Australian Real Estate News
The Property Council of Australia released its twice annual Office Market Report today. The national stock comparison showed vacancy in Adelaide and Perth improved since the 2H19 (known in industry circles as ‘the July’) OMR. Melbourne’s CBD had he highest occupancy rate of any capital – at 96.8 per cent. The PCA said more than
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EXCLUSIVE The Withers family – which controls Australia’s 7-Eleven franchise – is offering another tranche of service stations via a sale and leaseback arrangement. The 18 properties, in the Australian Capital Territory, New South Wales, Queensland and Victoria, will be offered separately at a live-streamed auction event starting in Sydney, then moving to Melbourne, on
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The Dallas-based owner of video entertainment chain EB Games intends to close 19 of its 300-plus Australian stores by the end of the month. GameStop – the world’s biggest video game retailer – sent suppliers emails overnight confirming the news. Gaming website kotaku.com.au broke the story this morning, with this item. News of which stores
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The Entertainment & Education Group (TEEG) – the largest operator of family entertainment venues in the Asia Pacific – has opened its 300th venue, a Kingpin, at Canberra’s Civic shopping centre. Moreover TEEG – which also owns Timezone and Zone Bowling – intends to trade from 50 more outlets in 2020. The Singapore based company
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Melbourne-based specialist retail investor and developer Lascorp is paying Charter Hall Retail Management Limited, as responsible entity for Charter Hall Retail REIT (CQR), $62.35 million for three regional Victorian supermarket-based assets. The centres form part of a portfolio of five properties CQR has just sold off-market to fund the recent $840 million purchase of a
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Centuria Metropolitan REIT (CMA) is paying $256 million for the Nishi building, an A-grade commercial complex in Canberra’s gentrifying Civic precinct. The deal, between CMA’s parent Centuria Capital Group (CNI) and developer Molonglo, is being struck on a 5.1 per cent capitalisation rate. CMA fund manager Grant Nichols said the purchase reinforces the Fund’s position
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Melbourne’s Withers family today sold a national portfolio of 7-Eleven outlets for a total of $77.915 million. The 15 properties, offered as sale and leaseback investments with starting 12 year terms, exchanged on passing yields of between 3.82-6.07 per cent. An outlet in Melbourne’s northern suburb of Campbellfield was the most valuable – trading for
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iProsperity Group (iPG) and Singapore-based fund manager ZACD Group have acquired a portfolio of 23 hotels from AccorInvest for $212.6 million. The investments – 17 real estate assets and six lease interests – provide 3046 rooms across Sydney, Melbourne, Canberra, Brisbane, Perth and major regional cities (a full list of the portfolio is at the
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IOOF Investment Management is paying $52.5 million for a two year old office in Newcastle. The seven-level asset at 18 Honeysuckle Drive, with 6524 square metres of fully-leased A-grade area, was offered by Canberra-based developer Doma Group. IOOF will plug the 5-star Green Star rated building into its Property Income Plus direct portfolio property fund.
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Centuria’s Diversified Property Fund is paying $35 million for Canberra’s Optus Centre. The office was sold by Melbourne-based Quintessential Equity Diversified Commercial Property Group, which acquired it from AMP Capital for $18 million in 2014. In Canberra’s Civic precinct, the six-storey complex at 10 Moore Street contains 6709 square metres of lettable area and is
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The ACT government’s Suburban Land Agency has listed a 1.05 hectare site in Monash, about 22 kilometres south-west of central Canberra. The government is marketing the land at 178 Clive Avenue, in the Tuggeranong region, to developers within the childcare, aged care, or medical sectors. “Monash sits in the centre of a region home to
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The Uniting Church of Australia has paid $8.155 million for The Woden Centre in Canberra. The four-level complex, once known as the Churches Centre, includes 1947 square metres of area which is fully let. Aussie Home Loans, Red Cross, IMB and Workways are amongst the occupants of the recently refurbished building which abuts Westfield Woden.
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Hedley Property Investments has sold a Canberra office to German fund manager, Real I.S. for $29 million. The 22-year old building, Maddocks House, at 40 Macquarie Street, in Barton (pictured, top), includes 5500 square metres of A-grade commercial space and 75 basement car parks. It is leased to a mix of federal government agencies and
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It may be third time lucky for Starwood Capital in its attempt to buy the Australian Unity Office Fund. Following failed bids in March and July, the US-based investment group is offering $2.95 per unit – equating to $480 million – for the fund which controls nine assets across the country. The latest offer represents
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The month after being replaced as the leader of the federal Liberal Party, Malcolm Turnbull is selling his Canberra penthouse. The two-level dwelling offers “the most sensational views over Lake Burley Griffin” and is “lightly lived in” according to the online advertisement posted by the marketing agents, Berkely Residential’s Peter Salapatas and Bill Lyristakis. It
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Paris-based AXA Investment Managers is continuing a national real estate spending spree, entering due diligence to buy four hotels on the east coast for around $330 million. The assets include: • Novotel Sydney Olympic Park (pictured, top) with 177 rooms • Pullman at Sydney Olympic Park (218 rooms) • Ibis Sydney Olympic Park (144 rooms)
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Perth-based Ascot Capital has sold a poultry plant in South Australia and an office building in the Australian Capital Territory for a total of $116.25 million. Both sites were purchased by Singapore-based Soilbuild REIT – which has established a wholly owned management investment trust called Soilbuild Australia for its maiden local purchases. Following these acquisitions,
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QUEENSLAND Investment Corporation will build a $350 million mixed use development in the Canberra city centre.
The proposed development will replace a car park, and include an 11-storey office with 41,500 square metres of space, as well as a 13-level apartment building with some 300 flats. According to the AFR, it will also include a 12,600 square metre shopping centre and more car parking.
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COSTCO will open its third Australian outlet in Canberra, and retail giant Woolworths is right behind it.
Costco has chosen the Majura Park shopping centre adjoining the Canberra Airport to open its second NSW store. Majura Park is the new name for the collapsed Airport Brand Depot discount outlet.
Only two stores within the previous shopping centre remain: Toys ‘R’Us and Babies ‘R’Us.
Woolworths has also leased space within the revamped centre, and will open an 8000 square metre Big W, a 400 square metre Dick Smith and a 4800 square metre supermarket.
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EMBOSS Capital has paid $55 million for a Canberra office building – its second major transaction on Australia’s east coast recently.
The A-grade, six-level, 9000 square metre office, in the suburb of Civic, was sold with a long lease to the federal government.
According to the selling agencies, Colliers International and Jones Lang LaSalle, the building sold on a yield of 7.4 per cent.
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