Deals of the Week - 27th November 2023

Victoria

BOX HILL - $67.5 million

HMC Capital's HomeCo Daily Needs REIT offloaded its HomeCo Box Hill centre in an off-market sale to private investors, with the final sale price reflecting a yield of 5.5%. 

HomeCo Box Hill is anchored by Chemist Warehouse, BCF and Petbarn, with a WALE of 6.5 years. The REIT will use the proceeds of the sale to invest in a new retail asset in Sydney's west, the Kellyville neighbourhood centre, which it has agreed to pay Woolworths $78.4 million to acquire. 

The deal was brokered by JLL's Stuart Taylor and Tom Noonan. 

TORQUAY - $50 million 

After purchasing Torquay Village two and a half years ago, boutique fund manager IP Generation has offloaded Torquay Village for $50 million, representing a $10 million premium to its May 2021 purchase price. 

The asset is anchored by a Coles supermarket as well as 14 speciality tenants and was purchased by Tiang Chiin Ling and Roger Tiang Chiin Yew, the daughter and son of Malaysian businessman Dato Tiang Ming Sing. 

The deal was managed by Fitzroys' Paul Burns.

TRUGANINA - $25.3 million 

Fully integrated real asset group, Dexus, sold over 30,000 sqm of premium industrial land in Melbourne's west to two owner-occupiers.

Located at 20 Distribution Drive, the two lots neighbour national occupiers such as Coles, CUB, Toll and Secon Logistics, and are all located within the Dexus Industrial Estate. 

CBRE’s Tom Murphy, Harry Kalaitzis and Fergus Pragnell brokered the deals on behalf of Dexus.

New South Wales 

SMITHFIELD - $57.25 million 

Real estate fund management firm, Irongate, has inaugurated its unlisted industrial property fund with the purchase of two adjoining seed assets at 338-350 Woodpark Road and 1 Dupas Street in Sydney's west.  

The Irongate Industrial Property Fund will be managed by Irongate, with seed funding from both Irongate and its partner, Johannesburg-listed Burstone Group, with additional investment from Hong Kong-based private equity firm Pheonix Property. The industrial fund will focus on low-risk large-scale infill sites, which are often underutilised and income-generating. 

The deal was handed by Colliers' Trent Gallagher, Gavin Bishop, Sean Thomson and Peter Dale, with the asset being offloaded by the Kats family's EK Nominees. 

MOUNT ANNAN - Undisclosed, above $51 million 

Redcape Hotel Group has continued its strategic divestment initiative, offloading the Mount Annan Hotel for an undisclosed price that is upwards of $51 million, according to HTL Property. 

The pub was purchased by Nicole De Angelis-Hood, niece of renowned publican Arthur Laundy, as well as the eldest daughter of publicans Archie and Robyn De Angelis. 

The deal was brokered by HTL Property's Andrew Jolliffe and Dan Dragicevich.   

SOUTH WEST ROCKS - Circa $33 million

Long-time owners of the Seabreeze Beach Hotel, the Short family, have offloaded the pub following a sales campaign managed by HTL Property's Andrew Jolliffe, Sam Handy, Blake Edwards and Dan Dragicevich. 

The asset was purchased by the privately owned Hunter Hotel Group, which owns and operates a portfolio of hotels in and around the Newcastle and Central Coast region.

Queensland

BUNDABERG - Undisclosed

Veteran publican Stephen Paterson sold the popular Railway Hotel in Bundaberg, in a deal negotiated by Savills' Leon Alaban. 

The Railway Hotel established in 1977, now incorporates the Spotted Dog Café, Bar & Grill, a sports bar, TAB, Keno facilities, and gaming room. It was purchased by a syndicate led by first-time publican, Adrian Evans.