Deals of the Week - 25th September 2023

Western Australia

MIDLAND - Undisclosed, speculated under $500 million 

Perth shopping centre, Midland Gate, has been offloaded by a joint partnership between Commonwealth Bank Super Group and Vicinity Centres at reportedly below the asking price of $500 million. 

Midland Gate is a 68,800 sqm shopping centre anchored by K-Mart, Target, Big-W, Coles, Woolworths and Aldi.

The centre was purchased by Hong Kong-based alternative investment firm, PAG, with the sale being brokered by Colliers’ Lachlan MacGillivray and CBRE’s Simon Rooney.  

New South Wales

BADGERYS CREEK - $70 million 

Property developer ESR Australia has purchased a 17-hectare land parcel for $70 million in a deal brokered by Colliers' Harry Bui.

The site sits within a Priority 1 Zone for Enterprise, adding the potential for light industrial development, at a time when industrial vacancies sit at 0.2% in New South Wales.

ESR has stated that it will commit circa $270 million to the acquisition and development of the site, delivering roughly 82,000 sqm of GFA across four warehouses

DARLINGHURST - $61 million 

MA Financial Group has offloaded two iconic Sydney hotels, the Kinselas Hotel and Courthouse Hotel for a total of $61 million. 

The venues were purchased by property developer, Virticle, who recently purchased the Adelphie Hotel in Melbourne and the Republic Hotel in Sydney.

The deal was brokered by Savills' Nick Lower and Tony Bargwanna.

Victoria

TULLAMARINE - $14.3 million

A 14,190sqm site with a 6,285 sqm industrial facility at 25 Tullamarine Park Road has been snapped up by a local owner occupier for $14.3 million.

The deal was negotiated by Colliers’ Nick O’Brien and Corey Vraca, on behalf of TKCorp, founded by Toby Krasnostein, who recorded a 51 per cent uplift in value in just 16 months after purchasing the asset in early 2022.

TKCorp restructured the lease profile to allow for the permit-approved development to proceed and create a sale option in tandem. 

SOUTH MORANG - $7.95 million

A mortgagee sale of a 1.3-hectare permitted townhouse site in South Morang has attracted strong interest from local developers, builders and housing providers, achieving 165+ enquiries during its campaign.

Selling under the hammer for $7.95 million, the auction was orchestrated by Melbourne Acquisitions' Dominic Gibson and Stefan Deffert.

Queensland

CAIRNS - $1.84 million

Three commercial properties have changed hands just days after hitting the market as a flurry of property activity is seen across Cairns.

The Dulux Paint building at 77-79 Scott Street, Bungalow sold for $1.84 million. The 718 sqm warehouse was built in 2005 and has a five-year rolling lease to Dulux Paint, with a total net rental of $115,937 p.a.

CAIRNS - $1.79 million

The O’Brien Auto Glass building at 430 Sheridan Street sold for $1.79 million. The 1400sqm site has a five-year rolling lease to O’Brien Auto Glass and has a total net rental of $110,080.

CAIRNS - $1.27 million

A commercial building on the corner of Aplin Street and Grafton Street sold for $1.27 million. The two-storey building has a total net income of $68,490 from leases with Immigration Gurus and Cairns Commercial Property.

CBRE’s Danny Betros, Jay Beattie and Joanne Brown brokered the deals which attracted interest from local and national investors.