Deals of the Week - 22nd July 2024

Tasmania

KINGSTON - $82.5 million 

Tasmanian shopping centre, Channel Court, has been offloaded by Challenger Group, a month after the group sold its stake in a Western Australian shopping centre for $48 million. 

Representing the largest shopping centre deal in Tasmanian history, Channel Court was purchased by Nick DiMauro of Adelaide-based private equity firm, DiMauro Group. The shopping centre is anchored by a full line Woolworths and Big W, and is the largest sub-regional centre south of the Hobart CBD, generating over $150 million in annual turnover. 

The deal was brokered by JLL's Nick Willis and Sam Hatcher. 

Queensland 

EAST BRISBANE - $16.25 million 

Sydney-based investment group Maker Invest has purchased the IGA-anchored East Brisbane Marketplace for $16.25 million.

CBRE’s Michael Hedger and Joe Tynan brokered the deal with the sale reflecting a 6.21% yield. 

The Seasons IGA Supermarket occupies more than 70% of the centre’s gross lettable area alongside national retailers including BWS and Chempro Pharmacy. East Brisbane Marketplace is in a high-profile location on Brisbane’s CBD fringe along Lytton Road, the main thoroughfare connecting the eastern suburbs to the CBD, with direct access over the Story Bridge. 

DALBY - $4.65 million 

A premium government-leased property at 34-36 Patrick Street was purchased by First Foundations Australia. 

The property, tenanted by Centrelink, features a three-year lease term extending to 2026, with an option to extend to 2029. The long-standing tenure of over 14 years with Centrelink, an essential Federal Government service, assures a reliable income stream. 

Burgess Rawson’s Darren Beehag and Kieran Bourke brokered the deal.

New South Wales

WETHERILL PARK - $8.7 million 

A Wetherill Park industrial warehouse has been sold off-market to an international investor for $8.7 million. 

The 1,423 sqm freestanding building, located at 12 Elizabeth Street is tenanted with a short-term lease.

CBRE’s Janet Joljian brokered the deal and said the sale price of circa $6,113/sqm set a new benchmark for a building of this size in the area.

DARLINGHURST - Undisclosed

The East Village Sydney, located on the high-profile corner of Liverpool and Palmer Streets in Darlinghurst has sold in an off-market deal managed by JLL's Kate MacDonald. 

Known for one of the best rooftops in Sydney, the East Village has been operated by Locky Paech of Goodtime Hospitality for the past 8 years after he and former business partner James Bodel transformed the pub through a significant renovation. 

The purchasers have been identified as experienced operators Brian Sarkis (current licensee of ArtHouse Sydney) and Mathew Orr (current licensee of Great Northern in Newcastle) who have come together with Ben McBeath in a newly formed syndicate, aptly named ‘Tipple Time Hospitality’.

Victoria

RINGWOOD - Undisclosed 

A near-new purpose-built hotel in the Melbourne suburb of Ringwood has been acquired by Serene Capital. 

Located at 96 Maroondah Highway, Sebel Melbourne Ringwood features 103 guest rooms and suites, Orchard restaurant and bar, conference and events space, a gymnasium and on-site car parking. Vacant possession of hotel management was offered as part of the sale.

Since opening amid COVID, the hotel has set the benchmark for quality in the area, having been delivered to an exceptional standard by vendor and developer, Amber Property Group. 

The transaction was negotiated by JLL's Nick MacFie and Peter Harper in conjunction with Stonebridge Property Group’s Rorey James, Justin Dowers and Kevin Tong.