New South Wales
SYDNEY - $925 million.
A half stake in Sydney’s Grosvenor Place has been picked up by Blackstone, following a deal made with Dexus and its Office Partners fund (37.5%) and with the Canada Plan Investment Board (12.5%) worth $925 million. Arcadia retains the remaining 50%.
Located at 225 George Street the prime grade office tower offers 84,000sqm of NLA managed by Mirvac.
CBRE’s Flint Davidson, Simon Rooney and Stuart McCann negotiated both deals.
NORTH SYDNEY - $327.7 million
An unbuilt North Sydney office has been picked up by Lendlease and then flipped to Keppel REIT for $327.7 million.
Located at 2-4 Blue Street and 1-5 William Street, the 10 storey complex is due for completion in 2023 and was originally sold to Lendlease by Third.i.Group and Phoenix Property Investors. The asset will be known as Blue & William and will present 14,000sqm of A-grade office area upon completion.
It was sold to Keppel with a three-year rental guarantee.
SURRY HILLS - $24 million
A high-quality converted warehouse style office accommodation asset in the heart of Sydney’s metropolitan Surry Hills precinct has sold under the hammer for $24 million, the highest price ever achieved at auction in Surry Hills for a commercial asset.
Purchased by a local private investor, the sale price reflects an initial yield of around 4.23%.
The 1,349sqm building (NLA) has recently undergone an extensive refurbishment and is fully leased until 2025 to Fin Design.
The property was sold by JLL’s James Aroney and Mitch Noonan alongside IB Property’s Shane Blackett.
EDMONDSON PARK - $23 million
A retail convenience service centre has sold in Sydney for $23 million on a 4.93% yield, one of the highest values ever paid for a service centre in NSW.
Occupying a 7,731sqm site at 2072-2074 Camden Valley Way, the site provides future development potential including a strata subdivision to capitalise on the region’s population growth. The service centre returns in excess of $1.135 million in net income across five leases and is anchored by Ampol (Formerly Caltex) on a 10-year lease. Plus Fitness, Frangos Charcoal Chicken, Philliez and a SANGAM Indian supermarket round out the tenant offering with a WALE of more than 8 years.
Cushman & Wakefield’s Yosh Mendis, Geoff Sinclair & Michael Collins managed the deal in conjunction with JLL’s Dylan McEvoy and Gordon McFadyen.
JUGIONG - Undisclosed
One of Australia’s oldest and most iconic hospitality venues, The Sir George Hotel in Jugiong, has sold to long time publican and hotel operator Fraser Short.
Short is the owner of The Farm at Byron Bay and Watsons Bay Boutique Hotel on Sydney Harbour as well as operating several venues across NSW. Short and his team will take the reins of The Sir George from mother-daughter ownership duo Liz Prater and Kate Hufton in February of 2022.
Built in 1845, the hotel is famous for being the longest singularly held liquor license establishment in Australia, spanning over 165 years. It offers a diverse hospitality operation, including 11 luxury accommodation suites, artisan bakery, retail store, a restaurant and a bar.
The sale was managed and negotiated by CBRE’s Tom Gibson and Paul Fraser.
Victoria
COOLAROO - $45 million
A Coolaroo industrial investment with immediate development upside has changed hands from Palla Pharma to ESR Australia for a speculated price of over $45 million.
Located at 2-50 Glenelg Street, the 8.2-hectare property was last sold in 2014 for $8.145 million. The latest deal includes a partial leaseback returning an annual rent of $1.046 million pa. The unutilised balance of the facility has potential for further development or repurpose.
Colliers’ Gavin Bishop, Sean Thomson, Damian Marinelli and Nick O’Brien represented Palla Pharma.
EPPING - $5.012 million
Amber Homes have signed a $5,012,800 deal for industrial land in the heart of Victoria’s industrial precinct, amid rising land prices.
Located at 8 Northpoint Drive, Epping, the 6,266sqm site, was sold setting a record land sale rate for a site this size. The landholding is zoned Comprehensive Development Zone – Schedule 2 in Whittlesea City Council, which allows for a variety of uses, subject to the relevant planning approvals.
CBRE’s Daniel Eramo, Joe Brzezek and Jake George managed the deal.
RYE - $4 million
A Melbourne developer has paid $4 million for a vacant, near half acre, commercial site, across the road from Rye Beach on Victoria’s Mornington Peninsula.
Located at 2123-2135 Point Nepean Road the sale marks the first time the property was offered in nearly 30 years and was sold at the highest known local land rate of $2,081 per square metre.
Situated opposite Rye Yacht Club and Rye’s Foreshore Reserve, the 1,922sqm Commercial 1 zoned site was marketed with a myriad of potential beachfront uses including multi-level residential, mixed-use, hospitality, and hotel/motel.
Teska Carson’s George Takis and Stephen Speck brokered the deal.
HOPPERS CROSSING - $2.82 million
A prime freehold investment on the Golden Mile in Hoppers Crossing has fetched $2.82 million at auction from a private and local investor; $320,000 over reserve.
191-193 Old Geelong Road, encompasses 1,374sqm of land with 405sqm of open and closed building areas, which is home to Purple Octopus Multi-Wash.
The property was sold with a lease commencing October 2021 for 6 years with options; income is currently at $110,000 pa.
CVA’s Charles Cini and John Nockles managed the deal.
TULLAMARINE - $1.97 million
A high-quality warehouse/office investment in the Melbourne Airport industrial precinct has recently sold privately for just shy of $2 million.
Holding address at 46 Barrie Road, Tullamarine, the 814sqm freehold building sits on a 1,002sqm landholding, incorporating a large high clearance warehouse with container height roller door access and a two-level office/showroom component.
Fila Australia has occupied the premises since 2019, under a 7-year lease, with a further 5-year option, at $80,000 pa.
CVA’s Ian Angelico and Leo Mancino managed the sale.
Queensland
HELENSVALE - $200 million
A deal is speculated to have been drawn for around $200 million, which will see IP Generation secure a half stake in both Westfield Helensvale and the neighbouring former ex-NightQuarter market, from QIC.
The 17.2-hectare shopping centre contains 44,832sqm of NLA and is anchored by Aldi, Coles and Woolworths, with a further 135 specialty stores, six office suites and 2,100 car parks.
CBRE’s Simon Rooney managed the deal.
BOWEN HILLS - $20.5 million
1/36 Edmondstone Road in Bowen Hills in Brisbane’s inner north has recently been picked up by RAM Group in an off-market deal worth $20.5 million.
The modern 2,158sqm building was recently refurbished to accommodate the medical occupier, a specialist fertility group, and includes an embryology laboratory, andrology facilities, procedure rooms, recovery areas, consultation and scan rooms as well as patient waiting areas and training rooms. The specialist facility was sold with a 10-year WALE.
JLL’s Tim Jones, Simon Quinn and Sam Byrne managed the deal.
ASHMORE - $8.75 million
519 Olsen Avenue, has recently been scooped up by Pearl Energy for $8.75 million.
The 6,680sqm block includes a service station, a 540sqm workshop rented to Goodyear Automotive, and a car wash; the entire site offers retail development upside.
Colliers’ Steven King and Clark Property Partners’ Steve Clark managed the deal.
