Centuria has sold another shopping centre seized with its takeover of Primewest five years ago.

Pialba Place at Hervey Bay curried favour with an interstate private investor for $39.9 million.

It previously traded in 2019 for $36m to M/Group.

Primewest took over management of M/Corp in late 2020 – a $92m portfolio also including Albany’s Chester Pass Mall.

The property includes the 15,647 square metre centre on 3.94 hectares at 30 Main Street, also exposed to Hunter St and Old Maryborough Rd.

It also includes a V-shaped car park spanning 4449 sqm at 18 Hunter St.

Pialba Place

Developed In 1987 – reportedly containing Queensland’s first Coles New World Extra – Pialba Place contains over 800 car parks, many under shade (continues below).

Big W and Coles are the anchors.

There are also 20 specialty stores.

Almost two thirds of income is derived from non-discretionary tenants.

The sale price reflects a 7.97 per cent net passing yield.

Nine offers came in following an expressions of interest campaign launched in April.

JLL’s Jacob Swan and Ned McKendry with Stonebridge Property Group’s Carl Molony and Philip Gartland were the agents.

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A group led by property veteran and developer Max Beck has backed the first broadly offered acquisition by Wizel Invest, buying a Woolworths-anchored shopping centre in Melbourne’s outer south-east.

Berwick Marketplace on 6528 square metres at 6-8 Lyall Road, on the north-east corner of Wilson Street, also exposed to Peel St, in the town’s centre, cost $26.115 million.

The vendor, a Melbourne-based private investor, acquired the asset from Woolworths’ development arm, Fabcot, for $12.85m in 1999.

The on-sale price reflects a 6.23 per cent net passing yield.

Wizel Invest is led by former CBRE national directors Lewis Tong and Mark Wizel.

The deal was funded by private investors and family offices, with the capital raising 52pc oversubscribed when it closed on August 5.

Berwick Marketplace

Berwick Marketplace contains 4647 square metres anchored by a Woolworths, which is on a 10-year lease with three 10-year options (continues below).

The supermarket and a BWS occupy 75pc (3496 sqm) of the centre.

There are also four specialty stores, two kiosks and c670 sqm of commercial suites.

Wizel Invest associate and investor relations head Jun Tan said “our interest in Berwick was purely driven by the real estate, the quality of the supermarket income and our assessment of the price relative to comparable neighbourhood shopping centre transactions”.

Ryder Commercial’s George Harris and Mark Ryder with Savills’ Steven Lerche and Stephen Bolton were the agents.

Berwick, part of the Pakenham growth corridor, is about 40 kilometres from the CBD.

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A 1970s Lower North Shore childcare centre, marketed for its potential to yield over 20 apartments in a luxury project, has instead sold to an operator.

Not for profit SDN Children’s Services, via the Sydney Day Nursery Association, banked $9 million for 8 Rodborough Avenue, Crows Nest.

Discover My World Early Learning Centre is the buyer.

The group will refurbish and occupy the 75-place complex on 1485 square metres abutting Cammeraygal High School Senior Campus, near North Sydney Boys High School.

It expects to reopen next year.

The group also operates at Engadine and North Kellyville.

Colliers’ Tom Appleby and Marina Corvalan were the agents.

The property was marketed for its potential to yield a circa four-level building with c2226 sqm (continues below).

Discover makes it three

In a tree-lined cul-de-sac, zoned High Density Residential, 8 Rodborough Ave is opposite Abadeen’s Koyo residential development, set to rise four floors with 27 units.

The property has a long association with SDN, dating to 1926 when it accommodated a bungalow called Tramore, and was used for a nursery.

It was rebuilt as a childcare centre in 1976.

Sale proceeds will be reinvested into other assets in areas where affordable early childhood education is needed, the vendor said.

Last week realestatesource.com.au reported Stockland banked over $21m from two modern Sunshine Coast childcare centres.

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Brisbane’s Beat Megaclub – said to be Australia’s longest-running nightclub – has finally sold.

The three neighbouring properties, 669, 671 and 679 Ann Street, Fortitude Valley, collected $13 million from Sydney-based developer Bentino.

The seller was associated with nightclub founder John Hannay, who died in 2021.

Beat opened at the site in 1983, originally as the Cockatoo Club.

Now run by his nephew, Ross Hannay, it will pay annual rent of $900,000 to temporarily stay on at the site.

Bentino is expected to propose a residential building with lower-level commercial, likely hospitality.

Zoned Principal Centre 2, the 1219 square metre amalgamation, with 73 metres exposure to Lucky Lane, in the heart of the suburb’s entertainment precinct, was marketed with potential to yield 30-levels.

Beat Megaclub

The Fortitude Valley property failed to sell at auction last November.

At the time, it was marketed as returning $1.07m pa rent or with optional vacant possession.

It was then offered for private sale, asking $14m.

The holding was also put to the market in 2024 and 2022 – the latter, chasing $18m.

A different agent to those campaigns represented the vendor this time around – Michael Gard from Gard Property (continues below).

Buyer advocate Costi Cohen’s Tas Costi and Sasha Rodriguez acted for Bentino.

The deal comes three months since realestatesource.com.au reported Centennial sold a substation-turned-office/showroom in the suburb to a student accommodation developer.

In May, Boldstone, also behind the Durack Civil business, led by James and Bianca Durack, paid $30m for neighbouring buildings on Robertson St, Fortitude Valley.

That seller was Robert ‘John’ James who developed the James Street precinct as a high-end fashion hub in the 1990s. 

Bentino backs Brisbane again

Bentino is the property partnership of Sydney developers Evan Benjamin and Ashley Agostino.

Late last year pair sold a Dover Heights home for $17m after spending about $12m on its acquisition and development.

In June, it snapped up Petrie Village Shopping Centre in Brisbane for about $12m. The Woolworths-anchored centre came with plans for an expansion.

The group then bought a site next to that.

Fortitude Valley is about two kilometres north-east of the CBD.

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The Prahran Mechanics’ Institute has sold a Chapel Street property held since the 1850s.

The PMI Victorian History Library, as it is now known, banked a touch over $3 million for 259-261 Chapel Street, Prahran.

A fully-leased investment, the result reflects a 4.9 per cent yield.

The buyer is local.

Fitzroys’ Lewis Waddell and David Bourke, with Lane Commercial’s Peter Lane, were the agents.

Site history

The Prahran Mechanics’ Institute was established in 1854 – before the local council.

Local publican James Mason, one of the PMI’s first life members, donated land beside his pub for the institute’s first building.

Its committee subsequently bought an adjoining block, creating the 366 sqm holding now known as 259-261 Chapel St.

The first PMI building opened in 1857 with a grand concert, before being replaced by the existing property in the early 1900s.

The institute continued to occupy until moving to 140 High St in 1915.

It relocated to its present headquarters at 39 St Edmonds Road a century later (continues below).

The PMI Victorian History Library specialises in Victorian history and maintaining a collection of books, journals, ephemera and other historical material.

It also manages tours.

End of an era

With 15 metres street frontage, near Prahran Town Hall and the corner of Greville St, 259-261 Chapel St has been rented to high-profile businesses including Portmans and Wittner.

With 602 sqm, the tenants now are Bennett’s boxing gym, Connection Perfumes + Gifts and DailyJocks.

The asset was valued on the PMI’s books at $4.7m at the end of 2025 and 2024.

Mr Waddell said suitors included investors, developers and value-add buyers attracted to the site’s existing income and development potential.

“Buyers recognised this as a genuine never-before-offered chance for them to make their mark on Chapel Street,” according to the executive.

The property has rear access and development upside, he added.

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POD Developments has sold a recently completed large-format retail centre in Brisbane’s south west for $33.85 million.

Richlands Home & Life curried favour with a Sydney-based investor.

The result reflects a 5.8 per cent net passing yield.

Colliers’ Harry Dever and James Wilson were the agents.

Richlands Home & Life

Covering 1.96 hectares across 215 Government Road and 20 Garden Rd, Richlands Home & Life contains 5594 square metres and 192 car parks.

Autobarn, Banjo’s Bakery, Petbarn and Supercheap Auto are amongst the occupiers.

Last year realestatesource.com.au reported Vinnie’s took six tenancies.

Also with a Caltex service station, the fully let asset returns $2.1m annual net rent.

The weighted average lease expiry is 8.6 years by income (continues below).

Securely leased

Leases at Richlands Home & Life contain annual rent reviews ranging from CPI to fixed increases between 3-3.5pc.

The site is passed by more than 30,000 vehicles a day.

Part of a broader commercial precinct spanning four hectares, it is also 250 metres from Richlands train station.

The deal comes 18 months since realestatesource.com.au reported POD Developments sold a convenience retail investment across the road, with a KFC and car wash.

On 1.58ha, known as Richlands Marketplace, it collected $17.25m.

Mr Dever and Mr Wilson brokered that deal too.

Richlands is 21 kilometres from town.

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Stockland has sold two recently completed Sunshine Coast childcare centres.

In the biggest deal, Green Leaves Early Learning Birtinya traded for $11.8 million.

The result for the 128-place complex on 3615 square metres reflects a 5.32 per cent yield.

Green Leaves is on a 20 year lease.

Meanwhile, the Goodstart Early Learning centre at 1 Salwood Lane, Nirimba, part of the $9 billion Aura housing estate, traded for $9.27m.

The buyer is an interstate investor.

The result reflects a 5.29pc net passing yield.

It also prices each place at c$70,227.

Stonebridge’s Tom Moreland, Michael Collins, Thomas Proberts and James Fremantle were the agents (continues below).

Stockland sheds Sunshine Coast childcare centres

Completed last year, 1 Salwood Ln contains 946 square metres, on a 3358 sqm block with 37 car parks.

It offers 132 places, according to Goodstart which is on a lease expiring in 2040 with fixed 3.5 per cent annual rent rises.

With options, it can stay until 2060.

Aura is master-planned with 20,000 dwellings.

It is expected to house c50,000 residents.

Birtinya is about 15 kilometres south of Maroochydore. Nirimba is about 12km south-west of Birtinya.

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Australian-linked groups have bought two major suburban Auckland shopping centre investments.

In the biggest deal, the Glasson family has paid c$250.1 million (NZ$308.36m) for a 49 per cent stake in Westfield Albany.

The seller was Singapore sovereign wealth fund GIC, which acquired it in 2014.

Scentre Group owns the balance and is the manger.

Westfield Albany

Westfield Albany is one of Auckland’s largest regional shopping centres with 53,300 square metres, leased to145 retailers. Farmers, Kmart, New World and JB Hi-Fi are amongst the key tenants. The complex also has an Event Cinemas.

The 20.8 hectare block contains 2373 car parks.

The purchase is being made privately by the Glassons – separate from the listed Hallenstein Glasson Holdings, the company behind the retail businesses.

The family holds other New Zealand commercial real estate.

GIC acquired its stake as part of a five-centre portfolio of New Zealand assets worth NZ$2.1b.

Scentre was the seller (continues below).

Glenfield Mall

Meanwhile a syndicate led by Sydney businessman Garry Carter has paid $118m (NZ$146m) for Glenfield Mall on Auckland’s North Shore.

With c30,558 sqm, it is fully occupied; anchors include Briscoes, Farmers, The Warehouse and Woolworths.

The seller was Ross Pendergrast and Dallas Pendergrast, who held 11 years.

Coincidentally, the pair also bought this complex from Scentre.

JLL’s Nick Willis, Sam Hatcher and Harry Fergusson were the agents.

It is the buyer’s maiden New Zealand investment.

Colliers’ Lachlan MacGillivray and Richard Kirke marketed Westfield Albany.

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Sydney’s heritage-listed SS South Steyne, which spent 36 years carrying passengers between Circular Quay and Manly before becoming a floating hospitality and events venue, is for sale with c$2.5 million price hopes.

The 67-metre, three-deck vessel crossed Sydney Harbour more than 100,000 times during its ferry service.

It carried more than 92 million passengers on the seven-mile route.

In 1988, the boat was refitted as a cruising vessel and function centre before entering service in Melbourne.

It later returned to Sydney, where it was used as the 2000 Olympic Information Centre.

The ship also has a royal connection, recommissioned during Queen Elizabeth II’s 1988 Australian visit and used as her royal yacht in Melbourne.

Colliers’ Jackie Su and Harry Mitchell are the agents.

South Steyne

Built in Leith, Scotland, for the Port Jackson and Manly Steamship Company, South Steyne entered service on the Circular Quay-Manly route in 1938.

It was withdrawn in 1974 and sold the following year.

In 1991, it sold to a Newcastle resident and returned to NSW.

Current owner Brian McDermott has owned South Steyne for about 30 years, in 2016 moving it to Berrys Bay from Darling Harbour which was being redeveloped.

It was added to the NSW State Heritage Register in 1999 (continues below).

Floating venue

South Steyne is configured with four function and exhibition areas and a restaurant catering for more than 500 guests.

The Main Deck includes a boardroom, Saloon Lounge and bistro with alfresco seating on the outer deck.

The Promenade Deck contains the Harbourview Lounge and Manly Lounge, both opening to external areas, configured for larger functions.

Its Upper Bridge Deck retains the navigation deck, two wheelhouses, lifeboats and crew accommodation.

The rooftop could potentially be used for further activation, including a sundeck or waterfront bar, subject to approvals.

The vessel retains a commercial kitchen, two walk-in cool rooms, freezers, staff and office facilities, dry-goods storage and a dumb waiter connecting the upper decks.

It is powered by a triple-expansion steam engine, built by Harland & Wolff.

The engine could potentially be returned to steam-powered operation, subject to the necessary requirements and approvals, Mr Mitchell said.

“South Steyne gives an operator something that is almost impossible to create from scratch, an established waterfront venue with its own identity, history and sense of arrival,” he added.

The vessel can potentially be relocated, subject to berthing, maritime, planning and council.

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Developer Theo Samaras has bought the seven-level Rundle Place car park from Growthpoint.

The Grenfell Car Park, as it is also known, at 90-100 Grenfell Street, cost the executive’s Kyren Group $60.25 million.

With 500 bays, it collects $3.8m annual net rent.

Tokyo Stock Exchange-listed Park24 Co Ltd, via subsidiary Secure Parking, is on a lease expiring in August, 2031.

The 2416 square metre site, beside Rundle Mall, was also marketed as a potential long-term development opportunity.

Central CBD site

The sale comes as Growthpoint and Irongate seek a buyer for the neighbouring Rundle Place at 77-91 Rundle Mall (continues below).

That four-storey complex, including South Australia’s only Apple store and a Coles supermarket, carries a $220m-plus guide.

Fortius Funds Management and Irongate acquired Rundle Place and the adjoining Grenfell St car park from Blackstone for about $210m in 2021.

Acquisition documents from late 2020 put the car park value at $55m, funded through $29.5m of equity and $25.6m debt.

Growthpoint acquired Fortius Funds Management in September 2022.

CBRE’s Ian Thomas and Alistair Laycock with Knight Frank’s Ryan Mills and Max Frohlich marketed 90-100 Grenfell St.

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