Deals of the Week - 7th October 2024

New South Wales 

EASTWOOD - $29.8 million 

A prime commercial property, offered for sale by local private owners for the first time in 37 years, has been snapped up at auction by local investors for a record $29.8 million, representing a 2.09% yield. 

CBRE's Ray Ahsan and Lord Darkoh facilitated the sale of 167-173 Rowe Street, which attracted significant interest from both local and international buyers. 

Mr Ahsan noted this was the largest commercial auction sale price in Eastwood's history. 

FAIRFIELD - $28 million 

Swiss-based global private equity firm, Partners Group and Realterm, an independent global investment manager focused on the transportation industry, has announced the second acquisition of the joint venture in the Australian transportation and logistics market. 

Located at 311 The Horsley Drive, the 28,760 sqm industrial outdoor storage facility was purchased below land value, in one of Sydney's old established and tightly held industrial markets. 

Realterm worked with CBRE's Elijah Shakir on the acquisition.

Victoria 

BRIGHTON - $16.5 million

A substantial 6,060sqm landholding with triple street frontages in Melbourne's prestigious Brighton has been sold by Colliers’ Jozef Dickinson, Ian Sanders and Justin Hazell. 

The prominent site at 453 New Street is located in the coveted residential suburb of Brighton, one of Melbourne's most prestigious residential addresses, with the suburb's median house currently at $3.125 million.  

The end buyer is a local buyer who intends to occupy the existing residential dwellings on site, with the balance of land to be subdivided into several individual allotments for sale.

WERRIBEE - $12 million 

A local private investor has offloaded a 1.7-hectare industrial lot located at 68-100 Lock Avenue. 

Purchased by a local owner-occupier, the site sits adjacent to the Princes Freeway and holds 2,383 sqm of buildings with a short-term WALE of 6 months. 

The deal was brokered by JLL’s Robert DiNatale, Ilia Karageorgiou and James Jorgensen. 

EPPING - $7.1 million 

A newly constructed office warehouse asset was purchased by national tool wholesaler and distributor, Industrial Tools & Machinery. 

Offloaded by Impact Designer Homes, the 2,132 sqm property located at 16 Northpoint Drive was sold with a land rate of $3,300/sqm, setting a new benchmark for the precinct for buildings over 2,000 sqm. 

The deal was managed by Colliers Corey Vraca and Mitch Purcell in conjunction with CBRE's Jake George and Corey LaFavi.

Queensland

BULIMBA - $13.1 million

Centennial has acquired a 9,264 sqm tenanted industrial asset located at 59 Taylor Street.

Offloaded by the tenant, Albert Smith Signs, who are now on a two-year triple net lease, which was a sale condition as part of the off-market deal. The asset will be added to  Centennial's Enhanced Value Partnership (EVP) fund, which was established with JV partner Brookfield. 

The deal was managed by Modus Property Group's David Gibson and Nick Bandiera. 

WEST END - Undisclosed 

A mixed-use property in Townsville’s inner city has changed hands for the first time in 75 years, being snapped up in an off-market deal by a major national retailer.

National Tiles purchased the property at 151-155 Ingham Road and has relocated to the premises from its current premises at 301 Bayswater Road, Garbutt. 

The off-market sale was negotiated by Knight Frank's Mark Fitzgerald and Dan Place on behalf of the vendor, a local private family.