Commercial and residential property news
Gatsby Living has leased a maiden showroom at Preston’s Northland Homemaker Centre. The new retailer has signed a seven year deal for the 1120 square metre unit formerly occupied by Barbecues Galore. Leedwell Property’s Chris Parry, Tom Perkins and Nick Segran said the agreement was negotiated during Victoria’s stage four lockdown. A number of businesses
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Australia’s second priciest house deal has taken place – in the same suburb as the first. Edgewater at 92 Wolseley Road, Point Piper, in Sydney’s inner east, is understood to be trading for $95 million following a negotiation by Sotheby’s Michael Pallier. The five level home was designed in 1984 by entertainment entrepreneur Michael Edgley
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Petrol giant bp has set up a NZ$534 million (A$489.5m) trust comprising the majority of its New Zealand convenience stores – and sold a 49 per cent stake to two Charter Hall groups. The sale and leaseback deal is similar to one struck with the same partner last year, in Australia. The proposed bp NZ
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Two years after selling a Wollongong office for a town record high, Castlerock has set a new watermark buying back in. The Melbourne based fund manager is paying more than $57 million on a 5.5 per cent passing yield for 45-53 Kembla Street – the 10th asset for its Auslink Property Trust 2 (APT2). The
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Fifteen east coast commercial properties which were to have been offered at portfolio auctions that were cancelled this quarter because of COVID-19 restrictions, have found buyers following private sale campaigns. Seven assets are rented to businesses considered essential services. Three shops, two offices and two factories – all being outside of Victoria – are also
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PrimeLand Group with Singaporean fund Baksh Capital has paid $9 million for East Melbourne’s Magnolia Court with intentions to renovate and extend it. The guesthouse at 95-101 Powlett Street wasn’t for sale six months ago however, with hospitality one of the hardest hit sectors in the early stages of the COVID-19 pandemic, vendor Leaper Holdings
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The recently vacated City Mazda dealership in South Melbourne, opposite South Wharf, will make way for a $1 billion-plus village with apartments, offices, shops, a hotel and new showroom. Planning minister Richard Wynne this morning approved Gurner’s proposal to replace 2-28 Montague Street and 80 Munro St with three towers, rising 38, 24 and 15
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General Motors Holden has sold its Lang Lang proving ground to three year old Vietnamese car maker VinFast for a speculated price of nearly $20 million. The deal will see General Motors Special Vehicles – the new name for Holden Special Vehicles – retain access for testing. Holden enthusiast club members and former employees via
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Pelligra Group is paying a speculated $35 million for the Rydges on Swanston hotel at the centre of the botched quarantine program, part responsible for Melbourne’s latest COVID-19 outbreak. The 107-suite guesthouse at 701 Swanston Street, Carlton, will now be renovated as a 4.5-star inn with conference facilities, and re-let. Vendor, Adelaide based hotelier David
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Victorian planning minister Richard Wynne – with the backing of the COVID Building Recovery Taskforce – today approved 10 projects worth a total of more than $2 billion. The biggest – a mixed-use village comprising three towers – is earmarked for a 9720 square metre South Melbourne site opposite South Wharf. With an end value
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Marprop has paid $35.3 million for two neighbouring Newcastle offices – one with significant medium-term development upside. The deal with Eagle Property Group for 51-55 and 61 Bolton Street was struck on a 6.5 per cent net passing yield. Both parties are Sydney based. CBRE’s Scott Gray-Spencer and Jack Morrison with Commercial Collective’s Matt Kearney
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JQZ has sold a 1.1 hectare piece of Kogarah’s former Darrell Lea factory for $15 million to another builder. The jagged rectangle shaped site, 152-206 Rocky Point Road, 15 kilometres south of the Sydney CBD, includes a modern four storey c2000 square metre office which the incoming owner intends to occupy. It also contains tracts
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A prominent and long-vacant block in central Wodonga has sold to a developer expected to replace it with a multi-level project comprising showrooms and offices. The 2457 square metre Activity Centre zoned site at 171-175 Beechworth Road on the north west corner of Nilmar Avenue, and also on a roundabout connecting High, Hovell and Lawrence
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Menarock is selling a Croydon aged care facility purpose-built for the occupier 20 years ago. Dorset Lodge at 362-366 Dorset Road is expected to trade for more than $6 million which would reflect a sub six per cent yield. The tenant recently signed a five year rental agreement but with options can stay until 2039.
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Cromwell Property Group and joint venture partner BlackRock Real Estate have more than doubled the height of a proposed mixed-use commercial building at Chatswood’s Central Plaza. An amended development application is for an 11-level structure with 6500 square metres of office space and 4.5-star, 156 suite hotel. The tower would sit between twin 14-storey ones
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A local investor has paid $4.87 million for the prominent, strata-titled southern piece of the Freshwater Village shopping arcade. The 807 square metre property, Lot 1, 1-3 Moore Road, Freshwater, is leased to rock climbing centre Skywood which, with options, can stay until 2040. Based on the annual net income, the asset is trading on
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An industrial property resembling an open air car park – paved where a building should stand and with structures on its periphery – has traded for $2.73 million. The 3328 square metre rectangle shaped property, 69-71 Voltri Street, in Melbourne’s Cheltenham, is set to make way for a new building after selling to a local
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A New Zealand investor has spent $7.1 million on a modern west Melbourne industrial property following video walk-through inspections. The fully leased asset at 33-39 Jessica Way, Truganina, is trading on a 5.75 per cent net passing yield. It includes an office and dry blending and milk powder factory, constructed in 2008 and expanded in
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An investor has spent $4.25 million for the strata titled south east edge of the Kilsyth Shopping Centre. The 2183 square metre building, which occupies all of the footprint, is tenanted to Coles on a month to month basis and was also marketed to owner occupiers. On Commercial 1 zoned land, Savills’ Rick Silberman and
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A newly formed investment fund has spent $3.9 million on a Brunswick property with development upside. The 1996 square metre Industrial 1 zoned site at 3-7 Syme Street was offloaded by Brunswick Industries Association – a not for profit group which provides employment support – with a long settlement. The west boundary abuts 94 Feet
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