Victoria & New South Wales
Various - $560 million
As the logistics sector of commercial real estate continues to be one of the best-performing classes, UniSuper has expanded its investment in the sector, acquiring a half stake in an industrial property portfolio for $560 million.
Purchased from the National Pension Service of Korea, the portfolio consists of 20 assets across Sydney and Melbourne, with 12 assets located in the Quarry Industrial Estate, which is recognised as one of Australia's premier industrial estates.
The deal was negotiated by real estate investment management firm Richmond Bridge, with Cushman & Wakefield's Tony Iuliano and Adrian Rowse representing the vendor.
New South Wales
KENSINGTON - $80 million
Property developer and funds manager, Charter Hall, offloaded a university building leased by the University of New South Wales as it looks to repay investors seeking to withdraw funds.
Charter Hall Direct CEO, Steven Bennett, commented on the sale stating, "This divestment is in line with our portfolio curation strategy, and demonstrates our commitment to transacting with financial discipline and acting in the best interest of our investors.”
Selling for roughly the same amount the fund purchased it for in 2021, the over 10,000 sqm building at 221-227 Anzac Parade was sold in an off-market deal brokered by Cushman & Wakefield's Peter Court and Mike Walsh.
LITHGOW - Undisclosed
The Rydal Pub, also known as Hotel Alexander, was purchased by family office, Johnston Bros Hospitality Group.
Johnston Bros, who previously ran cattle farming operations, began purchasing hospitality assets in October, with the purchase of the Tarana Hotel
The group now holds all the pubs on a 50-kilometre strip between Rydal and O'Connell in regional NSW.
NORWEST - Undisclosed
A major commercial development site situated immediately adjacent to the Norwest Station was sold by Landcom on behalf of Sydney Metro, following an Invitation to Tender campaign.
The 9,404 sqm (approximately) vacant site at 25-31 Brookhollow Avenue within the Norwest Business Park has the potential for up to 52,000sq m of gross floor area across the commercial, hotel and retail uses (STCA).
The planning proposal is for a mixed-use development of three main buildings with heights of up to 11, 23 and 25 storeys.
The site was purchased by Mulpha, following an Invitation to Tender campaign run by Mark Litwin, Wally Scales and Grant Bulpett of Knight Frank.
Landcom, on behalf of the vendor, sought responses from experienced developers to the Invitation to Tender to acquire the mixed-use commercial development opportunity.
LIDCOMBE - $2.9 million
A Western Sydney tarp repairer business, Nans Tarps has reaped $2.9 million from the sale of its Lidcombe site after 42 years of ownership.
The husband-and-wife team behind Nans Tarps purchased the commercial landholding in 1981 for $41,000.
Located at 25 Vaughan Street, the 506 sqm land parcel has three street frontages and includes an existing 310 sqm freestanding building that is currently used as a warehouse and office facility. The family is relocating and will continue to run at a new location.
CBRE’s Robert Dowdy steered the auction campaign which received 150 enquiries from owner-occupiers, investors and developers.
Victoria
TOORAK - Circa $10 million
Colliers agents Ben Baines and Matt Knox have contracted two off-the-plans strata office suites within Orchard Piper's highly anticipated Toorak Village development, secured by local owner occupiers for over $10 million.
50% of the developments limited three-floor office offering has already been sold, as Colliers sets a new city fringe and suburban record with the latest sales reflecting a building rate of $17,021 per sqm.
Ben Baines said, "There has been strong interest in the space throughout the campaign, with over 75 enquiries, highlighting the resurgence of demand in the city fringe space. The Toorak Village development is the first opportunity to buy brand-new strata offices in Toorak for decades, which has driven competition with all remaining office spaces expected to close in the coming weeks.”
