Commercial and residential property news
Costa Asset Management has secured Findex to the newly fit out top floor of a Geelong CBD office built in 1983 as the Capital Building Society headquarters. The financial advisory has taken a 10-year lease for the 1015 square metre space at 235 Ryrie Street – a three storey building which nowadays goes by the
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Stockland is selling a dairy distribution centre investment north of Perth to a Charter Hall unlisted direct property fund for $63.5 million. The deal for the two Balcatta properties – 22 Geddes Street and 20 Kenhelm St – is being struck on a circa-six per cent yield. Across 10 hectares, and also with substantial frontage
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Nick Scali Limited – which last week told investors to expect a 50-60 per cent rise in profits for the first half of this financial year thanks to “extremely buoyant” sales in June and July – has paid $6.6 million for a Keswick showroom it intends to rebuild as its flagship city store. The 3615
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A Melbourne based owner occupier has spent $4.175 million on a Cremorne office/warehouse with development potential. Twelve offers were received for 131-135 Dover Street, Teska Carson marketing agent George Takis said. The sale price values every square metre of the Commercial 2 zoned land at about $10,500. The property contains a 652 sqm double storey
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An investor who may develop in the medium term has paid $4.2 million for a former Elsternwick clothing factory offered permit-ready for a five level apartment building with ground floor shops. Seven bids came in for 590-596 Glen Huntly Road, which was marketed by Aston Commercial’s Liam Rafferty and Jeremy Gruzewski. Based on the double
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A joint venture between New South Wales’ Treasury Corporation (TCorp) and LOGOS – which is majority controlled by Singapore’s ARA Asset Management – is paying $172 million for two distribution centres offered by pharmaceutical giant Sigma with a leaseback. The facilities, in Sydney’s Kemps Creek (pictured, top) and Brisbane’s Berrinba (right), were purpose built by
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Charter Hall Group and Singapore’s GIC are speculated to be spending a total of $1 billion for a 49 per cent stake in 250 Australian petrol stations tenanted to Caltex. The vendor is the convenience retailer which is in the process of rebranding here as Ampol. The property deal has been mooted since last month.
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Clive Palmer is spending $5 million to expand his residential holding in Brisbane’s Fig Tree Pocket. The mining magnate paid $7.5m for ‘Rivergum Retreat’ at 36 Needham Street (pictured top and right), on the banks of Brisbane River, in 2018. The price was a $2m discount on the outlay the vendor, Linc Energy founder Peter
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KUBA Investments is making good on its promise to reposition the Napoleon Perdis business it acquired last April – replacing Priceline with David Jones as a key stockist nationally. The chemist, controlled by ASX-listed Australian Pharmaceutical Industries, previously claimed the makeup was one of its best sellers. The product will instead this month be launched
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Personal protective equipment supplier RSEA Safety Australia – a retailer booming throughout COVID-19 conditions – has leased a showroom at MAB Corporation’s near-new Clyde North Lifestyle Centre. The 1013 square metre deal in the residential growth corridor 47 kilometres south east of Melbourne was negotiated by Leedwell’s Tom Perkins and Chris Parry. ALDI, Big Picture
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Melbourne’s CBD is prepped for an office building burst with two projects recently approved and another set to start construction on a speculative basis. Last week, City of Melbourne permitted an application by Jeff Xu’s Golden Age Group to build a 27-storey one (artist’s impression, right) at 130 Little Collins Street. The Cox Architecture penned
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JB Hi Fi chief executive officer Richard Murray and his partner, Jacqueline Blackwell, have listed Toorak Arts & Crafts movement mansion Glyn with a $14-$15.4 million price guide. The pair picked up the property from lawyer Andrew Fairley and corporate adviser, Jane Stuchberry, in late 2016 – outlaying $11m. The 2420 square metre holding with
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EXCLUSIVE Nine months after purchasing online activewear retailer Stylerunner, which entered voluntary administration three weeks earlier, ASX-listed Accent Group has leased for it a prominent corner shop in ritzy Armadale. The 221 square metre premises, 1152-1154 High Street, is owned by a company controlled by members of the Cohen family. Forming part of the ground
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Lawyer and vineyard owner Peter Yunghanns has sold Fiskville’s Yaloak Estate for a speculated $60 million. The 5071 hectare property nearly 80 kilometres north west of Melbourne is trading to Harvest Agriculture, a subsidiary of a China backed company, according to this item in The Australian. The purchaser is directed by 25 year old Yingzi
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An offshore fund is spending $15.3 million on a Fyshwick office which derives 79 per cent of its income from the federal government. The price for 5 Tennant Street reflects a 7.2pc net passing yield. Listed in March, the asset includes two supersized floors providing a total 4049 square metres of lettable area and an
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EXCLUSIVE Charlie Buxton’s Cadence Property Group has purchased the Spotswood Animal Quarantine Station for $14 million. The 3.8 hectare site at 43 Craig Street was occupied by the federal government’s Australian Quarantine and Inspection Service from the 1950s until eight months ago when operations were relocated to a 144ha Mickleham facility, in Melbourne’s north. Glyn
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Owners of the four apartments within a modest complex on relatively big land, in the Melbourne CBD, have united and sold it for $6.9 million. The double storey structure at 23-25 Coromandel Place will be replaced with an office after trading to an owner occupier. Developed in the 1990s, and designed to complement a neighbouring
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The St Kilda Road property which from 1938 until last year accommodated The Clivedon art deco complex (right) is for sale again. Everland Global, led by Tim Chang and Michael Xie, is expecting more than $30 million for #596. The developer spent $34m on the 1804 square metre site in 2017 – just after it
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V/Line has signed another industrial lease deal in Melbourne’s west, this time in Ravenhall. The 2500 square metre facility with a warehouse and double storey office will accommodate staff working on two projects including the Regional Rail Revival. CBRE’s Tom Murphy, Ricardo Cappelletti and Fergus Pragnell marketed 5A Westwood Drive. The property is the second
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Telstra has traded land at the back of its Lyndhurst Exchange in Melbourne’s Hampton Park. The deal while small – $460,000 – came in well over guide (c$425,000). GrayJohnson’s Rory White and Matt Hoath listed the 1122 square metre battle-axe shaped site at 104 Robjant Street in May. The telco offered it with concept plans
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