EXCLUSIVE

Six weeks after raising $800 million for an opportunistic fund targeting last mile logistics investments, Hale Capital Partners has invested a chunk on a sprawling infill Melbourne property.

The 11.3 hectare Scoresby Industrial Park is speculated to be costing $125m from IFM Investors, which took over ISPT late last year.

With 50,211 square metres in four buildings, developed between 1997-2001, key tenants include Nintendo and Monash Health.

There is a vacancy. If there weren’t and based on market rates, the annual rent would circle $3.6m. The yield would be c2.9 per cent.

CBRE’s Chris O’Brien, Andrew Bell, David Aiello and Sasan Misaghian brokered the off-market sale.

It is Melbourne’s first nine figure industrial deal this year.

Last year we reported Hale bought and would replace Oakleigh’s ex-Philips factory as a multi-tenant cold storage distribution centre. It also acquired major industrial investments in Brisbane and Sydney (continues below).

IFM in the black

ISPT on behalf of the Core Fund paid $73m for the Scoresby Industrial Park in 2015.

That seller, the family-owned Perfection Private Group, retained 24 units with a total 14,000 square metres, as part of the deal.

The properties abuts the Spooner family’s 188ha Caribbean Business Park – one of Australia’s largest privately held industrial estates – 30 kilometres south east of the CBD.

Hale, established in 2021 by Robert McMickan and Nicholas Bradley, recently raised $800m for a value-add fund targeting high quality, income producing assets and repositioning opportunities.

Commitments came from founding capital partners, Canada’s Oxford Properties and private equity firm Warburg Pincus.

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Melbourne asset manager Plantation Capital has banked an impressive capital gain flipping one of two car yard investments bought six months ago with leasebacks.

The 8699 square metre holding with a 2130 sqm showroom for three brands – Kia, Mitsubishi and Subaru – at 247-249 Morayfield Road, Morayfield, collected $18.5 million following an off-market campaign.

It paid $13.4m.

That seller, Inchcape, occupied since 2006.

The pair also traded a Rothwell car dealership – 731-737 Deception Bay Rd – for $13.2m.

Also this week we reported Charter Hall bought a sprawling large format automotive retail investment in Sydney, outlaying $55.85m.

Profitable flip

The result for 247-249 Morayfield Rd reflects a 4.7 per cent net passing return (continues below).

Plantation, led by Steve McKnight, acquired it at a 6.53pc yield.

“This sale underscores the continued demand and depth for blue-chip assets as investors are actively pursuing both income security and potential for future growth,” Colliers’ Hunter Higgins, who brokered the on-sale, said.

“While I recognise that the previous owners had envisioned a longer-term value-add strategy, the buyer acted swiftly to acquire the asset off-market, ultimately presenting an offer that was simply too compelling to refuse,” he added.

“I am pleased to know that both parties are very happy with the result,” according to the executive.

Morayfield is about 47 kilometres north of Brisbane’s CBD

Rothwell is about 34 km north of town.

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Blackstone is understood to be close to selling Greensborough Plaza, marking its exit from the Australian retail sector.

It could be taking a loss, sources say, with the speculated c$350 million-plus deal.

It paid Lendlease $360m in 2013.

Growthpoint is believed to be the incoming buyer.

A result in this range is a discount on $400m expectations when the property was relaunched for sale in February.

The asset was also for public sale in 2022 seeking $420m.

Blackstone’s Australian retail portfolio was once estimated to be worth $3 billion.

Greensborough Plaza

Opened in 1978 as Greensborough Shopping Centre, with 28,000 square metres anchored to Kmart, the complex was rebranded Valley Central between 1990-1995 (continues below).

There is now 70,805 sqm of lettable area – other major retailers include Aldi and Target – with185 specialty stores.

Moving annual turnover is c$365m.

Blackstone undertook a $30m renovation in 2014 adding amongst other things a playground surrounded by children’s store retailers, a dining precinct and upgrading the Hoyts Cinema.

The 6.7 hectare site also contains 2700 car parks.

The airspace has previously been marketed for its potential to accommodate apartment towers.

CBRE’s Simon Rooney with JLL’s Nick Willis and Sam Hatcher were the agents.

Greensborough is about 17 kilometres north east of Melbourne’s CBD.

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The Scaffidi family has sold a former Hoepners Transport facility held five years.

Nowadays occupied by Toll Transport, the 1.33 hectare industrial investment with a 4912 square metre office/warehouse at 591A Grand Junction Road, Gepps Cross, collected $11 million.

The deal was brokered off-market; Knight Frank’s Ryan Mills, Max Frohlich and Casey Clements were the agents.

The buyer is a local private investor.

The Scaffidis paid Hoepners $8m for the asset in 2021.

Also this month, we reported Realside and Corval bought Adelaide industrial investments at Edinburgh.

Another Gepps Cross deal

Toll, which was in 2015 bought by the Japan Postal Service, is on a lease expiring at Gepps Cross in 2027.

With options it can stay until 2039 (continues below).

Rent is reviewed annually, to the greater of CPI or three per cent.

The passing income is said to be about 20pc below market rate, the agents said.

The deal comes five weeks since we reported Northpoint Toyota bought adjoining Gepps Cross sites including 595 Grand Junction Rd, paying over $25m.

Late last year meanwhile, QIC shed a 4.57ha industrial investment in the pocket – 281-301 Grand Junction Rd, Ottoway, held a decade.

Westbridge Funds Management was that buyer, for $41m.

Lendlease also sold an asset in the area recently – backed by Australia Post, it fetched $22.52m.

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Exceed Capital has entered negotiations to buy a Sydney Olympic Park office leasehold from Charter Hall.

The six level building at 7 Murray Rose Avenue contains 5931 square metres.

Aerospace and defence giant Thales occupies 88.8 per cent on a lease expiring in 2032.

Near a new Sydney Metro station, there are also ground floor retail tenancies and a two level basement with 53 car parks.

The site spans 1162 sqm.

Cushman & Wakefield’s Kenny Duncanson, Jack Harrison and Steven Kearney were the agents.

The deal comes three months since we reported Exceed paid Strada Group, led by Scott Barlow, $44.7m for a Gold Coast office.

Last September meanwhile Exceed acquired a medical centre, again on the Gold Coast, for $26.5m (continues below).

That seller was HMC Capital.

Second time luckier

Charter Hall, for the Charter Hall Direct Sydney Olympic Park Fund, also tried to sell 7 Murray Rose Ave in 2018; price expectations were $50-$55m.

The asset manager seized ownership following its takeover of Folkestone the year earlier.

Developed in 2012 the office carries a 5.5 NABERS Energy rating and 6-star Water score.

More to come.

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Neighbouring Landsdale industrial properties including one housing the 70 year old Bill’s Machinery business, with its famous red and white Beechcraft Baron functioning as a marker for decades, have been sold.

The largest site, spanning 3.07 hectares at 288 Gnangara Road, fetched $17.8 million.

Split as three tenancies, it contains a 1080 square metre workshop, 1350 sqm shed and 2500 sqm yard.

Commercial Group WA is the buyer.

Bill’s Machinery site sold

Meanwhile the neighbouring property – part home to Bill’s – at 302 Gnangara Rd, sold for $15.7m.

With c3800 sqm in numerous buildings it occupies 2.86ha.

The buyer is Marjorie Bay Investments (continues below).

The seller of both assets was registered as Gnangara Developments.

Vita Property Group’s Spiro Agapitos was the agent.

Bill Meredith, who ran the machinery business, died mid-last year aged 91.

The properties were listed in October with three smaller adjoining ones accessed from Christable Way.

Landsdale is about 20 kilometres north of Perth’s CBD.

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A Melbourne law firm has established an on-campus office within RMIT.

The first partnership of its type for the university’s School of Law is with Anika Legal, a not-for-profit representing Victorian renters.

“The office embeds Anika Legal’s internship program on campus creating a dedicated space for students to build practical legal skills in a supported, professional environment,” an RMIT spokesperson said.

“Students work on tenancy related matters including bond disputes, repairs and evictions and contribute to casework delivered online under supervision,” they added.

“The model combines flexible digital service delivery with in-person collaboration and mentoring,” according to the representative.

Anika Legal is registered at 15 William Street in the CBD.

Prior to announcing the on-campus office it supported some 80 RMIT students with internships.

On-campus office

The RMIT School of Law is primarily located at the Emily McPherson Building at 405 Russell St in the CBD (continues below).

It forms part of the College of Business and Law which also operates at 445 Swanston St.

The Anika clinic aims to strengthen job readiness by connecting learning with real client outcomes, RMIT School of Law Dean, Professor Diana Bowman, said.

“This is a significant step in how we deliver work-integrated learning,” she added.

“Students are gaining real-world experience on campus while contributing to access to justice and building an understanding of the barriers many people face in the legal system,” according to the executive.

Anika principal lawyer, Emily Southwell, said the group’s first on-site university campus allows it to expand the impact of its model.

“By working more closely with interns in a shared environment we can strengthen supervision, enhance learning and scale support for clients who need it most,” she added.

“The RMIT-based office will continue to support student learning while strengthening pathways into purpose driven legal careers,” according to the executive.

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Brisbane based land lease community focused Eureka Group Holdings has bought two Victorian assets.

The priciest, Frenchview Lifestyle Village at Grantville (pictured, top), cost $7.5 million.

On a 1.48 hectare waterfront site at 22 Pier Road, near the South Gippsland Freeway, the complex contains 103 sites including 78 permanent manufactured home estate (MHE) dwellings.

Predominantly a land lease community with a mix of rental units, the deal reflects a 7.9 per cent initial yield. A portion of the site has development upside.

The seller, Equinox, paid $2m in 2016.

Grantville is about 100 kilometres south east of Melbourne’s CBD.

Paynesville Holiday Park

Meanwhile, Eureka paid $6.6m for the Paynesville Holiday Park in East Gippsland.

At 4-14 Gilsenan St, Paynesville, the asset includes 96 sites – a mix of permanent homes and tourist accommodation (continues below).

Like Grantville, it has immediate development upside. Each also has a pool and recreation zone.

The result reflects a 7.6pc yield.

Paynesville is about 300 km east of the CBD.

A Eureka statement said the acquisitions would add 200 rent producing sites to its portfolio and aligns with its strategy of targeting regional markets with population growth and demand for affordable housing.

The deal comes three months since the ASX listed group outlaid $11m for the Nagambie Lifestyle Park, an all age village.

Eight months ago meanwhile it bought Coral Tree Lodge at Nowra, with 126 sites.

Also mid-last year the group acquired the Emerald Tourist Park, 270 kilometres west of Rockhampton.

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The Australian Federal Police has sold a prominent Sydney CBD retail property seized under proceeds-of-crime laws.

Nick Politis bought 119 King St for about $19 million.

The result reflects a circa four per cent yield.

Chopard is the occupier on a lease expiring 2031.

The five level 210 square metre building occupies a 54 sqm site adjacent to Pitt Street Mall, in the city’s fashion precinct.

Discounted deal

The King St property previously sold for $21m in 2022 to Tara Global Pty Ltd, a company linked to the investigation, before being restrained the following year, part of Operation Avarus-Midas (continues below).

X Commercial’s Chris Johnson and John Bowie Wilson were the agents.

The deal comes five months since Mr Politis, via the Euminidi Group in which he holds a half stake, outlaid $50m for Brisbane’s historic Caxton Hotel.

Not long earlier the Sydney Roosters chairman and real estate investor shed a historic Brisbane CBD commercial investment after a decade.

The buyer was National Retail Group, owned by Chemist Warehouse executives.

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Harvest Hospitality has sold the Woy Woy Hotel after five years and a renovation.

The group is in the black – a little – following the $40 million sale.

Arthur Laundy is the buyer.

The deal comes five and a half years since the pub baron bought the Bay View Hotel, diagonally adjacent, for $38m.

Harvest bought the Woy Woy at the same time, paying $32m following an off-market deal to the McIntyre family which operated the venue since the 1990s. Late last year it completed a $6m renovation.

Revamped asset

Developed in 1897, the Woy Woy Hotel, locally known as The Old Pub, at 33 The Boulevarde, overlooking Pelican Island, contains a bar, bistro and gaming room with 30 electronic gambling machines, able to accommodate some 900 people (continues below).

Also with a drive through bottle shop, weekly revenue is reportedly c$245,000.

JLL’s Ben McDonald and Kate MacDonald represented Harvest.

Woy Woy on the Central Coast is about 90 kilometres north of Sydney’s CBD.

In January, Mr Laundy paid Nine Entertainment $56m for its radio network – including 2GB and 3AW – a business valued at $275m just before COVID.

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