Deals of the Week - 19th August 2024

Victoria 

GLEN WAVERLEY – $50.8 million 

A surplus council site at Glen Waverley has sold in what is said to be a record, driven by home price growth in the Melbourne south-eastern suburb.

Glen Carpark Pty Ltd, a company whose sole director is listed in ASIC documents as Melbourne-based property developer Runlong Fang, has bought the site at 281 Springvale Road owned by the City of Monash Council.

Currently zoned for commercial use and used as a carpark, it is a flexible site for the new developer. 

The sale was brokered by Cushman & Wakefield’s Leon Ma, Hamish Burgess, Daniel Wolman and Joe Kairouz.

GEELONG – Circa $20 million

A local buyer has landed a supersite on the fringe of Geelong’s CBD in what’s been described as the most significant commercial property sale since the Civic Centre car park in 2022.

The 7111sq m property has been unlocked after owners Geelong Bank and gforce Employment and Recruitment combined eight titles at 33-41 McKillop St, 36-40 Lt Myers St and 107 Gheringhap St.

The deal was brokered by Tim Darcy and Andrew Prowse of Darcy Jarman and JLL’s Capital Markets Victoria team led by Josh Rutman, Mark Stafford and Jesse Radisich were conjunctional agents for the campaign.

WINDSOR - $11.75 million

A Queensland-headquartered aged-care operator is making its first foray into the Victorian market with the acquisition of a vacant facility at Windsor. 

MA Financial-backed Infinite Care has bought the facility at 241 Dandenong Road, the site was formerly an aged-care facility operated by Estia Health.

According to Infinite Care joint managing directors Tony Partridge and Chris Stride, it would complement another 177-bed home at Knoxfield due to open in late 2025. 

CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat managed the sale

TRUGANINA - $7.396 million 

AND Property is pleased to announce the sale of 24 Doriemus Drive, Truganina.  

The site was sold to a private developer, who will look to position 4 warehouses on the site situated in the heralded Axiom Estate which boasts terrific access to the Western Ring Road and Princes Highway diamond interchange being 800 metres away and ‘one traffic light to the CBD’.  

The transaction was negotiated on behalf of Robinsons Road Pty Ltd by AND Property agents Ben Quennell, Ricardo Cappelletti and Bryce Pane. 

New South Wales 

BALARANG STATION - $32.5 million

Sydney-based investor Jacky Cheung has added another prized farming property to his extensive real estate portfolio with the purchase of Balarang Station in the NSW Upper Hunter region.

Situated at 2730 Waverley Road, Waverly – about 60 kilometres north of Scone – Balarang Station was sold by Ian Plunkett through his Sydney-based company Fostoria-Fannon. 

The deal was brokered by McGrath Upper Hunter’s Michael Burke. 

BATHURST - $9.15 million 

A regionally located fuel & convenience retail asset has changed hands to a Private Investor for $9,150,000, reflecting a strong 6% yield.

The property, located at 98 Corporation Avenue, Bathurst, is a newly built asset offering a future proof combination of fuel and fast food across its large 3,583 sqm landholding and is underpinned by long 12 and 10 year leases to 7-Eleven, Red Rooster and Subway. 

Delivering a commencing net income of $550,104 pa* + GST, with annual rent increases guaranteed via fixed 3% reviews.

The sale was brokered by Stonebridge’s Michael Collins, Tom Moreland and Brett O’Neill.

BONDI JUNCTION – Undisclosed 

The Mill, Bondi Junction has sold off-market. 

The attractive lease structure,16-year lease term plus well-balanced mix of trade via food, beverage and gaming was a drawcard for the private purchaser Barham Hamarashid who will take over operation of the venue in November from the prominent industry group, Universal Hotels, the hospitality vehicle owned and operated by the Kospetas family.

The deal was brokered by JLL’s market leading pubs team with Managing Director, Ben McDonald and Senior Vice President, Kate MacDonald. 

South Australia 

THEBARTON - $23.625 million 

Part of the former Coca-Cola Amatil site in Adelaide’s Thebarton has been sold. 

A circa 21,448sq m super lot on the corner of Smith Street, Cawthorne Street and Light Terrace in Thebarton has sold for $23.625 million to a local private investor.

The sale was negotiated by Max Frohlich of Knight Frank and Jamie Guerra and Anthony De Palma of Leedwell Property on behalf of the vendor, Curated Capital.

Queensland 

SOUTHPORT – Circa $7.25 million 

A 1960s-era Gold Coast motel has been scooped up by Malaysian conglomerate MRCB as it eyes a second Glitter Strip development.

The 1743sq m site and its 26-unit motel, which opened in 1969 and will be demolished to make way for MRCB’s to-be-revealed tower plans.

The site comes with approval 133 apartments over 14 levels.

The site was marketed by Ray White Commercial Gold Coast’s Brad Merkur.

Tasmania 

LINDISFARNE - $4.915 million

No.1 Rowitta Rd, Lindisfarne was a star performer at the August Burgess Rawson Portfolio Auctions, selling for $4.915m at a 5.43 per cent yield to a Sydney-based investor with connections to Tasmania.

The Lindisfarne centre’s operator has a 20-year net lease, with 18 years left, including options to 2062 with the 2170sq m property’s net income just shy of $260,000 per annum, plus GST.

The site was marketed by Burgess Rawson’s Natalie Couper and Matthew Wright.