Deals of the Week - 21st August 2023

New South Wales

WARRAWONG - $21 million

A Sydney-based investor group purchased a 5,259 sqm fully occupied asset in Wollongong in an off-market deal. 

Brokered by Burgess Rawson's Geoff Sinclair and Yosh Mendis, the asset at 67-71 King Street holds a net income of over $1.412 million, with a tenancy mix including a large format retail complex, NSW Government and a major medical facility.

Victoria 

MALVERN EAST -  $14.5 million

High-end residential developer Roulston with the Buxton Group has secured the last significant development site comprising two adjoining lots in the highly converted Malvern East, directly opposite Central Park. 

Colliers' Ted Dwyer and Ben Baines transacted 385-387 Wattletree Road for $14.5 million via an off-market campaign, setting a new record for the area when achieving $6,502 per sqm for General Residential Zoned land.  

Colliers' Director, Ted Dwyer, said the result has once again proved the strong demand and value for prime parcels of land in Melbourne's metro areas. 

ALTONA - $5.95 million 

A local operator has pounced at the opportunity to buy their own premises after a highly-functional logistics facility on the same well-located street was put on the market.

The $5.95 million sale of 47 Burns Road was negotiated by Fitzroys’ Brent Glassford and Marco Sandrin. The highly-functional 2,200 sqm facility comprises a high-clearance, clear-span warehouse of 2,000 sqm, a 200 sqm dual-level corporate office with staff amenities, and four on-grade roller shutter doors.

It is on a 4,666 sqm site with a large concrete hardstand at the rear, on-site parking at the front and rear, and an automated security gate.

DOREEN - $3.3 million

A prime strata-titled investment occupied by national restaurant chain La Porchetta and positioned opposite Woolworths in a booming Melbourne growth corridor has sold for $3.3 million.

Fitzroys’ Ervin Niyaz and Chris Kombi sold Shops 5-8, Hazel Glen Drive, Doreen on behalf of a local investor. The buyer is a local investor familiar with the area. 

Located within the heart of Doreen’s Laurimar Town Centre, the substantial 455sqm building incorporates four shops on one title and is next to a large on-site car park, and is in a prime corner position opposite a busy pedestrian crossing and a Woolworths supermarket. 

Queensland 

YATALA - $10.65 million 

Truck and machinery hiring company, Big Chief Hire, has acquired a large 34,380 sqm industrial landholding at 1 Transport Street for $10.65 million.

The property sits at the entrance of the newly developed Yatala Logistics Hub, and is within a Low Impact Zoning area, making it suitable for various industrial uses. 

The deal was handled by Cushman & Wakefield's Morgan Ruig and Adrian Smith.

CAIRNS CITY - $6.17 million

The Cairns Southside International has sold to RHCD Funds, to be added to the management portfolio of RedHill Hospitality, in a deal handled by HTL Property's Nic Simarro and Paul Nyholt.

In a sales campaign that saw over 70 enquiries, the deal was finalised after a very competitive second round of bidding. Cairns Southside International is a 62-room hotel located 5 minutes from Cairns CBD and sits on a large 5,374 sqm land parcel.

MURWILLUMBAH - Undisclosed

The Imperial Hotel sold after having recently undergone a comprehensive redevelopment, in a deal brokered by JLL's Mark Walsh.

Originally built in 1931, the hotel was purchased by Shane Nugent 7 years ago, who undertook the redevelopment. It was purchased by three buyers, Lachlan, Tim and Nick, who expressed excitement about taking over a landmark venue in such a growing location.

ALEXANDRA HEADLAND - Undisclosed

After being owned by the same family since the 1960s, a beachfront shack on a 911 sqm block was sold by owner Brian Bailey.

In a deal handled by Andrew Schofield, the property located at 250 Alexandra Parade was sold to property developer, NeuBau Group, who has since lodged a development application to demolish the shack and build a 4-storey block of luxury units.