This article is from the Australian Property Journal archive
Land/development sale, Rix Road, Officer, VIC
Melbourne developer Nick Corcoris purchased the 12.24ha site for $20.25 million from the local owner in an off-market deal, in what is believed to more the highest per-hectare sum paid in the suburb, at some $1.6 million-plus. The site is located in an approved residential development precinct.
Land/development sale, Continental Hotel, Sorrento, VIC
Developer Steller has formed a joint venture with the heritage-listed hotel’s owner Julian Gerner, and will fund the restoration of the historic hotel and the development of apartments and an entertainment precinct on its site. The site is estimated to have developed real estate worth between $80 million and $100 million upon completion.
Land/development site, 133 O’Riordan Street, Mascot, NSW
Prolific developer Harry Triguboff paid $25 million for the southern Sydney site from a local owner. It has approval for a 99-unit development and transacted at around $2,700 per sqm of approved gross floor area. Triguboff’s Meriton group last year completed the four-tower, 1,200-apartment Mascot Central development, and has five other projects underway in the suburb.
Retail sale, 62 Hewitt Street, Colyton, NSW
The IGA-anchored shopping centre has 12 tenancies on a 5,191 sqm site, and was picked up by a private Sydney family for $7.31 million under the hammer, at a 5.48% net yield.
Retail sale, Shops 1 & 2, 10 Thomas Street, Noosaville, QLD
An interstate purchaser paid $1 million for two strata retail properties within a retail and office complex. Shop 1 of 43 sqm is leased to restaurant Noosa Thai and has a 24 sqm outdoor are, and the 54 sqm Shop 2 is leased Clever Property.
Retail lease, 1-3 Wharf Road, Gladesville, NSW
Anema E Core Pizzeria will be the first retail tenant for the Windesea Build development after signing a five-year lease for the 120 sqm ground floor property.
Retail lease, 42 Percy Street, Auburn, NSW
AuMake International, the country’s first ASX-listed daigou retailer, signed a five-year deal over the 2,011 sqm showroom, office and warehouse building from Kimo International at $280,000 per annum net to use as storage and distribution centre.
Retail lease, 320 Joondalup Drive, Joondalup, WA
99 Bikes leased the 322 sqm retail and showroom space for its first Perth site on a seven-year deal at $67,620 per annum.
Retail lease, 45 Macquarie Street, Parramatta, NSW
The 103 sqm corner property was the last retail space available in Crown Group’s V by Crown mixed-use development, and leased to Sushi Hotaru on a five-year deal with options at $140,000 per annum gross.
Retail lease, Beach Road, Noarlunga Centre, Noarlunga, SA
Carpet Court will move into a 329 sqm space within the large format retail centre on a five-year deal at $200 to $250 per sqm net.
Industrial lease, 50-68 Westgate Drive, Altona North, VIC
Marley Spoon cooked up a five-year deal for the 6,079 sqm production and storage facility on a 1-hectare site for its meal subscription service, and will pay $455,925 per annum plus GST.
Industrial lease, 5/11 Salmon Street, Port Melbourne, VIC
The Luxury Retail Group leased the 580 sqm office, warehouse and showroom building on a two-year deal at $100,000 per annum net.
Industrial lease, 117 Magowar Road, Girraween, NSW
Craigs Table signed a one-year deal at $66,000 per annum gross for the 362 sqm office and warehouse building with two roller doors and ten parking spaces at $66,000 per annum gross.
Office sale, 112 Castlereagh Street, Rowlandson House, Sydney, NSW
Nick Politis, chairman of NRL club Sydney Roosters, purchased Rowlandson House for $59 million alongside Matthew Lepouris. The six-level building is on the corner of Market Street opposite Westfield Sydney and David Jones, and is anchored by French jeweller Van Cleef & Arpels and returns $2.24 million per annum.
Office sale, 210 Clarence Street, University Centre, Sydney, NSW
An Asian-backed group acquired the B-grade, 13-level, 3,860 sqm office building for circa $44 million from a private estate. It has a passing income of around $1.73 million net per annum.
Office sale, 332 Kent Street, Concierge House, Sydney, NSW
Warwick Sherman and a private investor sold off the fully leased five-level heritage building of 1,569 sqm, on a 485 sqm site, for $25 million, returning more than $1 million per annum and with a 1.69-year WALE.
Retail sale, Northcote Central Shopping Centre, Melbourne, VIC
The ageing Northcote Central Shopping Centre in Melbourne’s inner north has sold for $34 million.
The sum paid by a local investor reflects an incredibly sharp yield of 3.47%.
Mirvac, Pace Developments and Woolworths were reportedly interested in buying the 9,205 sqm site on the corner of High Street and Separation Street, which was expected to be redeveloped by a new owner.
The 6,657 sqm shopping centre is anchored by an Aldi supermarket and has 13 shops, and is currently not fully leased.
It is next to Northcote Plaza which has two Coles supermarkets.
Australian Property Journal
