Commercial and residential property news
Three healthcare assets in two south east Melbourne growth precincts have sold – one to an occupier. In Berwick, the conspicuous Woodleigh Waters Medical Clinic at 137 Moondarra Drive is trading for $5.05 million – reflecting a 5.8 per cent gross yield. The 622 square metre facility contains a pharmacy and tenancies fit out for
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John Azar’s The Good Beer Co has sold its second east Sydney hotel in a week. The Four in Hand at 105 Sutherland Street, Paddington, is trading for $8.25 million to another local publican set to take occupancy in January. The vendor paid c$7m in 2018; at the time the c1878 double storey building at
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An Abbotsford industrial property with significant development upside opposite Carlton & United Breweries’ main plant traded for $8.3 million – 20 per cent over guide – at a socially-distanced on-site/online auction on Wednesday. On 2520 square metres, 53-59 Church Street and 4-6 Mayfield St were offered by the family of Australian chief science officer, Alan
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EXCLUSIVE Garry Lyon and Nicky Brownless are selling the renovated Armadale home they bought for $3.18 million in mid-2018. The two can expect $3-$3.3m this time around; Marshall White’s Fraser Cahill, Chris Barrett and Andrew Hayne are taking it to auction next month. With four bedrooms and an upstairs study which could make another, the
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Cadence has closed a capital raising allowing it to buy another west Melbourne infill industrial development site – this time for $10 million. Director Charlie Buxton a month ago announced he secured 36-38 Roberts Street, West Footscray (pictured, top), for the CPG FM03 Property Trust, a value-add syndicate. On 2.1 hectares at the north west
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EXCLUSIVE Former MasterChef judge, Gary Mehigan, is selling his renovated Victorian in Malvern East’s leafy Gascoigne Estate. The four bedroom plus study home with indoor and outdoor kitchens, on a 1070 square metre block opposite Central Park, is being quoted at $5.9-$6.49 million. The cook with his wife Mandy paid $3.3m in 2012. Marshall White,
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A double-storey office/warehouse in a relatively less gentrified part of Prahran has sold for a speculated price of more than $6 million to an occupier. At 48-52 Clifton Street, at the south east corner of King, the property had a guide of $5-$5.5m when it was listed for auction last month. Gross Waddell’s Alex Ham
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GrainCorp has offloaded a vacant high-profile grain silo facility in Melbourne’s west Sunshine. On a 2.27 hectare long thin site, 2 Wright Street, abutting the train line south of Sunshine station, is speculated to be trading for $9.5 million to a developer with experience in medium density projects this side of town. Within a residential
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EXCLUSIVE Primewest is acquiring three childcare centres for a new fund. In the priciest deal, it is paying $7.25 million for a 122-place complex in Gold Coast’s Robina. Developed in 2004 and recently refurbished, 60 Investigator Drive (pictured, top, unrenovated) is tenanted to Oxanda Education for 15 years; an agreement with three 10 year options.
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Sentinel Real Estate has snapped up a block 200 metres from Scarborough Beach for its third Australian Build to Rent complex. Covering 2999 square metres, 194 West Coast Highway and 7-17 Manning Street, Scarborough, were listed for public sale mid-last year. Yesterday, the local arm of the c$A9.6 billion New York based investment house confirmed
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Sydney publican Sam Arnaout is paying AccorInvest c$180 million for 17 Ibis hotels. Twelve are in the purchaser’s home state amongst them Ibis Sydney Airport (pictured, top), Ibis Budget Sydney Olympic Park and Ibis Newcastle. Three are in metropolitan Melbourne including a 230-room inn near Queen Victoria Market. There is one in each of Brisbane
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Elanor Investors Group (ENN) will seed its third fund in three months with a Woolloongabba mixed-use commercial investment costing $80.2 million. Covering 1.54 hectares, it contains a four level, 5-star NABERS energy rated medical facility at 163 Ipswich Road built in 2006 for the state government’s Queensland Health which is on a lease expiring in
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The board of Australia’s largest listed developer, Stockland, has chosen Tarun Gupta to replace Mark Steinert as managing director and chief executive officer, effective next June. The appointee will move from Lendlease, where he started as a graduate 26 years ago and since 2016 held the group chief financial officer role. His chief executive officer
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The Good Beer Co has sold Randwick’s Duke of Gloucester Hotel to Justin Hemmes’ Merivale Group for about $32 million – the latest in a string of eight-figure hospitality sector deals. The purchaser owns the Royal Hotel Bondi, Coogee Pavilion and Woollahra’s Hotel Centennial – all also in Sydney’s east. JLL Hotels & Hospitality Group’s
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Sydney based Mirvac has unveiled three projects of varying budgets in the capitals north and south of it. In Melbourne’s east Doncaster, on part of the 47 hectare ex-Eastern Golf Club course which is making way for the Tullamore housing estate, it has started converting historic stables Elephant House into a hospitality venue – and
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Home Consortium managed HomeCo Daily Needs REIT, which listed this week, is paying QIC Global Real Estate $48 million for shopping centre Marsden Park, south east of Brisbane. The purchase price reflects a fully let 6.75 per cent gross yield. Anchored by the largest Coles supermarket in the region, and with two mini-majors, six kiosks
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Property Bank Australia (PBA) has sold an under-rented office with development upside in North Sydney for $54 million. The Perth based vendor acquired the seven storey, 3442 square metre building at 53 Berry Street in 2013 from Charter Hall for $19.75m – and recently renovated. Telstra occupies a ground floor retail space. Knight Frank marketing
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A portfolio of seven neighbouring Bowen Hills properties has sold for $10.23 million. The offering spreads 3276 square metres within the Bowen Hills Urban Renewal Precinct, walking distance to the suburb’s train station. With crossovers at Campbell, Hazelmount and Edgar streets, Cushman & Wakefield’s Michael Gard marketed it as a building block. Bowen Hills is
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Forza Capital has picked up a B-grade Brisbane CBD office for $86.75 million. The deal for 340 Adelaide Street, with Mirvac, is being struck on a fully leased 7.5 per cent yield. To fund it, the purchaser will use part a $240m trust – the Priority Framework – created after the March COVID lockdown to
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A Richmond showroom – part of racing car driver Ray Christie’s estate and held by the family for some 70 years – sold at auction on Wednesday for $5.575 million to Spotlight Group. Six other suitors contested for 613-617 Bridge Road which was marketed to developers and investors for its longer term potential to make
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