New South Wales
SYDNEY - $450 million
Full and part shares in three Sydney offices have recently traded from AMP Capital to EG Funds for a total of $450 million.
The deal involves 100% of 32 Walker Street in North Sydney, along two half shares in number 50 and 60 Carrington Street in Sydney’s CBD. In total, the properties are 93% occupied with a combined WALE of 2.9 years.
EG will place the assets in the unlisted EG Australian Core Enhanced Fund (ACE), which currently holds an additional $500 million for future investment. The fund is currently valued at near $700 million, comprised of eight properties.
NEWCASTLE - $150.5 million
Newcastle shopping centre Marketown, has recently traded from AMP Capital to SCA Property Group for $150.5 million. The centre was originally picked up by AMP in 2017 for $163 million.
Located at 23 Steel Street, the asset offers 26,620sqm of GLA, anchored by Big W, Coles and Woolworths, with Dan Murphy’s and Officeworks and 56 other specialty stores making up the tenancy profile. The property also encompasses 936 car parks.
JLL’s Nick Willis and Sam Hatcher managed the deal.
Victoria
MELBOURNE - $203 million
Swiss Re have divested from their 19-level CBD tower after securing $203 million from Lendlease.
Located opposite Flagstaff Gardens, 469 La Trobe Street was originally purchased by the vendor in 2017 for $160.5 million. Lendlease already own the neighbouring building, 485 La Trobe Street, with the new acquisition bringing a total landholding of 5,146sqm under its control. The tower presents 19,860sqm of NLA with law firm Russell Kennedy occupying the majority of the space as well as naming rights.
CBRE’s Kiran Pillai and Scott McGlone managed the deal with JLL’s Luke Billiau, Simon Storry and James Holdsworth.
DANDENONG SOUTH - $16.78 million
A private investor and developer has picked up a Dandenong South showroom and warehouse in an off-market deal worth $16.78 million.
The 1.92 hectares property sits at 35 Greens Road and contains two tenancies with a WALE of five-years. The site previously traded 2016 for $6.12 million.
Cameron’s Angus Clark and Henry Sayers managed the deal.
SUNSHINE NORTH - $675,000 & $685,000
Two adjoining industrial warehouses in Melbourne’s Sunshine North have recently traded to two separate local owner occupiers for $685,000 & $675,000 after the vendor and the original developer of the property decided to sell the assets.
The close to new office warehouse facilities, located at 32 & 34 Spalding Avenue span 330sqm and 255sqm respectively. Both feature their own separate car park, driveway access, container height roller door.
CVA’s Leo Mancino managed both deals.
Queensland
IPSWICH - $145.2 million
The Icon building in Ipswich has traded hands, moving from Cromwell Property Group to Castlerock for $145.2 million.
Holding address at 117 Brisbane Street, the seven-year old property was valued six-months ago at $128.5 million. It offers 17,080sqm of office space with an additional 790sqm for retail.
Colliers’ Sam Biggins and Simon Beirne managed the deal.
RASMUSSEN - $5.57 million
A Gold Coast-based private investor has paid $5.57 million at auction for a brand-new service station in the emerging Townsville growth corridor of Rasmussen.
The 1,848sqm site sits on the corner of Riverway Drive and Santal Drive and was sold leased to growing retail convenience business Fresh Trading Co. on a 15-year term, the sale translates to a strong yield of 6.41%.
CBRE’s Sebastian Fahey and Darren Collins managed the deal.
PITTSWORTH - $4.169 million
A Queensland-based private investor has purchased a freestanding IGA supermarket at 52-56 Yandilla Street under the hammer for $4,168,500.
The opportunity was underpinned by a 10-year lease that had approximately nine years remaining on the lease term. The building was purpose-built 14 years ago for IGA with around 35 car parks and additional on-street provisions.
The asset was marketed and sold by Ray White Commercial’s Lachlan O’Keeffe and Michael Feltoe.
NERANG - $1.6 million
An industrial site in the Gold Coast’s Nerang has sold above its reserve at auction for $1.6 million.
Located at 71 Lawrence Drive, the 1,869sqm industrial land site sits opposite the exit of Brendan Drive and was sold fully-leased to a well-established temporary fencing company. The lease returns net income of $59,410 pa.
Ray White Commercial’s Jackson Rameau and Michael Willems handled the auction.
LOWOOD - $1.307 million
A 16.68 Ha property located at 104/9 Lindemans Road in Lowood (45 minutes west of Brisbane) has also sold successfully at auction, beating its reserve for a final price of $1.307 million.
The property was sold with a DA Approval in place for a 101 Lot subdivision with lots ranging in size from approximately 800sqm to 1,200sqm.
Ray White Commercial’s Jackson Rameau and Michael Willems managed the deal.
MOLENDINAR - $625,000
Also beating its reserve at a recent auction, Lot 8/51-57 Harper Street, Molendinar, secured an agreeable sale price under the hammer for $625,000.
The property is positioned in the front corner of the complex with under-cover car parking and was sold fully leased to a large Gold Coast based plasterboard company who have been operating since 1995. The lease returns $48,000 pa.
Ray White Commercial’s Jackson Rameau and Michael Willems sold the property at auction.
Western Australia
BUTLER - $51.2 million
Butler Central is set to change hands, with Woolworths securing $51.2 million from Charter Hall for the shopping centre. The asset is set to be added to Charter Hall’s Retail REIT (CQR) once the deal settles in July.
Located at 175 Butler Blvd the centre was developed by Woolworths in 2018 and offers 9,000sqm of GLA. Woolworths are staying on as anchor tenants, along with a BWS. The centre also includes Best & Less, The Reject Shop and 30 specialty stores, plus 452 on grade car parks.
WELSHPOOL – $3.8 million
A 9,661sqm industrial land site has been picked up by Brooks Hire Service, one of Australia’s largest independent mining equipment hire company, for $3.8 million.
Located at 39-45 Murray Road, the property is zoned for industrial use and will be developed by the new owners as they expand their existing premises due the increased mining activity in WA. The property features a freehold land parcel with older style industrial buildings positioned to high-profile Orrong Road.
JLL’s Nick Goodridge and Andrew Fife sold the property.
South Australia
MOUNT GAMBIER - $1.3 million
An interstate investor has purchased 53-57 Commercial Street from OTR 248 Pty Ltd. for $1.3 million.
The 890sqm corner block property is occupied by a 557sqm building with a rear car park, and is fully leased with 6 individual tenants, anchored by a 7-year lease to Subway. It has a net income of approx. $95,394 pa plus GST, with a WALE (by area) of 3.53 years.
The property was sold by Knight Frank’s Jack Dyson and Oliver Totani in conjunction with Herbert Commercial’s Matt Kain.
