Australian Real Estate News
Charter Hall (CHC) is paying petroleum giant BP Australia Pty Limited $840 million for a 49 per cent stake in 225 convenience retail assets. The portfolio consists of the majority of BP’s owned investments of this type, nationally. It has a weighted average lease expiry (WALE) of 20 years (most of the rental agreements will
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A Coles tenanted supermarket in Drouin, about 37 kilometres east of Pakenham, sold for $12.5 million at Burgess Rawson’s 133rd portfolio auction event yesterday. Interestingly, the vendor acquired the asset at 10 Hope Street three years ago at the agency’s 107th gathering. It cost $10.1 million, then. Covering a site area of 4874 square metres,
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Two Charter Hall funds will co-own a major food production facility and distribution centre in Sydney, leased to Arnott’s. Charter Hall Prime Industrial Fund (CPIF) and Charter Hall Long WALE REIT (CLW) will hold an equal stake in 61 Huntingwood Drive, Huntingwood, after each outlaying $198.9 million. The deal is being struck in an estimated
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Peter Stevens Auto Dealerships sold its prominent 7.4 hectare Ballarat Central car yard to a local investor on a leaseback, banking $8.7 million. The 615 Midland Highway property contains a 4561 square metre showroom which in 2017 underwent a $5.1 million renovation. Peter Stevens has operated in the historic town since 1972. The Motorworld yard
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Harris Scarfe – one of South Australia’s oldest retail chains – entered voluntary administration today after being put into receivership by a creditor. The move comes less than a month after the company traded to Allegro Funds, a Sydney-based private equity firm known to turn around struggling businesses. In that deal, for an undisclosed sum,
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Centuria Industrial REIT (CIP) is paying $236.2 million for two Arnott’s factories, in Brisbane and Adelaide. The sale-and-leaseback agreements come five months after the biscuit maker was acquired by US-based global investment house KKR in a $3.14 billion deal. KKR immediately appointed UBS and CBRE to sell three of Arnott’s owner-occupied properties. With a total
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Centuria Metropolitan REIT (CMA) is paying $256 million for the Nishi building, an A-grade commercial complex in Canberra’s gentrifying Civic precinct. The deal, between CMA’s parent Centuria Capital Group (CNI) and developer Molonglo, is being struck on a 5.1 per cent capitalisation rate. CMA fund manager Grant Nichols said the purchase reinforces the Fund’s position
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Singapore’s listed The Straits Trading Company is paying Hong Kong based global logistics giant ESR $24 million for a Mulgrave business park. The 2.25 hectare L-shaped holding at 677 Springvale Road hit the market in July. It includes seven contemporary buildings with a total lettable area of 12,157 square metres, configured as office warehouses and
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Valuation and advisory firm Landmark White has rebranded as Acumentis. The new name is derived from two Latin words, it described: acumen, meaning insight and sharpness; and mentis, which involves having sound mind, memory and understanding. Australia’s only independent, locally-owned, ASX-listed valuation company – Acumentis had a horrible year, with two data breaches resulting in
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Charter Hall Direct Industrial Fund No 4 (DIF4) is paying ASX-listed Beacon Lighting $28 million for an ex-Masters store turned distribution centre in Brisbane’s south Parkinson. The 58 Precinct Street deal is being struck on a 5.38 per cent passing yield. Purpose-built for Woolworths Limited’s failed hardware business five years ago, the property was re
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Caltex – whose management last week rejected a takeover bid from Quebec’s Alimentation Couche-Tard, saying the $A34.50 per share offer under-valued the company – has sold a portfolio of 25 Australian service stations, for $136 million. The sites were identified as having a highest-and-best use outside of selling petrol. Targeted to residential developers, the properties
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Sector Property Group has snapped up one of Huntingdale’s biggest commercial sites with plans to create a premium quality office and warehouse complex, which will be subdivided and offered for sale or lease. The first pieces of the former Acoustic Engineering Services (AES) headquarters at 26-28 Hargreaves Street – two large and high-quality warehouses –
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One buyer has snared two adjoining apartment shells on the ground floor of St Kilda’s Gatwick Private Hotel – the subject of last year’s reality renovation television series, The Block. The $1.71 million deal was struck after a public auction on Saturday where the two unrenovated flats passed in for $1.62 million. When the units
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A nondescript brick home in a Melbourne court beamed around the world in TV show Neighbours as Ramsay Street, Erinsborough, sold for $1.405 million before a large crowd at auction yesterday. The $1.2855 million opening bid for 5 Pin Oak Court, Vermont South, exceeded the reserve. With the four bedroom dwelling on the market, two
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Clark Kirby, who this year replaced Graham Burke as Village Roadshow chief executive, with his wife Sara, a former television presenter, have sold one of Melbourne’s most unique warehouse converted homes – in Armadale. The speculated $17 million-plus deal for the 1915 Golden Crust Bakery at 69 Sutherland Road sets a record for the suburb
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A cash buyer outbid numerous other investors to snare an enormous land holding in the South Camberwell retail village. The unique site – six adjoining retail and commercial freeholds – sold for $10.05 million against $9.5 million price hopes. The incoming owner offered a (short) 23 day settlement. Covering 398-410 Burke Road, near the north
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City of Adelaide has appointed ICD Property as partner for the $400 million Central Market Arcade redevelopment. Council held a two year long global expressions of interest campaign before appointing the Melbourne-based builder. The Adelaide CBD project will include a 35-storey tower with retail and residential components. Two office buildings, of 13 and 16 levels,
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A new childcare centre investment in Melbourne’s south east Rowville has sold for $6.9 million. At 1028 Wellington Road, Greenwood Early Education Centres has signed a 15-year lease for the 124-place complex. In 2033, it can exercise options to renew until 2048. The 831 square metre purpose-built complex occupies a 3195 sqm site with 27
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A permit-ready development site in Melbourne’s north east Heidelberg sold for $11.4 million this week. The incoming owner, a local developer, snapped up 104-120 Mount Street (pictured, bottom, highlighted) on a 30 day settlement. With plans for an eight-level complex comprising offices and 120 apartments (pictured, top), the 2376 square metre holding was offloaded by
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Scentre Group is paying AMP Capital Diversified Property Fund (ADPF) $575 million for a half share, and the management rights, of the Garden City Shopping Centre in Booragoon, about 14 kilometres west of the Perth CBD. The deal, negotiated by AMP Capital for the Fund – which will retain the other half – is the
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