Primewest makes $42m Sydney convenience retail play
Centuria subsidiary Primewest has bought a Woolworths-anchored retail centre under construction in Sydney from Fridcorp for $41.5 million, marking its latest convenience retail acquisition. Read more.
Spirit Super buys Hobart mixed-use project for $330m
Spirit Super has exchanged contracts to buy the Parliament Square mixed-use development project in Hobart from the Trawalla Group for about $330 million, marking the state’s biggest commercial property deal. Read more.
AMP Capital strikes $759m mall takeover deal
AMP Capital has taken over the Macquarie Centre in New South Wales, while partnering with UniSuper and Cbus Property to take control of Pacific Fair in Queensland in deals totalling $758.9 million. Read more.
EG buys Brisbane pub for $19m
EG Funds Management has bought the Redcliffe Tavern and First Choice Liquor Superstore in Brisbane for $19.29 million, reflecting a yield of 5.5%. The 1,464 sqm complex is located on a 2,500 sqm corner site adjoining the Bluewater Square Shopping Centre about 38km north of the Brisbane CBD. The property is leased to a division of Coles Group on a 20-year net lease to 2029 and is one of approximately 88 hotels operated by Queensland Venue Co in a joint venture with Coles Liquor. The off-market transaction was brokered by Jon Tyson of Savills Australia.
Stockland buys Sydney logistics sites for $129m
Stockland has bought two logistics sites in Sydney’s southwest for $128.5 million, adding to its more than $3 billion logistics pipeline. Read more.
HPI snags SA pub portfolio for $66m
ASX-listed Hotel Property Investments (HPI) has acquired a portfolio of seven pubs located throughout South Australia for $66.1 million, representing a cap rate of 5.4%. Read more.
MA Financial snaps up Hotel Brunswick for $68m
MA Financial Group has bought the Hotel Brunswick in Brunswick Heads, near Byron Bay on the NSW North Coast for $68 million. Former Nine Entertainment CEO David Gyngell and business partner Delvene Cornell were the vendors, also selling an adjacent property in the deal. Read more.
Abacus strikes $250m Sydney office deal
Abacus Property Group has exchanged contracts to buy a Sydney CBD office building for $250 million, reflecting a 4.63% cap rate. Read more.
Sydney industrial site fetches $20m+ in a week
A private investor has bought a prime industrial site in Sydney’s southwest for more than $20 million, selling in just seven days. Read more.
Growthpoint snaps up Canberra office for $85m
ASX-listed Growthpoint Properties Australia has bought a grade-A office building in Canberra for $84.6 million, reflecting a 5% initial income yield. The property, located at 2-6 Bowes Street in the ACT suburb of Phillip, offers 12,376 sqm of office space and 86 undercover parking spaces. Read more.
Outer Melbourne development site rakes in $68m
National Pacific Properties has sold a town centre development site in Melbourne’s outer suburb of Clyde to an interstate developer for $67.65 million. The Clyde major town centre site is a 26.23ha landholding at 1625 Ballarto Road, Clyde – about 48km southeast of the Melbourne CBD. Read more.
Proterra sells cropping portfolio for $360m
Proterra Investment Partners has sold one of Australia’s largest land holdings, selling its 22,500ha Corinella cropping portfolio for more than $360 million. The portfolio holds cropping properties in the Western District and Wimmera regions of Victoria and the southeast region of South Australia. Read more.
Irongate splashes $156m on industrial, office deals
ASX-listed Irongate Group has acquired an industrial business park in Perth and a stake in a grade-A office building in Melbourne for a combined $156 million. Read more.
Blackstone strikes major Australian logistics deal
Blackstone has agreed to acquire GIC’s 49% stake in the Dexus Australian Logistics Trust for a reported $2.1bn. The DALT portfolio has exposure to 77 assets with a circa 90% exposure to the strong performing Sydney and Melbourne markets. Read more.
Gateway strikes $28m Brisbane industrial deal
Gateway Capital has purchased an industrial site in the Brisbane suburb of Acacia Ridge for $28 million. The property adjoins Gateway’s existing assets on Jackson Road and Landseer Street in Acacia Ridge and grows the combined site to 81,200 sqm of land in the tightly-held infill industrial market. Read more.
SC Capital snaps up Gold Coast industrial site for $23m
Singapore-headquartered SC Capital Partners has bought an industrial asset on the Gold Coast for $23.2 million, reflecting a passing yield of 5.45%. The property has an 8,600 sqm building, leased to 2026, on a 3.7ha site in the emerging Yatala Enterprise Area between Brisbane and the Gold Coast. Read more.
Singapore’s Well Smart divests Brisbane hotel
Singaporean group Well Smart Investment Holdings has sold the Mantra Terrace Hotel in Brisbane for a speculated c$16 million. A Sydney-based consortium consisting of Eduard Litver of Capitel Group, Paul Fischmann of 8Hotels and investor Jonathan Hasson bought the property. Read more.
Forza targets green makeover in $41m Brisbane office deal
Forza Capital has purchased a grade-B office building in the Brisbane CBD from Sentinel Property Group for $41 million, with plans to upgrade the property’s environmental performance. The 10-storey building at 200 Creek Street will undergo a major sustainability upgrade to achieve a 5.5-star National Australian Built Environment Rating System (NABERS) rating. The Clean Energy Finance Corporation (CEFC) is providing a $30 million senior secured debt facility to finance the energy performance improvements. Read more.
Laguna Bay disposes Victorian farmland portfolio for $70m
Agricultural investment firm Laguna Bay has agreed to sell a farmland portfolio in Victoria’s western districts to two local farming families for about $70 million. The Woorndoo aggregation portfolio is a dryland cropping operation that produces winter cereals, oilseed and pulse crops and spans 3,350ha across three hubs. Read more.
LaSalle buys North Sydney office for $152m
LaSalle Investment Management has exchanged contracts to buy a grade-B office in North Sydney from Dexus for $152.4 million. The 14,600 sqm building at 201 Miller Street is located near North Sydney’s largest retail precinct. Read more.
Seidler-designed North Sydney office fetches $80m+
Stadia Capital has bought a Harry Seidler-designed office building in North Sydney from a consortium of investors including developer RBG for more than $80 million. The six-level office building at 41 McLaren Street has 8,450 sqm of net lettable area and 91 car bays. Colliers’ Jon Chomley and Harry Bui negotiated the transaction. Read more.
EG acquires Melbourne industrial sites for $79m
Fund manager EG has bought two industrial sites in the Melbourne suburbs of Blackburn and Blackburn North from Forza Capital for $79 million. The properties at 15-33 Alfred Street, Blackburn and 6-16 Joseph Street, Blackburn North provide a combined gross lettable area of approximately 28,020 sqm. The properties were secured via a post-market approach through CBRE. Read more.
AOF offloads Parramatta office for $66m
ASX-listed Australian Unity Office Fund has agreed to sell a grade-B office in Parramatta, NSW to local investor LC Partners for $66 million, reflecting a 5% premium. The property at 32 Phillip Street, which has eight storeys of office space and 6,759 sqm of net lettable area, is located within the northern portion of the Parramatta commercial precinct. Colliers agents John McCann and James Barber, along with co-agent Wally Scales from Knight Frank, conducted the sale. Read more.
Charter Hall, GIC snap up Canberra office for $335m
Singaporean sovereign wealth fund GIC and ASX-listed Charter Hall have formed a joint venture to buy a grade-A office building in Canberra for $335 million. The 50 Marcus Clarke office building has more than 40,000 sqm of net leasable area and is located in a prime position in Canberra’s CBD. CBRE’s Michael Andrews and Nic Purdue represented the vendor in the deal. Read more.
CapitaLand trust expands into Australia with $331m office deal
Singapore-listed CapitaLand Integrated Commercial Trust (CICT) has entered the Australian market with the purchase of two grade-A office buildings in Sydney for $330.7 million. The deal comprises the 24-storey building at 66 Goulburn Street, Sydney and the 23-level property at 100 Arthur Street, North Sydney. Read more.
$24m Sydney office sale achieves 4.23% yield
A converted warehouse-style office in Sydney’s Surry Hills has sold under the hammer for $24 million, reflecting an initial yield of around 4.23%. A local private investor bought the recently refurbished property at 1 Butt Street, which offers 1,349 sqm of net lettable area and is fully leased to Fin Design until 2025. The property was sold by JLL’s Capital Markets (NSW) Senior Director James Aroney and Director Mitch Noonan, alongside Director of IB Property Shane Blackett. Read more.
SCA, GIC create $750m convenience retail JV
SCA Property Group and Singaporean sovereign wealth fund GIC have teamed up to create a $750 million joint venture to invest in Australian metropolitan convenience retail centres. The new, unlisted SCA Metro Convenience Shopping Centre fund will be seeded with seven assets from SCA’s existing portfolio worth $284.5m, representing a weighted average capitalisation rate of 4.84%. Read more.
Investors pump $50 million into roadside retail assets
Three roadside retail sites across NSW and the ACT have been sold by JLL within two weeks. The deals included Jenke Park at 60 Jenke Circuit, Kambah for $18.1 million; the 7-11 Bathurst site in Kelso for $6.55 million, and 2074 Camden Valley Way, Edmondson Park for around $23 million. The sales were negotiated by JLL’s Capital Markets (NSW) Directors, Dylan McEvoy and Gordon McFadyen.
Mirvac snaps up 80ha outer Sydney site
irvac has bought an 80ha parcel of zoned land in Cobbitty, located about 60km southwest of Sydney’s CBD, to develop into a masterplanned neighbourhood. The site was bought from property funds and development firm Roberts Jones for an undisclosed sum. Colliers’ Frank Oliveri handled the sale. Read more.
Ampol fuel station portfolio sells for $51m
Charter Hall’s retail REIT has bought a 49% stake in an Ampol fuel station portfolio for $50.5 million, reflecting a 5% cap rate. The portfolio comprises 20 triple net leased (NNN) Ampol fuel and convenience retail centres, with 75% of the assets situated in metropolitan and commuter metro locations. Read more.
Melbourne warehouse purchased for $4.5m
A private local developer has bought a warehouse at 35-39 Clifton Street in the Melbourne suburb of Prahran for $4.5 million, reflecting renewed appetite for inner-city development sites. The warehouse occupies a 470 sqm site and is currently leased to Emma & Tom’s on a three-year lease term. The current zoning allows for conversion to high-density housing. Savills’ Julian Heatherich and Benson Zhou brokered the deal via private sale on behalf of a local private vendor.
Southwest Sydney industrial development site fetches $16m
BP Developments has sold a prime industrial development site in Southwest Sydney to a private developer for $16.3 million, equating to $1,555 per sqm of land. The 10,416 sqm site at 21 Marigold Street in Revesby offered a low building coverage of just 38% and a prominent 75m frontage to Marigold Street. Trent Gallagher and Angus Urquhart of Colliers represented the seller. Read more.
Townsville site fetches $18m
Property developers Chris Morris and Errol Stewart have joined forces to buy the South Yards precinct in Townsville, Queensland for $18.15 million, achieving a yield of 4.98%. Co-agents Burgess Rawson and Colliers Townsville sold the property on behalf of Honeycombes Property Group. The site has zoning in place for a mixed-use development featuring commercial development including convenience shops and specialty retailing, small scale office uses, professional services and residential uses.
Keppel REIT snaps up Sydney office development for $328m
Singapore-listed Keppel REIT has purchased a grade-A office development in North Sydney for $327.7 million in a bid to expand its Australian footprint. The asset will offer about 14,000 sqm of net lettable area and will be located 160m from the North Sydney train station and 350m from the upcoming Victoria Cross metro station. Read more.
Northern NSW retail centre sells for $10m
A Sydney-based private investor has bought an IGA-anchored convenience retail centre under the hammer in the northern NSW town of Pottsville for $10.2 million, representing a 4.58% yield. The neighbourhood retail centre comprises five tenancies in Pottsville, which is about 42k from Byron Bay and 33km from the Gold Coast Airport. The auction was handled by joint agents Geoff Sinclair and Michael Collins of Cushman & Wakefield and Jon Tyson and Michael Harcourt of Savills.