Dexus offloads industrial lots in Melbourne’s west for $25m

The real asset investment group has sold 30,170 sqm of land across two lots for $25.3m at 20 Distribution Drive, Truganina.

Mapei, a building materials company, bought a 19,940sq m lot while manufacturer Protect Aluminum bought a 10,230sq m lot.

The sale was managed by CBRE’s Tom Murphy, Harry Kalaitzis and Fergus Pragnell.

“Mapei and Protector Aluminum are examples of owner-occupiers whose trade is supporting the need to upgrade and upsize their industrial facilities,” CBRE’s Tom Murphy said.

Charter Hall disposes of 2-30 Saintly Drive in Truganina for $94.1m

Charter Hall Group’s Core Logistics Partnership (CLP) has sold 2-30 Saintly Drive in Truganina, Victoria to Barings for $94.1m, in line with book value, and with a passing yield of 4.7%.

CLP acquired the industrial property in 2015 for $41.7m.

It comprises three modern warehouses totalling 46,933 square metres, primarily leased to and Efflog Operations with a weighted average lease expiry of 2.4 years.

The fund will use proceeds of the sale to redeploy capital into accretive investments, including development of existing land banks, such as Charter Hall’s first inner-city multi-level warehouse in Sydney known as Ascent on Bourke.

CLP Fund Manager, Simon Greig, said:

“Central to CLP’s strategy is delivering advanced industrial facilities and creating value for our investors. With a significant development pipeline in place, this sale enables us to unlock capital that will be recycled into new opportunities for growth and drive greater returns for our investors.”

Eastern states buyer seals deal on multi-tenanted industrial facility in Perth’s core

A private eastern state’s based group has acquired a multi-tenanted industrial office and warehouse complex at 10 Karratha Street in Welshpool, Perth’s leading industrial submarket for $3,050,000 at an initial yield of 4.4%.

The property, held as freehold, features a varied income portfolio, is fully leased to high-quality tenants and was sold through Cushman & Wakefield Industrial Executives Alec Di Lollo and Emma Quill.

According to Cushman & Wakefield’s Alec Di Lollo, “The competitive bidding process showcased a blend of speculative owner-occupiers with medium-term occupation strategies and national investors. This underscores the depth of the investment market, particularly in the sub $5m price range for core opportunities.”

Andrews Projects breaks ground on $270m Robina project

Family-owned Andrews Projects has celebrated the groundbreaking of its largest project to date – a $270m twin-tower development in Robina known as Cascade.

The project is expected to create over 300 jobs on the Gold Coast and provide significant employment opportunities during its two-year lifecycle.

Upon completion, Cascade will be home to approximately 1,000 residents across 229 premium two and three-bedroom luxury apartments and villas, with the majority offering captivating vistas of the Surfers Paradise skyline and lush Gold Coast Hinterland.

Residents will have access to a suite of six-star amenities including a 25m resort pool, 170sqm gym, sauna, cold plunge and steam room.

Architecturally, Cascade follows the distinctive curvy style for which Andrews Projects is renowned, including signature floor-to-ceiling windows and large, livable balconies.

To date, over 60% of Cascade apartments have been sold.

PFM Corp set to relocate to Cranbourne West

Logistics and sensitive freight company PFM Corp is relocating from Dandenong South to Cranbourne West with its recent lease of a 15,400 sqm warehouse to be delivered at ESR’s GreenLink Estate.

The state-of-the-art, five-star Green Star-rated logistics facility, located at 590 – 620 Western Port Highway, is being developed by global developer and fund manager, ESR.

The facility is set for completion in September 2024.

CBRE’s South-East industrial team of David Aiello and Sasan Misaghian was engaged by PFM Corp to conduct a competitive tender process and facilitate its pending relocation.

“The rental negotiated has set a new benchmark for Cranbourne West, whilst generating significant savings for PFM’s future accommodation,” Aiello said.

Construction to start on $150m Chevron Island development 

Prolific Gold Coast private developer Aniko Group is set to break ground on its next project, the $150m Orama apartments at Chevron Island.

Orama is the latest in a project portfolio of more than $2bn by the George Mastrocostas-led Aniko Group.

Aniko has switched its attention to the central Gold Coast suburb of Chevron Island after completing the largest suburb transformation of Hope Island – where the company has all but sold out more than $500m of residential apartment and townhouse product.

Once complete, Orama will comprise 102 residences and include two-bedroom apartments from $995,000 to $1.45m and a range of three-bedroom skyhomes from $1.995m, offering panoramic views over the central Gold Coast skyline.

Princeton & Urban Core bring new Balmain residence to life

Sydney-based investment house, Princeton, has commenced construction at 73-75 Beattie Street Balmain.

Urban Core will act as head contractor in the highly anticipated $40m Balmain warehouse redevelopment in Sydney’s inner-west.

The Balmain Project is one of the area’s last remaining warehouse conversions.

It will see this history-rich site transformed into bespoke New York loft-style penthouse and terrace-style dwellings affording unparalleled views of Sydney harbour.

It is also expected to maintain the quintessential heritage look and feel, and most recognisable features such as the Derrin Brothers grocery store signage on its façade.

Princeton’s CEO, George Gadallah noted:

“Urban Core’s focus on environmental, social, and governance (ESG) felt like the perfect alignment for this forward-thinking build… championing the sustainability principles that modern construction calls for, as well as paying respect to the building’s significance amongst the Balmain community.”

Absolute beachfront north coast pub to sell

HTL Property is selling the Cabarita Beach Hotel on behalf of the McElhone Family.

The asset is one of only a handful of beachfront pubs in Australia and is located metres from the sand and the surf of Cabarita Beach.

Cabarita Beach is located in NSW’s popular north coast region, wedged between Byron to the South and Tweed Heads to the North.

“This pub has been great for me and my family, personally and of course financially, but we aren’t getting any younger so regretfully it’s time to sell it” said vendor, John McElhone.

The pub is a strata freehold going concern hotel in “The Beach” apartment complex, which is an up-market beachside resort.

The subject strata occupies 2,500m2* GFA (gross floor area) on title and includes a bar, bistro, gaming room with 15 GMEs, separate bottleshop and on title car parking.

The business has an annual revenue of circa $6.5m (approximate average weekly $125,000) across bar, food, gaming, wagering and retail liquor departments in FY23.

The sale will be managed by HTL Property’s directors Blake Edwards, Glenn Price and Brent McCarthy via an on-market Expression of Interest campaign closing December 7 at 12 pm.