Commercial and residential property news
ISPT has sold a neighbourhood retail investment in Sydney’s south west for $26.5 million. The Greenacre Shopping Centre, which the vendor described as non core, is trading on a 5.8 per cent passing yield. The buyer is Sydney-based Harrington Property Group. About 17 kilometres from the city at 13-19 Boronia Road, Greenacre, the modern 4733
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Industry Superannuation Property Trust has pre-committed Sydney-based retailer Winning Group – which owns popular website appliancesonline.com.au – to what will be a purpose-built warehouse and distribution centre, in Melbourne’s west. Winning Group intends to move into the 45,000 square metre Altona North facility in 2021. It’s initial lease term is 10 years. The development will
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Australian Unity’s Retail Property Fund has sold its half-share in the Waurn Ponds Shopping Centre, seven kilometres south west of Geelong, to co-owner, Industry Superannuation Property Trust. The deal comes five years after Australian Unity sold the first 50 per cent stake in the complex to ISPT’s Core Fund following a major renovation. Major institutional
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Industry Superannuation Property Trust has completed construction of a major office at a historic Melbourne CBD corner. The 16-storey tower, 271 Spring Street (pictured, top and below), was handed over to its sole tenant, Australian Unity, last week. The building sits at the north-east edge of what was a notorious former red-light district known as
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Charter Hall Retail REIT is paying $74 million for the Campbellfield Plaza shopping centre in Melbourne’s north. The 17,900 square metre complex on a 5.9 hectare block at the busy corner of Hume Highway and Mahoneys Road was listed by ISPT in September with price hopes of $80-million plus. Based on the asset’s annual approximate
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Industry Superannuation Property Trust will acquire three Melbourne CBD sites from Victoria University and build a 32-level vertical campus which will be leased by the college for 30 years. ISPT announced today that it was awarded the tender to partner with VU and the Victorian Department of Education and Training. The proposed new building, VU
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Industry Superannuation Property Trust can expect to bank more than $80 million from the sale of a major shopping centre in Melbourne’s north. Campbellfield Plaza, about 14 kilometres from the the CBD, includes an 18,000 centre built in 1983, which ISPT acquired in 1995 and redeveloped in 2004. Leased to more than 20 retailers, including
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Industry Superannuation Property Trust can expect to make between $30 million and $35 million from what might be the most under-utilised property in St Kilda Road.
The Clemenger House office building, at # 474, is spread over two blocks and three streets.
Given the shifting attitude in recent years to convert St Kilda Road offices into high rise apartment skyscrapers, 474 St Kilda Road is expected to arouse interest from residential developers.
Read moreINDUSTRY Superannuation Property Trust has sold a Sydney CBD office building to private group, City Freeholds, for $106.1 million.
The 55 Hunter Street building sold on a yield of about 7.5 per cent.
The sale is the latest healthy office transaction in the Sydney CBD. Last month Investa Property Group paid more than $95 million for a half share in 60 Martin Place, while overseas investors are paying $685 million for the luxury Aurora Place.
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THE development consortium which bought three low-rise offices on the banks of the Yarra River, is forging ahead with plans to demolish two of the buildings, and replace the space with a $200 million residential village.
Developers Hamton and Industry Superannuation Property Trust have started marketing apartments at 677 – 679 Victoria Street, opposite the Victoria Gardens shopping centre in Abbotsford, at the suburb border of Kew and Hawthorn.
The developers are reported to have paid Becton about $30 million for the office complex late last year, outmuscling traditional property investors sniffing the market out at the time for good bargains.
Read moreINDUSTRY Superannuation Property Trust has made $16.75 million from the sale of a prominent office building in Melbourne’s inner eastern suburb of Richmond. The building at Lot 1, 658 Church Street sits on a 7,064 square metre site, and was sold with a permit for a 20,000 square metre office. The office was purchased by
Read moreINDUSTRY Superannuation Property Trust has sold a freestanding 10-level Melbourne CBD car park for $38 million.
The 522 Flinders Lane property abuts the massive, but vacant 567 Collins Street site, earmarked to become a major office building as soon as owners APN and Leighton can find tenants.
The Flinders Street car park sold on a yield of 7.96 per cent to a private investor who owns another car park, in a Knight Frank led campaign.
Read moreA prominent inner-city office business park, put to the market by beleaguered fund manager Becton late last year, has been snapped up by Melbourne-based developers and will make way for apartments.
Read moreIndustry Superannuation Property Trust is believed to be close to selling its St Helena Marketplace in Melbourne’s north-east, for about $27 million.
Read moreIndustry Superannuation Property Trust (ISPT), Cbus Property and EPC Partners today announced their joint venture to develop the new $700 million South East Stadium Precinct (SESP) at Docklands in Melbourne.
Read moreThe Industry Superannuation Property Trust Opportunity Fund has pulled the plug on the redevelopment of the former Deakin University campus in Malvern, and now wants to sell the site for more than $50 million.
Read moreISPT has acquired the 40,429 square metre tower located at 345 Queen Street for a purchase price of $385 million (excluding acquisition costs). The property has 34 upper levels and a 5 level annex building with separate entrance to Queen Street. Parking for 270 cars is provided over 4 basement levels.
Read moreYet another large chunk of office space is about to become available in central Collins Street, with Industry Superannuation Property Trust confirming it will market almost 31,000 square metres of office space at 447 Collins Street, soon to be vacated by financial services giant AXA.
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A Chinese investor is paying $29.1 million for The Village Dandenong shopping centre, in Melbourne’s south east. The off-market deal was brokered by JLL director, Retail Investments, Stuart Taylor and Ming Xuan Li, associate, on behalf of Perth-based RG Property. The result reflects a low 5.19 per cent initial yield (it is six per cent
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Daisho has settled on the $220 million purchase of the hotel component within Cbus Property and Industry Superannuation Property Trust’s Collins Arch. The property sale was announced in late 2016. At the same time, Marriott International confirmed it as Melbourne’s first W Hotel (the country’s maiden inn opened in Brisbane two years ago). The complex,
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