Deals of the Week - 18th December 2023

Queensland

CAIRNS CITY - $390 million 

Melbourne-based fund manager Fawkner Property has acquired Cairns Central, a dominant and highly successful regional shopping centre in Far North Queensland, for $390 million. 

CBRE’s Simon Rooney advised and represented the purchaser, Fawkner Property. 

The Cairns acquisition closely follows Fawkner’s Midland Gate Shopping Centre acquisition in Perth with PAG, Australia’s largest retail transaction in 2023, which settled last month for $465 million and that of Settlement City Shopping Centre in Port Macquarie for $107m, each transacted by CBRE. 

The Cairns deal represents Queensland’s largest regional shopping centre transaction since November 2017, when AMP took out a 50% stake in Indooroopilly Central for $800 million from CSC. 

TOOWONG - $6.1 million 

 Queensland-based property developer Pradella purchased a 1,083 sqm Toowong site. 

Located at 70 Sylvan Road, the corner site is zoned for medium-density residential and has development potential for an eight-storey residential development. The property is currently fully occupied by a mix of residential and office tenants on short-term leases.   

CBRE’s Adelaide O’Brien and Will Carman brokered the deal which translates to a sale price of $5,633 per sqm.   

LOGAN PARK  - Circa $6 million 

McNevin's Logan Park Motel has been offloaded offloaded in a deal orchestrated by HTL Property's Andrew Jackson and Paul Nyholt. 

The freehold motel occupies a substantial 7,499 sqm landholding and benefited from an existing approval in place for 34 additional guest rooms plus 50 beds in a dormitory-style bunkhouse as well as new central facilities and larger, multi-purpose function facilities.  

The property was purchased by a private owner-operator.

South Australia 

MAWSON LAKES - $28.2 million 

A significant campus-style office asset fully leased to Lockheed Martin Australia has sold off-market for $28.2 million in a show of confidence in the Adelaide market.  

The three-level building at 5-10 Third Avenue in Mawson Lakes, within Technology Park, Adelaide, was purchased by the GDA Diversified Property Trust from a Melbourne-based private syndicate.  

The asset provides a net lettable area of approximately 5,358 sqm on a 3.312ha site and is home to approximately 350 staff. Knight Frank's Max Frohlich introduced GDA to the vendor, with the sale transaction an off-market deal. 

Victoria

CAMBERWELL - Circa $26.5 million

After calling Camberwell Junction home for over 4 decades, the Real Estate Institute of Victoria (REIV) has successfully sold its suburban headquarters to high-end residential developer ANGLE, with the final price reflecting a land rate approaching $7,000/sqm. 

The 335 Camberwell Road asset occupies a prominent 3,808sqm site. It comprises an existing office building of 2,070sqm with 45 metres of Camberwell Road frontage and parking for 60 cars. 

CBRE’s Tom Ryan, Scott Orchard, David Minty and Nathan Mufale negotiated the sale on behalf of the REIV. 

THOMASTOWN - $1.46 million 

A local investor purchased a 510 sqm industrial investment at 190A Holt Parade after a sales campaign managed by CVA's Luca Angelica and Craig McKellar. 

The warehouse/office hybrid building features 12 off-street parks, a fully gated entry, a three-phase power supply, and a motorised container height roller door, and provides a leasing income of $67,980 per annum with an established lease in place certainly attracted buyers.  

THOMASTOWN - $3.3 million 

A corner-positioned industrial asset was purchased by a private investor, with the final sale price reflecting a building rate of 2,253/sqm and a yield of 4.01%.

Spanning 1,465 sqm of building area and 3,956 sqm of land area, this high-functioning asset with low site coverage and double street frontage currently has a short-term lease in place 

The deal was orchestrated by Luca Angelico, Craig McKellar and Ian Angelico