The following document provides a summary of major commercial, industrial, retail and, hotel and leisure property transactions sourced from national leading publications.
COMMERCIAL
215 Spring Street, Melbourne, VIC
The Knowles Group, a private Melbourne-based developer and investor, has purchased a commercial building located at 215 Spring Street in Melbourne for $59 million from one of Colonial First State’s unlisted funds. The nine-storey building was valued in March at $69 million. The sale price represents an 8.45% yield. [AFR 22/7/09]
343 George Street, Sydney, NSW
Abacus Property Group has announced the acquisition of a landmark commercial building located at 343 George Street in Sydney for $55 million. The building was acquired from DEXUS Property Group who will continue to lease approximately 36% of the commercial office space over a five-year term. The heritage-listed property, built in 1925 and partially refurbished in 2006, comprises 10,584 square metres of net lettable area, including lower ground and ground floor retail space and 10 levels of office accommodation. The sale price equates to a building rate of approximately $5,197 per square metre. [APR 17/7/09]
5-7 Laurinda Crescent, Springwood, QLD
An office building located at 5-7 Laurinda Crescent in Springwood has been sold to an Education provider for $4.650 million. The property was offered with vacant possession, but was sold on a predicted yield of 7.18%. The new two-level commercial building was completed in January 2009. The 1,113 square metre building sits on a 2,052 square metre site which also features secure undercover parking for 20 vehicles as well as 35 additional on-site parking spaces. The sale price equates to a building rate of approximately $4,178 per square metre and a site rate of $2,266 per square metre. [APR 21/7/09]
RETAIL
Ingle Farm Shopping Centre, Ingle Farm, SA
Sydney-based Armada Funds Management has acquired the Ingle Farm Shopping Centre in South Australia from Colonial First State’s Direct Property Investment fund for $82 million (subject to a capital raising). The deal will reflect an initial fully leased yield of just over 9%. The centre is anchored by two Coles supermarkets, a Kmart discount department store and three mini-majors. It has a gross lettable area of 27,442 square metres equating to a sale price of $2,988 per square metre. [AFR 23/7/09]
Endeavour Hills Shopping Centre, Endeavour Hills, VIC
Adelaide-based private investor Con Makris has acquired the Endeavour Hills Shopping Centre in Melbourne’s south-east for a price of between $80 million and $90 million. The centre was sold by the wholesale ING Retail Property Fund Australia. The parties involved said the centre changed hands on a yield of 8.35%. The property comprises a large and recently refurbished subregional shopping centre anchored by Big W, Safeway, Coles, Aldi and Dan Murphy’s, together with 93 specialty stores. The gross leasable area is about 30,912 square metres. [AFR 23/7/09]
11 Railway Avenue, Wahroonga, NSW
A freehold retail and commercial property located at 11 Railway Avenue in Wahroonga was sold privately for $1.8 million. The property is leased until August 2013 to Pastadeli, giving the sale a yield of 4.85%. The property, which comprises ground floor, first floor and basement levels, is situated on a 185 square metre site. [APR 17/7/09]
INDUSTRIAL
53 Felspar Street, Welshpool, WA
A warehouse and office property located at 53 Felspar Street in Welshpool has been sold with vacant possession for approximately $1.5 million. The 1,000 square metre building sits on a 3,191 square metre site. The sale price equates to a building rate of approximately $1,500 per square metre and a site rate of $470 per square metre. [APR 17/7/09]
9-11 Budd Street, Collingwood, VIC
A renovated office and warehouse building located at 9-11 Budd Street in Collingwood has been sold at auction for $1.36 million. The building has a new five-year lease returning $80,377 per annum net, equating to a yield of around 5.9%. The property was specifically renovated for the Snap Printing franchise in 2001 and includes five undercover carparks. Accommodation includes showroom/sales area, glass partitioned offices, printing area and warehouse storage space, with loading dock accessed via roller door. [APR 22/7/09]
68-78 Ventura Place, Dandenong South, VIC
A Melbourne-based syndicate has acquired a modern industrial facility within the Remington Industrial Estate located at 68-78 Ventura Place in Dandenong South for $3.7 million on an 8.3% yield. The 4,082 square metre building was leased at $307,500 per annum and sold via auction. The building is situated on approximately 1.59 hectare site and has a modern office area, 10 metre high internal warehouse clearance and security fencing. The sale price equates to a building rate of approximately $906 per square metre. [APR 22/7/09]
DEVELOPMENT SITES
Edgecliff Drive, Sanctuary Cove, QLD
A waterfront block of residential development land located on Edgecliff Drive in Sanctuary Cove in Queensland has been sold to an undisclosed Hong Kong businessman for $7.2 million. The block has been described at the largest single waterfront site ever offered for sale at Sanctuary Cove and one of the most expensive non-beachfront homesites ever offered on the Gold Coast. The 4,014 square metre site equates to a sale price of $1,794 per square metre. [APR 17/7/09]
Whilst reasonable care has been exercised in preparing this document, it is subject to change, and Preston Rowe Paterson Australasia Pty Ltd makes no representation as to its truth, accuracy or completeness, and accordingly cannot be held responsible for liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document.
