Symbion has sold its only Western Australian distribution centre to Adelaide-based asset manager, Harmony Property Investments.

The leaseback deal for 493-495 Abernethy Road, Kewdale, is worth $16.8 million.

The 1.87 hectare holding, also exposed to Glassford Rd and Hazelhurst Street, with a 10,093 square improvement, will be held in the Harmony Industrial Property Fund 2.

In a statement, the buyer said the property provides secure income, underlying land value and multiple longer-term exit pathways.

The group, the capital partner of MRS Property, has been expanding its industrial portfolio outside of South Australia.

In March, it bought a Woolworths-backed retail investment in a Peet estate in Perth’s north for $32m (continues below).

Kewdale, about 11 kilometres east of the CBD, is part of the city’s established eastern industrial precinct, near Perth Airport and major arterial roads.

Symbion is part of ASX-listed EBOS Group.

The property is its only Western Australian distribution centre, used for pharmaceutical distribution operations for decades.

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West Melbourne-based Avari Capital has picked up another regional asset for an alternative accommodation fund it launched earlier this year.

Busselton Holiday Village at 118 Peel Terrace is speculated to be costing $15.6 million.

The 4.37 hectare freehold traded for $12.6m.

A conversion to a land-lease community is planned over time.

The deal comes three months since the fund’s first purchase, Cairns Sunland Leisure Park, with 176 sites.

That asset set Avari Capital back $11m.

That property is also set for a land-lease conversion.

Busselton Village

Busselton Village contains 94 long-stay and 46 short-stay sites.

It has been operated by the vendors, Robert and Linda Johnston.

It last traded in 2003 for $3m (continues below).

CRE Brokers’ Mark Walsh brokered the on sale.

AVARI is led by founder and CEO Alan Liao, alongside chief investment officer Ben Coughlin, chief operating officer Margaret Li and head of capital Simon Riordan

A spokesperson said the two acquisitions give the fund 317 sites, with the strategy focused on acquiring holiday parks and other accommodation assets that can be repositioned as land-lease communities.

The company has also identified Sunseeker Noosa Resort, which it owns outside the new fund, as a further source of experience in the sector. There it is preparing plans to add 50 homes to the approximately 100-site community.

Busselton is about 225 kilometres south of Perth’s CBD.

The deal comes a month since realestatesource.com.au reported ASX-listed rival Eureka bought a Geraldton tourist park.

In May it acquired the Mandurah Coastal Holiday Park.

Equinox, led by ex-Aspen and Lendlease executive Brett Summers was that seller.

Eureka is planning to convert parts of the properties for land lease.

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Two prominent occupiers have recommitted to office precincts, east and west of the country.

In Sydney, the state government’s eHealth NSW has renewed its lease for 8500 square metres at Tower B of The Zenith in Chatswood.

The arm of Property and Development NSW has signed on for seven years from August 2027.

It has occupied the space – across eight floors – since November 2013.

eHealth manages the government’s digital healthcare system.

Major North Shore deal

In a statement, Arrow said the office lease deal is the largest in Chatswood since 2022.

It is the second biggest across the North Shore over that period, it added.Arrow, BGRE strike office lease deals

With US-based Starwood Capital, it paid $438.2 million for the twin 21-level offices in 2019.

All up they contain 44,000 sqm of 5.5 Star NABERS Energy rated space.

Chatswood is 10 kilometres north-west of the CBD (continues below).

Corrs moves – but stays

In Perth, BGRE has secured Corrs Chambers Westgarth to Brookfield Place at 125 St Georges Terrace for 11 more years.

The law firm will relocate to levels 21 and 22 of Tower 1 in 2028.

The tenancy spans 3319 sqm.

It will join BHP and PwC in the tower, where BGRE recently invested c$100m to update the lobby, end-of-trip facilities and landscaping.

A flexible workspace, One Two Five, also opened across four floors, part of which is operated by Hub Australia.

“This long-term commitment… reinforces Brookfield Place’s position as one of Perth’s most sought-after business addresses,” BGRE president and co-head, Real Estate, Australia, Danny Poljak, said.

Corrs will move from levels five and six of Tower 2 where it has been based since 2013.

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EXCLUSIVE

Southern Cross Care (WA) has bought a high-profile city-fringe office with a part-vacancy.

The not-for-profit paid $10.45 million for 2 Brook Street, East Perth.

Completed in 2000, it contains 2676 square metres over two floors with 62 basement car parks.

The state government’s Minister for Works, through the Department of Education, is a tenant.

Clairs Keeley Lawyers, Globe Data analytics and accountant Tilenni Stiles & Associates are other occupiers.

The 1974 sqm block is on a roundabout connecting Plain St and East Parade, with The Impossible Triangle sculpture in the central garden.

It is also opposite Tea Tree Lagoon.

Southern Cross Care is presently headquartered at 15 Rowe Avenue, Rivervale, about 1.5 kilometres south-east of 2 Brook St.

On a bigger site but smaller – with 1991 sqm – and older, developed in 1986, that office cost the not-for-profit $2.64m in 2004.

The East Perth deal comes nearly 18 months since realestatesource.com.au reported an ex-Southern Cross Care office in Adelaide’s inner-city Parkside sold for $9.3m (continues below).

Roundabout site

The result for 2 Brook St reflects a passing yield of 5.2 per cent.

Assuming it were fully let and rented at the market rate, the return circles seven per cent.

The vendor was Luton Park Pty Ltd, whose directors include local doctors Hannes Gebauer and Kurt Gebauer.

Knight Frank’s Tony Delich with Metway Real Estate’s Eric Rogers were the agents.

The deal comes seven months since Southern Cross Care WA banked $9.13m for a 4755 sqm Jolimont site permit-ready for a six-level project containing 75 independent living units and a 44-bed aged care facility.

It paid $8.9m in 2018.

The new owner, Salvado, is planning residential apartments.

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Swan Taxis is preparing to leave its long-held Perth headquarters – putting a major development site in play.

The two-level office at 7 Harvey Street, Victoria Park, has housed the group since 2005, when it paid $2.775 million.

More than $4m is expected this time around, sources speculate.

The 2210 square metre building with 49 car parks – 21 in a basement – completed in 1987, will be vacant.

Development upside

The 2287 sqm site also known as 7 Harvey St South, is being marketed for its significant development upside, with the potential for up to six levels, or 21 metres.

Zoned Mixed-Use, it could accommodate several development outcomes including residential.

The address sits among multiple John Hughes dealerships, opposite the Town of Victoria Park offices about 600 metres from the Woolworths-anchored Victoria Park Central.

It is about five kilometres south-east of Perth’s CBD via Shepperton Road, Albany Highway and the Graham Farmer Freeway – part of a city-fringe precinct including East Victoria Park, Burswood, Carlisle and Bentley (continues below).

End of an era

With more than 1000 vehicles in metropolitan Perth, Swan Taxis bought the office before being eaten by Singapore-based ComfortDelGro in 2010.

ComfortDelGro’s Australian taxi operations, including 13cabs, were taken over in 2024 by A2B Australia, based in Sydney’s Alexandria.

The Victoria Park building is used for administration, a call centre and for its workshop operations.

“The ability to acquire a freestanding building on more than 2200 sqm with vacant possession so close to the Perth CBD is a rare offering,” CBRE’s Chloe Mason who is marketing the asset with Derek Barlow, said.

“We expect interest from owner-occupiers looking to establish a long-term presence in the highly-connected location as well as investors seeking a property with future leasing and repositioning potential,” according to the executive.

Mr Barlow added “Victoria Park continues to attract strong interest from businesses and investors due to its proximity to the CBD, excellent transportation connectivity and ongoing urban renewal…assets offering this level of flexibility, whether for occupation, redevelopment or long-term investment, are becoming increasingly difficult to find”.

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Broadview has quietly acquired a six hectare residential development site at Cockburn Central, south of Perth.

The company is paying $17.5 million for 178 and 196-236 Muriel Court, the latter sold by Shineton Australia

The holding sits within an urban renewal precinct subject to a structure plan.

Broadview is intending a master-planned estate.

The project, it said, would make it the City of Cockburn’s largest single private residential developer based on proposed dwelling numbers; with the new site it is planning some 1000 homes (continues below).

The deal comes a year since realestatesource.com.au reported German waste manager Remondis paid $16.25m for a 4.7ha industrial site at nearby 49 and 53 Cutler Road, Jandakot, opposite land it already owned.

The parcels were bought to provide expansion room for its Western Australian operation.

Coburn Central is 22 kilometres from Perth’s CBD.

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The Royal Australian Air Force of Western Australia has confirmed the sale of a 4093 square metre development site, mooted by realestaesource.com.au last year.

The off-market deal for 18-22 Bowman Street and 19 Labouchere Road, South Perth (marked, image, top), is worth $16.5 million.

Finbar is the buyer.

The land is opposite its Civic Heart project.

Redevelopment is scheduled in 2028.

The end value of the proposed project will circle $400m (continues below).

“A landholding of this size, directly opposite an existing successful project, was always going to attract strong interest, and we were able to secure that outcome for our client without the site ever reaching the open market,” Sterling Property’s Brian Neo, who brokered the off-market deal with Jack Bradshaw, said.

Finbar’s development pipeline is now worth c$1.6 billion.

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Banjo Bond’s Cosgrove has outlaid $58.2 million for two of four industrial properties recently offered by Lester Group.

The priciest, 111-121 McDowell Street, Welshpool, cost $31.3m.

On 3.86 hectares with a 4912 square office/warehouse, leased until February 2029, it collects annual rent of $1.94m.

Lester acquired the property for $20.6m in 2022 after developing a new logistics facility for seller Hitachi Construction Machinery Australia at Forrestdale – which Hitachi bought from a private syndicate for $15.9m.

Meanwhile, 7 Ashby Close, Forrestfield (pictured, top), set Cosgrove back $26.9m.

With 9314 sqm on 3.2ha, it is leased to Warners Transport & Distribution until January 2034.

The facility was completed in 2014 and acquired by Lester for $20.5m in 2018 when it was leased to ASCO.

Based on the annual net rent ($1.65m) the ons ale is being struck at a 6.1 per cent yield.

The surrounding Welshpool-Forrestfield industrial precinct is occupied by major logistics and industrial businesses including Linfox, Veolia, Toll, K&S Freighters, Boral and Komatsu.

Portfolio sell-down

Lester’s offered the assets as part of a four-property portfolio in April.

Bastow Group bought 883 Abernethy Road, Forrestfield, for $20.5m – a 6.1pc yield (continues below).

On 1.8ha with a 6038 sqm office/warehouse it returns annual rent of $1.25m on a lease expiring in January 2031.

A Bilbra Lake property, 2 Discovery Drive, was also offered.

The smallest asset – on 6425 sqm – it contains a 2213 sqm improvement leased for three more years.

The present return is $619,545.

Colliers’ Sam Hammond, Hayden Dick, Gavin Bishop and Sean Thomson is acting for Lester.

Cosgrove, Lester trade two assets

The Cosgrove and Welshpool deals comes three years since realestatesource.com.au reported Cosgrove bought the 23,400 sqm Midland large-format retail centre from HMC Capital for $74.75m.

It also acquired the Esplanade Hotel in Fremantle for $116.5m in 2024 – a trophy property the family previously held.

More recently, Cosgrove snapped up a 4.13ha industrial property at Bibra Lake, leased to ASX-listed BlueScope Steel, the Busselton Central shopping centre from Australian Unity, and a homemaker centre 130 kilometres south-west of Brisbane anchored to Harvey Norman.

The company now has about $1 billion of assets under management.

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Troon Group has paid $79.8 million for a 180-hectare industrial development site – its maiden Perth investment.

Part of the Bullsbrook Industrial Park, 201 Stock Road was acquired from interests associated with Harvis Capital.

Troon plans to act on a permit and subdivide the holding into about 130 industrial lots for sale and lease

The first release of land and assets available for lease is expected to be marketed early next year.

Troon is Melbourne-based.

Maiden Perth deal

Between Tonkin Highway and Great Northern Highway, adjoining the Perth-Geraldton rail line, the site is about 50 kilometres north-east of Perth’s CBD.

“Industrial land availability in Perth is at historically low levels, with vacancy rates sitting at around 1 per cent,” Troon managing director Tom McInerney said (continues below).

“This is a significant opportunity to bring new industrial stock to the market,” he added.

The broader Bullsbrook Industrial Park is marketed as a 186ha precinct, with about 165ha developable.

Harvis had pursued plans for a large industrial and intermodal precinct – a plan which failed to progress beyond the second stage of the WA Government’s market-led proposal process.

The sale comes three months since the Franco family’s Mimaro Group paid $15m for 57ha at 927 Cooper Rd, taking its Bullsbrook holdings to about 150ha.

That property was acquired from the Maas family and includes a substantial water licence.

CBRE’s Chris O’Brien, Andrew Bell and Josh Deluca negotiated the Troon transaction with Industrial & General’s Matt Lyford.

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Satterley Property Group has paid what is believed to be the state’s highsest price for a large-format retail asset.

The 24-hectare Home HQ Busselton at Lot 805 Chapman Hill Road, Bovell, two kilometres south of the town’s CBD – has an end value of $125 million.

Arise Developments is the developer and seller.

The Subiaco-based group was represented by Cygnet West’s Wayne Lawrence.

Home HQ Busselton

Home HQ Busselton will contain 34,000 square metres.

Adairs, BCF, Harris Scarfe, Harvey Norman, JB Hi-Fi, Kitchen Warehouse, Petstock, Rebel, RSEA, Snooze and The Good Guys are amongst the committed tenants.

Expected to open next year, there is about 3500 sqm left to fill.

The property adjoins a Bunnings being sold separately.

The combined area is 48,500 sqm (continues below).

Commercial push

SPG was established in 1980 by Nigel Satterley, who remains its chief executive,

The group also holds a LFR centre at Ellenbrook and last month lodged plans for a $15m Harvey Norman store beside a Bunnings and Officeworks it holds at Alkimos – the latter replacing a proposal for a fast-food outlet and liquor store.

Also under construction is the $178m second stage of South Central in Jandakot – set to add 36,400 sqm of showroom space across seven buildings.

When combined with the existing stage, the end value will exceed $330m.

In May it bolstered its retail development site portfolio spending $48.5m for a 12.1ha Dianella site.

That seller was Gay Street Property Holdings, an entity associated with media entrepreneur Bruce Gordon.

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