Commercial and residential property news
EXCLUSIVE In a surprise and strategic move, Charter Hall Group and Coles have extended tenancy terms for major distribution centres in Adelaide and Perth. The 15-year deals, which kick in on January 1, 2020, will see the leases for both properties expire at the same time, in December, 2034. Coles’ rental agreement at Adelaide was
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Mair Property Funds (MPF) has spent $27.55 million on commercial assets in Adelaide and Perth – its fourth and fifth major real estate acquisition this year. With these deals, the 35-year old West Perth-based commercial property trust and managed funds group has assets under management valued at more than $260 million. It controls them via
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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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A vacant hotel on a 1697 square metre Perth CBD plot has sold to Western Australia’s largest apartment developer, Finbar, for $6.5 million. It is the ASX-listed builder’s fourth block acquisition in the city this year, and comes as agents say the local residential market is beginning to regain some momentum. The property at 240
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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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Petroleum giant Caltex is selling a portfolio of 25 metropolitan service stations, speculated to be worth a total of about $120 million. The properties are squarely being targeted to builders – the marketing agents saying “the portfolio offered a timely opportunity for apartment, mixed use, retail, hotel and build-to-rent developers” to stock up. The assets
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Retirement village operator Settlers Group is the latest Australian property company to enter voluntary administration. On August 28, the company appointed FTI Consulting’s Joseph Hansell, Ian Frances and John Park as Receiver and Manager. Settlers Group operates 687 units within retirement villages known as: Settlers Rockhampton (in Queensland); Settlers Forest Lake (Queensland, pictured, top); Settlers
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A Singaporean investor is paying Woolworths $27.3 million for the recently constructed Banksia Grove shopping centre in Perth’s north. The 5721 square metre complex on a 2.5 hectare block at 103 Ghost Gum Boulevard, Banksia Grove, hit the market in February with c$35-million price hopes. The retail investment contains a 3850 sqm supermarket leased to
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Charter Hall has snared two high-end accessory retailers as tenants for its Raine Square development, in the Perth CBD. Tiffany & Co and Kailis Jewellery have signed long-term leases within the development on the corner of Murray, Queen, Wellington and William streets, with direct access to the Perth underground train station. Also set to include
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The founders of Nationwide Towing & Transport, a company now majority-owned by the RACV, are selling a portfolio of four industrial investments across Australia. Offered with a leaseback, in one line or individually, the properties return annual rent of $901,160 and are expected to trade for a total of more than $14 million. All up,
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Singapore’s Hiap Hoe is speculated to be paying more than $100 million for the Aloft Perth Hotel, and an adjoining office building, in Western Australia. The Rivervale hotel (pictured, top) is one of numerous assets belonging to the late construction tycoon Len Buckeridge, which is being sold down by his family. The Buckeridge estate, as
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Woolworths has sold a retail complex in Perth’s outer northern suburb of Aveley for $27 million to a private investor. Woolworths Aveley (pictured top, left and bottom) is trading on a market yield of 5.8 per cent. Built in 2016, and with depreciation benefits, the asset was offered with a 12-year lease to Woolworths. Alcohol
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Vicinity Centres has sold 11 shopping centres spread across Victoria, New South Wales, Queensland and Western Australia, for a total of $631 million. One asset, the Belmont Village shopping centre in Geelong, and worth $58 million, sold in a deal which settled last month to a Sydney-based investor, the Geelong Advertiser reports. Ten more assets
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Hawaiian and Queensland Investment Corporation have paid $4 million for a historic building next door to their Claremont Quarter shopping centre, in west Perth. The consortium acquired 21 Bay View Terrace (pictured, top) in Claremont from private investors which previously occupied the building. The double-storey retail asset includes 340 square metres of lettable area, which
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A Singaporean investor has made their first foray into the Perth commercial property market, paying $33 million for an office opposite Kings Park and Dumas House. The building, 1 Havelock Street, West Perth, was offloaded by WA-based Ascot Capital Limited, an investment house directed by David Van Der Walt, Greg King and Peter Agostino. The
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A Malaysian investor is buying a double-storey, mixed-use asset with redevelopment potential in Perth’s ritzy south-west. Following an off-market deal, 22 St Quentin Avenue, Claremont (pictured, top), which is fully leased, is trading for $12.35 million, a yield of 4.6 per cent. Opposite major shopping centre, Claremont Quarter, the St Quentin Avenue holding covers 1952
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The Perth property which until recently accommodated an incomplete, distinctive mansion which became dubbed around the world as the Taj on Swan, appears to have found a buyer. The Peppermint Grove site, pictured above and left, and advertised during its most recent public sale campaign as “the most famous block in Australia”, is speculated by
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LEND Lease Retail Partners 3 Fund has paid $46.5 million for the Northgate Shopping Centre in Geraldton, Western Australia. Supermarket giant Coles, and variety store Target anchor the large centre which also includes 36 specialty shops. The closed ended fund now has five assets in its portfolio,worth a total of $411 million, according to the
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AUSTRALIAN Reward Investment Alliance is reportedly in due diligence to buy a half share of Perth’s QV1 Tower for more than $300 million.
The $20 billion fund is believed to be buying the asset with the assistance of Eureka Funds Management. It is being offloaded by the Dexus Property Group, which holds the asset on behalf of superannuation fund STC.
The second half of the building is owned by Investa Property Group.
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The former home of controversial Perth businessman Alan Bond has sold for $39 million.
The Dalkeith property (pictured, far right) is the second most expensive home sale to take place in Perth recently. In 2009, mineral resources director Chris Ellison paid $57 million for the Mosman Park home of mining heiress Angela Bennett.
Mr Ellison’s colleague, Steve Wyatt, founding shareholder in mining services company Mineral Resources, is the buyer of Mr Bond’s former home. It was offloaded by former goldminer Barry Patterson, according to the AFR.
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