contain a town centre and train station, with numerous community facilities, walking and cycling tracks and parks.
AINTREE - $15 million
A 7.11-hectare site in Aintree, a near-new west Melbourne suburb, has been picked up by Lifestyle Communities for a speculated $15 million.
Located on the south east corner of Fields Street and Trooper Drive, the property was offered to the market with concept plans for an over-55s village comprising of 122 independent living units and 45 apartments.
Knight Frank’s Ed Wright marketed the property.
CLAYTON SOUTH - $10.4 million
An industrial property in Clayton South has changed hands from MPM Marketing Services to Arrow Capital Partners in a sale and leaseback deal worth $10.4 million.
Holding address at 110-112 Fairbank Road and 199A Osborne Avenue, the asset presents a 6,625sqm warehouse and 575sqm of modern office space.
Colliers International’s Alysia Reilly, Jonathan Mercuri and Sean Thompson managed the deal.
NORTH MELBOURNE - $5.25 million
A healthcare investment asset located 450 metres from the Royal Children’s Hospital in North Melbourne has recently sold for $5.25 million
Located at 64 Chapman Street, the 642sqm property presents two quality commercial buildings with a combined floor area of 414sqm.
The investment was offered with a brand new 6 + 6 year lease, occupied by paediatric orthopaedic clinic VicOrtho and returning $291,165 pa with inbuilt 3% annual rental increases.
Gray Johnson’s Matt Hoath and Rory White brokered the deal.
Queensland
IPSWICH - $25 million
A six-storey office commercial property in Ipswich has traded from Trilogy Funds Management to Aviator Capital for $25 million. Known as Tower Central, and located at 114 Brisbane Street, the asset was originally purchased by the vendors in 2015 for $22.35 million.
The property offers a total of 4,564sqm of A-grade lettable area, with tenants including RPS Global, Artius, Australia Post and the Department of Justice.
The sales campaign was handled by Colliers International’s Simon Beirne and Sam Biggins with Knight Frank’s Justin Bond and Christian Sandstrom.
NEWFARM - $6.4 million
An office and retail asset in Brisbane’s New Farm has been scooped up by a local for $6.4 million. The incoming owner has already announced plans to refurbish and reposition the investment.
Located at 92 Merthyr Road, the property was sold with a Weighted Average Lease Expiry by income of just over two years with Westpac Bank on as the retail anchor.
JLL’s Elliott O’Shea and Sam Byrne managed the transaction.
Western Australia
PERTH - $67.8 million
Stamford Land Corporation has traded Dynon’s Plaza to Redhill Partners for $67.8 million.
The asset, located at 905-919 Hay Street, presents a vacant 14-storey office building with 13,360sqm of office space, three heritage buildings and 34 car spaces.
JLL’s John Williams managed the deal.
HOPE VALLEY - $11.5 million
An industrial development site at Hope Valley, about 30 kilometres south of Perth, has traded hands from Hero Properties to George Weston Foods for $11.5 million.
Located at 61 Armstrong Road, within the Latitude 32 Industrial Estate, the 4.74-hectare block had previously been earmarked for the OVEST Industrial Park, however the incoming owners will construct a new operational facility.
JLL’s Nick Goodridge, Brett Mathanda, Ross Palframan and Andrew Fife managed the sale.
