Another Chinese car maker has leased a contemporary office in the suburb that has become a hub for the automotive sector.

This time, GWM has taken 1834 square metres – a full floor – at Building B, 211 Wellington Road, Mulgrave.

Growthpoint is the landlord.

The lease was one of three recently secured at the complex.

In Building C, construction group RCC National leased 843 sqm while Pilz Australia took 418 sqm.

Colliers’ Damien Adkins and Tom Rothel with CBRE’s Anthony Park and Gianni Macdonald were the agents.

The complex known as the Monash Knowledge Park.

Following the deals, there are two vacancies, both in Building C, for fit-out space: 360 sqm on the ground floor and 1211 sqm on the third level.

Car giants choose Mulgrave

The deals comes a year since realestatesource.com.au reported China’s BYD, or Build Your Dreams, leased 2000 sqm at 631 Springvale Rd, within Salta’s Nexus Mulgrave business park.

The five-year lease covers a full floor, expected to accommodate c200 staff.

GWM, or Great Wall Motors, controls brands including Haval, Ora and Tank.

It is headquartered in the suburb at 745-757 Springvale Rd (continues below).

The group separately secured a lease over the 877ha former Holden proving ground at Lang Lang for vehicle development and chassis tuning.

That property sold in March to RedHawke Capital Investments, associated with defence technology company DefendTex, for $20.35m.

GWM also recently announced plans to become Australia’s number five car brand, also signing a multi-year deal to appear on NRLW jerseys for Parramatta Eels NRL Club from next year.

211 Wellington Road

Growthpoint acquired Building B at 211 Wellington Rd from Frasers Property Australia, then Australand, with Commercial & Industrial Property, in late 2014, for $62.6 million.

The seven-level office building was completed in 2015.

Also in that, the same parties entered a separate fund-through arrangement to develop and trade Building C for c$50.9m.

That five-level building was completed in 2016 and initially anchored to BMW Australia Finance with 4792 sqm across the top two and a half floors.

BMW Group Australia, which controls that arm, and MINI, remains headquartered in the suburb at 783 Springvale Rd.

Elsewhere in Mulgrave, Mercedes-Benz Australia/Pacific is based at 44 Lexia Place, while Mazda Australia occupies an office and showroom at 211A Wellington Rd.

Nissan moved into its purpose-built headquarters at 254 Wellington Rd in 2020, in a development by Frasers and ESR, that sold to Ascendas Real Estate Investment Trust for $110.9m before completion.

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Alceon has struck a $124 million deal for Mirvac’s 410 Ann Street office complex in Brisbane.

An upgrade of the two-tower property is planned.

The deal includes the adjoining Cathedral Square car park, giving Alceon control of an office and parking complex on the northern edge of Brisbane’s CBD.

The price reflects a fully leased yield of 11 per cent.

Mirvac held it via Leader AutaInvest II Pty Ltd on behalf of a manged fund.

410 Ann Street

410 Ann St contains c20,379 square metres across two towers on a 4052 sqm site with 139 car parks (continues below).

The complex is about 90 per cent leased, with a four-year weighted average lease expiry. Tenants include the Public Trustee of Queensland, First Parking, Mipac, Sonic Healthplus and Dye & Durham.

Alceon plans to refurbish the lobbies, common areas and vacant floors, targeting a B-plus standard. Almost half the office space is due for lease renewal in 2028 and 2029, giving the buyer an opportunity to reset rents as leases expire.

The neighbouring Cathedral Square car park has 572 bays on 8949 sqm.

The lease there runs until April 2108.

CBRE’s Peter Chapple and Bruce Baker with JLL’s Paul Noonan and Jack Sullivan were the agents.

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A purpose-built medical centre in Melbourne’s northern growth corridor has been listed for sale by receivers, with a month-to-month tenancy leaving its next use open.

1 Laurimar Boulevard, Doreen, occupies a 1052 square metre site also exposed to Hazelton Drive and Barr Lane – all up with 98 metres frontage.

Built in 2018 the complex contains 680 square metres over two two-levels, with a stretcher lift, staff amenities and 21 car parks.

The property was previously occupied as a paediatric specialist centre, with consulting and treatment rooms, reception and waiting areas.

More than five years ago it was a vet, with areas fit out for X-rays and pathology services.

That complex also included a pet grooming facility and store.

The Asset Restructuring Group is selling the property as receivers and managers.

CBRE’s Sandro Peluso, Nathan Mufale and Scott Hawthorne are the agents.

Medical catchment

The Woolworths-anchored Laurimar Town Centre is about 200 metres from 1 Laurimar Blvd (continues below).

Mernda train station is about 2.8 kilometres away.

Doreen had 27,122 residents at the 2021 Census, with children aged five to 14 accounting for about 18 per cent of its population, compared with 12pc across Victoria, Mr Peluso said.

The area’s family demographic could support demand for general practice, paediatrics and allied health services, according to the executive.

Alternatively the property could be reused as a vet or repurposed for another essential service-backed business, like a childcare centre.

Mr Mufale addeed the property is highly exposed.

“For purchasers seeking healthcare accommodation in Melbourne’s northern suburbs, the existing configuration offers flexibility for a range of medical and allied health uses, subject to the necessary approvals,” he said.

Doreen is about 29 kilometres north-east of town.

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Melbourne investor Align Property Partners is speculated to be lining up a North Sydney office tower with development upside. for c$85 million.

The 14-level, 9304 square metre building at 90 Arthur Street is fully leased with a 3.5 year weighted average lease expiry by income.

With Sydney Harbour views and near the North Sydney train station and Victoria Cross Metro, major occupiers include William Grant & Sons, behind Glenfiddich and Hendrick’s gins, and Epson.

The NABERS Energy rating is 4-star though the agents said there is a pathway to a 5-star score. The NABERS Water rating is 4.5-star.

The site spans 1187 sqm.

The property was offered by DWS, formerly Deutsche Asset Management, which paid Blackstone’s 151 Property Group on behalf of its Grundbesitz Global property fund, $74m in 2016. An upgrade was subsequently undertaken.

No on sale has been finalised.

Value-add strategy

The office was marketed with longer-term redevelopment potential, with approximately 21,000 sqm of floor space identified as a possible outcome, subject to planning approval (continues below).

It neighbors the Meriton North Sydney suites complex which rises 30 levels at 80 Arthur St.

The acquisition adds a Sydney asset to Align’s portfolio of office investments and value-add projects.

Founded by Guy French-Wright and Jack Mahoney in 2019, the company focuses on commercial property acquisitions where refurbishment, leasing and repositioning can improve an asset’s performance.

In 2020, it partnered with Wingate, as capital partner, to buy 1001 Nepean Highway, Moorabbin, from businessman Larry Kestelman for $16.65m.

The five-storey, 5905 sqm office building was then refurbished and relet.

Colliers’ Alex McColl, Tyler Talbot, Catherine Scott and Joseph Lin marketed 90 Arthur St.

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The Christian Brothers have put a historic Parkville estate on the market as the religious order moves to realise its remaining property assets.

The 7119 sqm Treacy Centre at 116–156 The Avenue is being offered with vacant possession, with c$25 million price hopes.

With three principal buildings opposite Royal Park, close to the University of Melbourne and Melbourne’s hospital and biomedical precinct, it is being targeted to other occupiers.

Developers are also expected to look in.

Development outcomes could include residential, healthcare, education, offices and tourist accommodation.

Colliers’ Ben Baines, Jozef Dickinson and Philip Heberling are representing the Trustees of the Christian Brothers and Christian Brothers Oceania Province.

Inner-city estate

The estate comprises the Victorian residences Barbiston (pictured, top) and Carclew – which the church bought in 1965 – alongside the Mt Sion accommodation building.

The buildings are configured as offices, function rooms, accommodation and aged-care.

Zoned General Residential, the holding has about 91 metres of frontage to The Avenue, 81m to Walker Street and 91m to Miles Lane.

This pocket if Parkville is about four kilometres north of Melbourne’s CBD (continues below).

Church sell-down

The listing comes as the Christian Brothers work to realise their remaining property assets to help meet liabilities to creditors, including survivors of historical abuse.

In June, the order announced plans to sell about 36 properties across Australia, then valued at c$216m.

It said the proceeds would not be enough to meet the full value of its compensation obligations, which have been estimated at c$774m.

The process was subsequently revised – in July the Christian Brothers and Edmund Rice Education Australia agreeing to develop a new creditors’ scheme intended to provide a better outcome for creditors, including abuse survivors.

Under the arrangement, proceeds from property sales would be placed in a fund controlled by scheme administrators.

The revised framework provides for creditors with settled monetary claims, including abuse claimants with outstanding settlements or judgments, to be paid in full once sufficient funds have been raised.

The Parkville estate is among the properties being brought to market as the order works through that process. The Dom Bosco Hostel and Youth Centre in nearby Brunswick is another.

Earlier this year the church sold a former retreat centre at 7 Amberley Way, Lower Plenty, for $4.6m.

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A century old inner-city Sydney property once occupied by Schweppes has sold to a local developer which specialises in the reuse of heritage buildings.

W Property acquired 88-96 Kippax Street, Surry Hills, off-market.

The seller was Hanna Labi who has held since 1987.

The deal comes four years since realestatesource.com.au reported Canva paid $123.25m for an unrenovated, 8568 square metre office at 8-24 Kippax St, Surry Hills, one holding from Elizabeth St, near Central station, to occupy.

The graphic design giant was previously headquartered at 110-120 Kippax St – near the W Property site.

That office has been owned since 2014 by Stasia.

88-96 Kippax Street

88-96 Kippax St contains 782 sqm of office space over two levels tenanted to three occupiers.

With 336 sqm floorplates and basement parking, it was marketed for lease with the potential to be repositioned as a showroom, gym or medical centre (continues below).

The 487 sqm site is zoned Mixed Use.

City of Sydney assessment books recorded 88 Kippax St as a house and 90-94 Kippax as stables and a shed in 1931 and 1948, with Schweppes Ltd listed as occupier.

The property operated its Surry Hills operations with the neighbouring 98-106 Kippax St.

W Property has developed other properties in the suburb.

Its portfolio also includes strata office projects in the Sydney CBD, including 350 George Street, a heritage-listed building completed in 1895 as the Australian headquarters of the Equitable Life Assurance Society.

In 2024, it created 42 strata office suites out of 49 serviced apartments at Walker Corporation’s 3 Hosking Place

Knight Frank’s Andrew Harford marketed 88-96 Kippax St.

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A purpose-built medical centre 210 kilometres west of Brisbane has sold for $10.8 million – a 7.3 per cent yield.

The 10-year-old Ochre Medical Centre contains 1676 square metres leased to six businesses including pathology and diagnostic imaging providers and a GP.

The site spans 4839 sqm with 195 metres street frontage, and 70 car parks.

The Woolworths-anchored Dalby Shoppingworld is about 200m away.

Dalby Hospital is about 1.5 kilometres away

Ochre Medical Centre

The Ochre Medical Centre at 37-41 North Street is the only full-service private medical facility within an hour’s drive of Dalby.

Ochre Health is the anchor on a lease expiring in five years (continues below).

Leases include fixed annual rent reviews linked to CPI plus one-per-cent.

Tenants pay all outgoings including land tax.

“Healthcare is one of the most essential services in regional Australia and investors are recognising the importance of the assets that provide them, demonstrated by the depth of offers received,” Stonebridge Property Group’s Thomas Proberts, who brokered the deal with Tom Moreland, Harrison Coburn and James Fremantle, said.

The deal comes two months since realestatesource.com.au reported Zerra applied to develop a landmark data centre campus, 37 kilometres north-west of Dalby.

Three months ago, a Hungry Jack’s investment in central Dalby traded for $6.2m, a 4.74pc yield.

Meanwhile in June, fund manager Deltine acquired the city’s Drovers Motor Inn, the largest motel in the Western Downs and the only one with a conference centre.

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EXCLUSIVE

The former Queensland headquarters of the Australian Liquor, Hospitality and Miscellaneous Workers’ Union has quietly sold to another union.

The four-level office at 74 Astor Terrace, Spring Hill, just settled to the Electrical Division of the Communications, Electrical, Electronic, Energy, Information, Postal, Plumbing and Allied Services Union of Australia, or CEPU.

The price is $6.85 million.

An extension will now begin.

Busy week for CEPU

An extension to five-storeys was permitted for 74 Astor Tce on September 10 – four days before CEPU settled.

With 1330 square metres, it contains 92 sqm more office area than now (1238 sqm).

The balance is a rooftop recreation level with a kitchen, barbecue and casual seating.

WMK Architecture penned the redesign.

Urbis was the town planning consultant (continues below).

The property contains 22 car parks.

The site spans 876 sqm, about a kilometre north-east of Brisbane’s CBD.

Union return

The former occupant, the Australian Liquor, Hospitality and Miscellaneous Workers’ Union, sold 74 Astor Tce for $3.19m in 2005.

That union was renamed 15 years ago to United Voice.

In 2019 it merged with the National Union of Workers to form the United Workers Union.

Its Queensland headquarters is 27 Peel Street, South Brisbane.

Gard Property’s Michael Gard and Andrew Gard brokered the off-market deal for 74 Astor Tce.

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Andrew Roberts has sold a 30 per cent stake in Corval Partners, down from 70pc and ending outright majority ownership of the property funds manager he co-founded in 2009.

Sydney-based investment manager Scarcity Partners is the buyer.

Representing investors across wealth management, institutional and offshore markets in the Asia-Pacific, its investments span private equity, private credit, venture capital and wealth management.

It has a track record taking stakes in funds management businesses, a strategy known as general partner, or GP, staking.

Mr Roberts retains 40pc of Corval.

Chief executive officer Rob Rayner holds 20pc.

Chief operating officer Kerr Bray owns 10pc.

Mr Rayner and Mr Bray co-founded Corval (continues below).

Tactical partner

The Roberts family founded Multiplex – in 2007 selling its 26pc interest to Canadian investor Brookfield.

Corval was established in 2009 as the real estate investment arm of RF Capital, the Roberts family office.

It invests nationally across office, industrial and other property sectors through unlisted funds and investment vehicles. Across its property investment platform, it manages about $2.8 billion in assets.

Last year, it bought seven buildings at Brisbane Technology Park for c$110.7m from Dexus. In February it divested a Welshpool, Perth, property.

In Melbourne its office portfolio includes 71 Gipps Street, Collingwood, acquired for its Value Active Fund 2 for $75.5m in 2020. Completed in 2022 tenants include infrastructure group Acciona, co-working operator IWG, which operates Regus and Spaces, and social enterprise STREAT, which occupies the ground-floor café.

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Keiser Training has leased part of the ground floor of a heritage-listed former cable tram engine house, with another space to become available.

The training provider has committed to 359 City Road, South Melbourne, for an initial seven years.

The 1006 square metre area is fit out, a contemporary renovation retaining Victorian-era industrial features.

There are also end-of-trip facilities.

GrayJohnson’s Simon Regan marketed it as a turnkey workspace.

Keiser offers physiotherapy, rehabilitation and strength-training. It was represented by The Leasing Collective’s Andrew Danson.

Saatchi & Saatchi space upcoming

The City Rd building was constructed in 1889 as an engine house for the Queensbridge Road cable tram service, which opened the following year (continues below).

The service closed in 1937 as cable trams gave way to electric services and buses.

In 1991, the building was gutted by fire, with the surviving facade and perimeter walls later incorporated into an office conversion.

The upper-floor, presently the local headquarters of London-based advertising agency Saatchi & Saatchi, will soon be vacated.

That tenancy spans 1244 sqm, also with a high-end fit-out, and includes 30 car parks.

Mr Regan with Lemon Baxter’s Josh Tebb and Stephanie McConville are the agents.

Saatchi & Saatchi is relocating to the CBD.

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