Cadence has bought a major vacant logistics investment in Melbourne’s south east.

The developer and asset manager led by Charlie Buxton paid $25.24 million ex-GST for 1651-1657 Centre Road, Springvale.

For years until recently occupied by Mainfreight, it spans 2.96 hectares with 11,008 square metres including 9910 sqm of warehousing, a 627 sqm office and a canteen.

The shed has a seven metre clearance accessed from 10 on-grade roller doors and two recessed loading docks.

Improvements cover 37 per cent of the block offering development upside.

Exposed to Centre Rd for nearly 200 metres, the holding is also configured with 159 car parks (continues below).

The seller, an Adelaide based investor, Select Property Holdings (Mauritius) Ltd, paid $15.65m in mid-2018.

That vendor was Chris Langford’s Newmark Capital which picked it up for $12.975m from Australian Unity in 2016.

Mainfreight Logistics owned it before 2014.

Springvale is about 22 kilometres from the CBD.

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Growthpoint has sold neighbouring leasehold investments, one which recently became vacant, in the suburb of Brisbane Airport.

The buyer is Brisbane Airport Corporation for a speculated $14 million.

Within the Export Park Estate, the priciest property, 5-7A Viola Place (outlined, image, top) carried a $11m book value in December.

Covering 3.51 hectares it contains 14,726 square metres of warehouse, office and showroom space developed in 2004.

Also with a dangerous goods store and a significant hardstand area with hail netting, it is leased to Eagers Automotive until 2032.

The second property, 3 Viola Pl, spreads 1.25ha with a 3431 sqm modern office/warehouse.

Until February it was occupied by Cargo Transport Systems.

Brisbane Airport Corporation, the privately owned operator and long-term leaseholder of Brisbane Airport, which abuts 3 and 5-7A Viola Pl, is controlled by a consortium of institutional infrastructure investors including Queensland Investment Corporation, Schiphol Group, IFM Investors (which recently took over ISPT) and Igneo Infrastructure Partners (continues below).

BAC buys more of neighbourhood

The deal come a year since BAC acquired 7 Viola Pl from ESR.

On 1.49ha, that property contains a 6619 sqm office/warehouse.

The Growthpoint assets returned a combined $1.4m annual rent when listed for sale mid last year.

CG Property Group’s Michael Callow and Sammy Gouild with Savills’ Shaw Harrison and Callum Stenson were the agents.

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Natgen has bought a permit-ready apartment development site at Labrador, north of Surfers Paradise, with plans for an alternative project.

The row of tin sheds covering 1-7 Harley Street, at the south west corner of Brisbane Road, next to a Coles, cost $8.14 million.

Spanning 5828 square metres, the permit is for a high-density project with 207 dwellings and 728 car parks.

Instead, Natgen will develop a self-storage facility, leveraging on the exposure and traffic between Olsen Avenue/Oxley Drive and Marine Parade.

Labrador is about six kilometres from Surfers Paradise.

Natgen doubles down on the Gold Coast

The Labrador deal comes a fortnight since we reported Natgen bought a 5835 sqm block at Upper Coomera – 15 km north west of Labrador – with plans for a 27-lot light industrial estate (continues below).

That property set it back $7.4m.

Also recently, a Rent a Shed opposite the Burleigh Home + Life homemaker centre at Burleigh Heads, traded on a cash unconditional basis.

On 4589 sqm with 185 units, from a sqm, and a caretaker’s cottage, it collected $9.4m cash unconditional.

“At a land rate of $1369 per sqm, the [1-7 Harley St] transaction underscores the depth of demand for well-located development sites across the Gold Coast and wider SEQ,” according to the marketing agents, JLL’s Sam Richards, Liam Petersen and Jake Burrowes with Raine & Horne.

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National print business Ultra Labels has sold its Brisbane headquarters with a leaseback.

The group banked $16.5 million for 65 Backhouse Place, Eagle Farm.

The result, to a private investor, reflects a 5.45 per cent net passing yield.

The incoming owner, a private investor, will also be able to claim depreciation benefits for tax, with the warehouse recently extended and power upgraded, to 750kVA.

65 Backhouse Place

On 5914 square metres zoned Industry B, 65 Backhouse Pl contains a 2793 sqm improvement (continues below).

Ultra Labels offered it with an initial 10 year leaseback.

There is a strong rent review mechanism with access to a mid-term market review.

Knight Frank’s Ben Hatch and Elliot Ryan brokered the sale.

Eagle Farm is about nine kilometres north east of Brisbane’s CBD.

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In the priciest take-private of an ASX-listed real estate investment trust, offshore giants Brookfield and GIC have bought National Storage REIT – Australia and New Zealand’s largest self-storage owner and operator.

Securityholders received $2.86 per security cash – implying an enterprise value of about $6.7 billion including debt and committed development spending.

The deal includes control of over 300 self-storage centres and 100,000 residential and commercial customers.

Also with the development pipeline – for c490,000 square metres – the portfolio was valued at c$5.8b when the offer emerged in December.

Biggest take-private of ASX-listed REIT

Founder and managing director Andrew Catsoulis listed National Storage 13 years ago.

The Brookfield/GIC bid represents a c21pc premium to the business’ ($2.26) pre-bid trading price late last year. Shares were $2.79 when suspended on April 21 (continues below).

In an announcement Friday afternoon, the Canada-based giant said the acquisition expands its Australian exposure to alternative property sectors including storage, living, hospitality, logistics and office assets.

The investor has backed the acquisition through its opportunistic flagship real estate strategy.

Singapore sovereign wealth fund GIC already partnered with National Storage through an Australian joint venture before the takeover.

The pair said they would work with management to expand the platform and pursue development opportunities.

The deal comes two years since Abacus Storage King received an unsuccessful $2.2b takeover from interests linked to Nathan Kirsh and Public Storage.

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Chemist Warehouse co-founder Mario Verrocchi has dug deep for an 18 hectare farm beside his Morning Star estate at Mount Eliza.

The Sunnyside Beach precinct property, 1175 Nepean Highway, offered on behalf of a mortgagee in possession, cost $17.1 million on a short 30 day settlement.

It is diagonally adjacent to Morning Star, also exposed to Sunnyside Road.

On 63ha with an 1860s mansion, that property cost the executive $30.66m in mid-2020, as the state was in lockdown from COVID.

CBRE was the marketing agency.

Another neighbour trade

The deal comes five months since we reported Ryman Healthcare sold the nearby Moondah estate after shelving controversial plans to replace the grounds with an aged care complex and retirement village.

That buyer was also a neighbour – Charles ‘Chas’ Jacobsen – who holds the ex-Ansett estate (continues below).

Coincidentally, that property was bought following two campaigns – the last in 2018, when it traded for $33m.

On 8.9ha block with an c1888 mansion, Moondah cost $35m.

Another waterfront holding in the area is held by horse trainers the Freedman family.

Including the Pinecliff estate, it was also acquired in pieces.

1175 Nepean Hwy was previously owned by the late Teresa and Fred Ursini.

Mt Eliza, on the Mornington Peninsula, is about 44 kilometres south of the CBD.

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EXCLUSIVE

Centuria has quietly sold a Perth maintenance depot occupied by Cleanaway, which sold it years ago with a leaseback.

The 1.83 hectare Malaga asset, 171 Camboon Road, achieved a price of $17.37 million – an initial 6.21 per cent yield, according to the marketing agents, from a local private investor.

Also exposed to Cusack Rd, it contains 3228 square metres of improvements covering a low 18pc of the block.

ASX-listed Cleanaway founder Brambles completed the facility in 1986.

Centuria, for the Diversified Property Fund, paid $11.75m in 2021 (continues below).

It was offered this time around following a lease extension and market review.

CBRE’s Andrew Bell and Josh Deluca were the agents following an off-market campaign.

Malaga is about 12 kilometres north of the CBD.

Also this week, Centuria launched a fund seeking investors for a 50pc stake in two Sydney World Square offices, priced at c$450m.

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A busy Gold Coast service station once owned by the Lowe family, which founded Independent Fuel Suppliers, now owned by Caltex, has sold again.

The Burleigh Heads investment, 9-15 Tallebudgera Creek Road, collected $10 million – a 5.24 per cent yield.

One Fund Services, linked to Sydney based One Investment Group, was the seller.

It paid the Lowe family $8.75m in 2022.

On 1.04 hectares abutting the southbound Pacific Motorway on-ramp, it is passed by 110,000 vehicles a day, according to Stonebridge Property Group agent, Michael Collins, who brokered the deal with Harry Curtain.

Ampol just renewed a lease. With options it can stay until 2045, he added.

“Commercial freeholds of this scale and with motorway exposure are rarely offered to the national market,” according to the executive (continues below).

“Despite broader market noise, this result highlights the enduring appeal of well-located fuel and convenience investments”.

Mr Curtain added “the strongest groups were not just underwriting the current income, they were also placing significant value on the scale of the landholding, the scarcity of the location and the long-term flexibility of the site”.

The deal comes three months since we reported a Rent a Shed investment in the suburb sold for $9.4m.

Last week meanwhile, Sydney Roosters chairman Nick Politis, as part of a partnership, sold Burleigh Waters’ Treetop Tavern.

That deal was worth c$50m.

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QIC has settled on the sale of a gym in Chatswood’s industrial precinct.

The 6491 square metre holding, 350 Eastern Valley Way, traded for $30.5 million – a 5.57 per cent net passing yield

The building value – it contains 3824 sqm over three levels – is $7930 per sqm.

There are also 140 car parks.

Fitness First Platinum has occupied 20 years.

The current lease expires in 2031 (continues below).

“The campaign generated strong engagement from local and offshore buyers, reflecting continued demand for assets that combi stable income with long-term optionality,” the agents, Colliers’ Harry Bui and Zhenni Lu with Knight Frank’s Mark Litwin, said.

“The area continues to benefit from its strategic position within Sydney’s lower north shore and its role as a key employment and growth corridor,” according to the executives.

“In the current market, assets in locations such as Chatswood continue to attract strong interest from a diverse range of investors,” they added.

The deal comes five weeks since we reported QIC sold a Adelaide industrial portfolio.

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Forza Capital has acquired the prominent Laminex manufacturing plant at Cheltenham with plans to repurpose buildings for commercial use and develop a tract with residential.

The 5.5 hectare site at 332-336 Bay Road, also exposed to Jack, is costing $53.8 million.

Another c$39m is expected to be spent on remediation, demolition, civil works and tenant incentives once the project is complete.

The project will be held via a fund now calling on wholesale investors.

“Trustee modelling for the seven year projected period targets a net internal rate of return of 15 per cent, an equity multiple of 2.41 and an average distribution yield of 5.46pc pa,” an Information Memorandum said.

“Once the buildings are repositioned and re-let after the tenant vacates, distributions are projected to increase to around 8-9pc,” it added.

Sale follows Queensland buy

Laminex’s parent, Fletcher Building Limited, offered 332-336 Bay Rd with a three year leaseback with a one year option.

It has occupied over 70 years.

The site’s east edge abuts established residential zone, walking distance to Southland, which is serviced by public transport.

The proposed Cheltenham station, part of the Suburban Rail Loop, is set to open in c2035 about 500 metres away at the Sir William Fry Reserve, a move expected to result in higher allowable densities (continues below).

Colliers’ Jozef Dickinson, Rob Joyes and Gordon Code were the agents.

The deal comes five years since Fletcher Group took over a significant ex-Carter Holt Harvey plant at Monkland in Gympie – making Laminex Australia’s third-largest manufacturer of decorative and raw particleboard panels.

Redevelopment planned

Forza plans to rezone about 1.6 hectares of the Cheltenham site from General Residential to Residential Growth – which could allow circa eight level apartment buildings.

The asset manager said about 54 per cent of the acquisition value is attributable to the residential component

The balance (3.95ha) will make way for a commercial precinct targeting large format retail, office and hospitality.

The deal comes about six years since Sunkin Property and Wolf Projects outlaid c$90m for the 9.3ha ex-CSIRO factory at nearby Highett.

1048 dwellings have since been permitted there in 14 buildings between two and seven storeys.

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