Deals of the Week - 23rd October 2023

Victoria

MAMBOURIN - Circa $250 million 

The mammoth 174.6-hectare Windermere housing estate has been offloaded by Chinese developer, Country Garden, in a deal handled by Cushman & Wakefield's Leon Ma, Oliver Hay, Daniel Wolman and Marcus Neill. 

Purchased by Frasers Property, the substantial land holding is a master planned for circa 4,700 dwellings. It is believed that Country Garden missed a bond coupon payment deadline leading up to the sale.

EPPING - Circa $80 million

The Epping Private Hospital and Medical Centre was offloaded by a syndicate managed by Northwest Healthcare Properties.

Located at 230 Cooper Street, the hospital and medical centre sits in Northern Growth Corridor, and represents Australia's largest single healthcare real estate transaction over the past year to date. The asset came 100% leased, with a long 8.7-year WALE and was purchased by KM Property Funds, a Melbourne-based property fund that is a KordaMentha group entity.

The deal was brokered by Knight Frank's Sam Biggins and Trent Preece.

CRAIGIEBURN - $6 million

A liquidated asset formerly owned by Porter Davis was sold by receivers and managers KPMG on behalf of the Commonwealth Bank.

The 8.09-hectare site located at 1360 & 1370 Mickleham Road was purchased by a China-based investor who plans to land bank the site.

CBRE's David Minty, Nathan Mufale and JJ Heng brokered the deal. 

GEELONG - $2.525 million

A vacant retail investment, primely located on 79-81 Malop Street in the heart of Geelong’s CBD, just metres from Westfield Shopping, has sold under the hammer to a Melbourne-based investor for $2,525,000. 

Colliers’ Ben Young and Chris Nanni negotiated the sale with Fitzroy’s Chris Kombi and Lewis Waddell and received over 50 enquiries from local and Melbourne investors and owner occupiers, high-profile retailers and developers throughout the campaign. 

BRIGHTON - $1.085 million

The sale of a Bay Street retail property on a sharp 3.6% yield is the latest evidence of the emergence of the Brighton shopping strip as a popular location for investors in its own right.

Fitzroys’ Mark Talbot and Tom Fisher sold 336 Bay Street for $1.085 million, on a sharp yield and high building rate of $18,700 per sqm, on behalf of a private investor. 

The open-plan 58sqm building, on an 87sqm site, has a full-height, high-exposure glass shop front and is occupied by established and multiple store tenant Serenity on a lease expiring at the end of March 2024, with options through to March 2028. 

Queensland 

ROBINA - $34 million 

The newly constructed Robina Central shopping centre was sold by a joint venture between property developer De Luca Corporation, and Glen Wright's, Wright Private Capital. 

The 1.31-hectare centre was purchased by a Sydney investor, and comes with leases to Aldi, Guzman y Gomez, Starbucks and Ampol, with the final sale price reflecting a yield of 5.01%. 

The deal was brokered by Burgess Rawson's Yosh Mendis, Zomart He, Beau Coulter and Andrew Havig.

Northern Territory

GULUNG MARDRULK -  $14.5 million

Sydney-based agricultural funds management firm, Wealth Check, purchased Conways Station in a joint venture with global asset management firm, Viridios Capital. 

Conway Station is a 139,200-hectare station, that holds around 5,000 cattle and sits on the border of Kakadu National Park. It is believed that the joint venture between Wealth Check and Viridios will focus on creating a sustainable cattle grazing operation. 

The deal was handled by LAWD's Danny Thomas and Olivia Thompson. 

Western Australia

CANNING VALE - $4.1 million

A 4,538 sqm industrial asset located at 42-44 Wittenberg Drive was purchased by a local investor and came leased to Kemp Engineering, with the final sale price reflecting a 5.85% yield.

The asset was offloaded by a local investor who was looking to divest in a strong industrial market and was sold by RWC WA's Michael Danagher, Tom Jones and Lachlan Burrows.