Double B Farm listed for sale in Adelaide’s north

A 59-hectare poultry farm located in the northern outskirts of Adelaide – Double B Farm – has been put on the market with a price expectation of $16.5m. The property includes 12 operational broiler sheds, a total production area of 30,599 square metres and capacity to accommodate 535,000 birds. CBRE is overseeing the sale through an expression-of-interest campaign, closing on 7 December.

The farm’s prime location, proximity to processing facilities and a growing demand for lean protein make it an attractive opportunity for high-net-worth investors and established players in the poultry sector.

“Large-scale, contracted broiler farms rarely come to market,” said CBRE’s John Harrison.

“The asset has been well developed by the current owners and is ideally located in terms of access, staff labour and distance to nearby processing facilities, which are all critical factors to consider with poultry assets.”

In the 2022–23 period, Australia produced nearly 1.37 million tonnes of chicken meat, with an annual per-capita consumption of 50.1kg. Chicken remains a popular protein choice across the country, with approximately 68% consuming it twice a week, and this trend is expected to continue.

Perth’s Midland Gate shopping centre sold for $465m

Melbourne-based Fawkner Property and PAG have acquired Perth’s Midland Gate shopping centre for $465m, with a core capitalisation rate of 6.50%. This deal marks the largest single regional asset sale in WA since December 2019, highlighting the increasing investor interest in regional shopping centres due to their promising returns.

Located in the northeastern metropolitan corridor of Perth, Midland Gate spans 143,528 square metres and offers a gross lettable area of 68,600 square metres. Anchored by major retailers including Coles, Woolworths, ALDI, Kmart, Big W, Target and an eight-screen HOYTS Cinemas complex, the shopping centre recently underwent a $100m expansion.

The sale was managed by CBRE’s Simon Rooney and Colliers’ Lachlan MacGillivray on behalf of Vicinity Centres. Regional shopping centres are gaining favour among investors due to their superior returns in the evolving retail landscape.

“The value proposition for regional shopping centres is clearly compelling for investors, given the superior returns on offer compared to most alternative commercial property asset classes, where asset pricing levels generally remain at historic highs,” said Rooney.

QRIC’s $12m HQ purchase sets stage for Albion Park Paceway Olympic redevelopment

Colliers Queensland brokered the sale of a 1,170-square-metre commercial building and two adjacent sites in Bowen Hills to the QLD Racing Integrity Commission (QRIC). It will house the new QRIC headquarters and paves the way for the Albion Park Paceway Olympic redevelopment.

Agents Hunter Higgins and Nick Wedge say the sites at 40 and 42 Campbell Street and 11 Tufton Street are ideal for QRIC’s new headquarters and state-of-the-art research and lab facility.

“Through long-standing relationships with owners in the immediate fringe, we were able to locate the ideal building in the inner-city fringe, matching our client’s requirements with the vendor’s expectations and formulate a highly beneficial deal for both parties,” said Higgins.

Albion Park Paceway is gearing up to become a major indoor sports centre, set to host local, national, and international sporting events, including basketball, wheelchair basketball, wheelchair rugby, netball, volleyball, and badminton in preparation for the 2032 Olympic and Paralympic Games.

Brisbane 2032 is anticipated to generate substantial economic and social benefits, with projected figures of $8.1bn for Queensland and $17.6bn for Australia over the next two decades.

JY Group expands Australian shopping centre portfolio beyond $2bn

Hong Kong-based JY Group has expanded its Australian shopping centre holdings with the acquisition of Melbourne’s Roxburgh Village for $123m. This purchase pushes the total value of JY Group’s Australian shopping centre assets past $2bn.

This follows their acquisition of a 50% stake in Sydney’s Carlingford Court last year and their recent collaboration with Haben to acquire Melbourne’s Forest Hill Chase shopping centre.

CBRE’s Simon Rooney and James Douglas negotiated the off-market sale on behalf of Vicinity Centres (VCX). The transaction was executed at an 8.8% premium to Vicinity’s June 2023 book value, reflecting a passing yield of approximately 7.25% and a fully leased yield of 7.74%.

The property is expected to reach full occupancy before the settlement in March next year and will continue to be managed by Vicinity.

Situated 23 kilometres north of Melbourne’s CBD, Roxburgh Village is a 25,972-square-metre single-level sub-regional centre. Anchored by Coles, ALDI and Sacca’s Fine Foods, which represent 48% of the GLA, the property is set on a strategic 114,200-square-metre metropolitan site and has parking for 1,096 vehicles.

With an impressive annual turnover of $143.6m, including a supermarket turnover of $86.8m, reflecting an 11.7% year-on-year increase, Roxburgh Village will no doubt be a valuable addition to JY Group’s ever-expanding portfolio.

Local Residential expands build-to-rent in Box Hill

Melbourne’s Local, specialising in build-to-rent (BTR) projects, has acquired a $360m 425-apartment project in Box Hill from Jeff Xu’s Golden Age Group. This addition elevates Local’s assets to over $1.1bn, spanning more than 1,300 apartments in just two years.

Box Hill represents the second turnkey project in the Local Australian Turnkey Venture, following the South Melbourne project.

Located at 517–521 Station Street, this development will transform the former Whitehorse City Council car park into a dual-tower project in the heart of Box Hill’s transformation area, above Golden Age’s SKY SQR precinct.

The project will include expansive outdoor green spaces, an 80-seat co-working space, private dining rooms, indoor pool, wellness studios and pet-wash facilities. Construction begins in Q1 2024, with residents moving in by late 2025.

Local is dedicated to providing housing in well-connected inner to middle-ring locations. Their impact-housing model has committed 37 apartments in this development to social, affordable and specialist disability accommodation, aiming to deliver over 1,500 such homes in the next decade as part of their $5bn development pipeline.

HUB Heathwood: 70% sold in Brisbane’s premier industrial hub

Brisbane’s largest industrial development, HUB Heathwood, is now 70% sold even before completion, with only eight blocks remaining amid strong interest. Spanning more than 17 hectares, the $300m-plus project at 731 Johnson Road in Heathwood offers 24 lots, with leasing and hardstand options.

Over 110,000 square metres of land has already been sold or is under due diligence, totalling nearly $54m in sales for developer Clarence Property, with land rates exceeding $500 per square metre.

Direct access into HUB Heathwood is imminent thanks to new Johnson Road traffic lights, and titles are set to be issued before Christmas, ushering in a flurry of activity as owner-occupiers and developers kick off warehouse/office projects.

“HUB Heathwood was Brisbane’s biggest small-to-medium lot industrial land subdivision,” said Knight Frank’s Mark Clifford.

“The Brisbane industrial market has critically low levels of industrial land amid ongoing strong demand, which has led to a high level of enquiry for land lots in this development. With strong enquiry from a wide range of buyers, we expect to be totally sold out soon.”

QLD group acquires 4-star Coral Cay Mackay resort

A private QLD-based hotel group has acquired the freehold going concern interest in the 4-star resort Coral Cay Mackay, marking one of the city’s leading accommodation offerings.

Situated on a 9,148-square-metre freehold land parcel on Nebo Road, Coral Cay Mackay features 82 guest rooms and apartments alongside amenities like the Coral Cay Bar & Grill, meeting and conference facilities, swimming pool, gymnasium, sauna and outdoor guest parking.

The Mackay hotel market has seen a surge in transactional activity over the past year, and this latest sale show it remains an attractive investment prospect. The recent refurbishment, operational flexibility and strong yield potential of Coral Cay Mackay made it particularly appealing to a wide range of investors.

“Investors view Mackay as having a diverse and sustainable economy with established demand drivers,” said CBRE Hotels Asia-Pacific National Director Wayne Bunz.

“The region has over $1bn in recently completed and upcoming development projects underway across all sectors of its economy, which will further solidify Mackay as a key economic hub.”