This article is from the Australian Property Journal archive
A PREVIEW of development site, hotel and commercial property investment opportunities available across Australia.
Submit sale campaigns to news@australianpropertyjournal.com.au, sponsorship opportunities available contact amy.guy@australianpropertyjournal.com.au or marketing@australianpropertyjournal.com.au
Development & Land
Glen Iris, VIC
A six-level office project in the Glen Iris Retail Village is up for sale with price expectations exceeding $7 million.
The 1,144 sqm permit-approved development site at 1539 High Street and 2 Paran Place in Glen Iris sits above the Glen Iris Train Station and the Monash Freeway, with improvements including a large warehouse and an adjoining retail shop, with short-term holding income.
Jesse Radisich, Nick Peden and MingXuan Li from JLL, alongside Walter Occhiuto and Andrew Dawkins from Dawkins Occhiuto, are managing the sale of the site via an expressions of interest campaign. Currently, the site holds a planning approval for a 6-level office and retail project, comprising 4,237 sqm of net lettable area and 77 car parks, with sub-800sqm floor plates.
“With a distinct lack of competing new office product in the local area, this project is set to appeal to the full range of tenants seeking office space with the benefit of the modern ESG features, while the tenant decentralisation from the CBD continues for office space in Melbourne,” said Peden.
The site sits within 100 metres of public transport infrastructure, the freeway and substantial retail amenity, with the popular Deeds Brewing restaurant and brewery adjoining.
The expressions of interest campaign for 1539 High Street and 2 Paran Place, Glen Iris is set to close 11th May.
Retail
Moonee Ponds, VIC
A collection of three shops on Puckle Street, one of Melbourne’s best-performing shopping strips, has come up for sale.
Ervin Niyaz and Chris Kombi from Fitzroys, alongside Alex Brierley and Nathan Mufale from CBRE, alongside are managing the sale of the three side-by-side freeholds at 42, 44 and 46 Puckle Street individually or in one line, on behalf of two private owners.
All three shops are currently leased, with 42 Puckle Street on a five-year term to Smile Thai from 18 October 2019, bringing in returns of $73,116 per annum.
44 Puckle Street is leased on a 4+3+3-year term to State of Grace Collective from 5 May 2021, returning $74,163 per annum.
Finally, 46 Puckle Street is leased to Body Catalyst on a 3+5-year lease beginning 1 May 2021 and returning $53,045 per annum.
The properties sit on a combined land area of 547sqm with more than 15 metres of frontage, with surrounding developments underway of nine-plus levels and the precinct including Moonee Ponds Central shopping centre, a Woolworths supermarket, and a number of local and national eateries and service retailers.
The expressions of interest campaign for 42, 44 and 46 Puckle Street is set to close on 4th May.
Maribyrnong, VIC
A leasing opportunity to get in on the revitalisation of an inner-Melbourne heritage supersite, in Maribyrnong’s Jack’s Magazine.
The buildings available include a circa-1875 865sqm small arms ammunitions store and the 1921-built 112sqm loading dock shed, located at the 12.2-hectare Jack’s Magazine, which sits just 5.2 kilometres from the CBD, between Flemington Racecourse and Highpoint Shopping Centre.
James Lockwood and Franklin Gikas from Fitzroys are managing the registrations of interest campaign for the leasehold interest for two components of Jack’s Magazine, on behalf of Victorian government body, Working Heritage.
Lease terms of up to 21 years are preferred, but up to 65 years are available with Ministerial approval.
“We’re looking for operators that can embrace the heritage character of the surrounds and deliver something that creates a real buzz, and bring in visitors from across Melbourne and beyond,” said Lockwood.
Previously under the Department of Defence, Jack’s Magazine was decommissioned in 1993 before being returned to the state government.
Working Heritage is now responsible for securing community and commercial usage of heritage properties on Crown Land, including Jack’s Magazine, after being appointed committee of management for the site in 2015.
“Jack’s Magazine will be a vibrant place of diverse activity that is used and valued by a broad range of people, communities and groups,” said Working Heritage.
“Its unique character will be protected and enhanced by any change and developments. Its history will be understood, conserved and celebrated. It will be financially, environmentally and socially sustainable.”
Jack’s Magazine comprises heritage bluestone and brick buildings, tramways, tunnels and earth blast mounds constructed between 1875 and 1878 and used for gunpowder magazine and ammunitions storage.
“Melbourne is world-famous for hospitality and creative experiences. This is the next opportunity to create something really special and leave a mark on Melbourne’s cultural landscape,” added Lockwood.
The small ammunitions store was described as a “blank canvas” for operators, leaving room for hospitality, retail, education, tourism, creative industries, and light industrial with a retail aspect.
“Astute operators will see the potential for a brand-new Melbourne destination experience,” said Lockwood.
According to Lockwood, the 112sqm loading dock shed could be transformed into the next famous Melbourne café, with room to open the space up to the Maribyrnong River.
“Spending on cafés, restaurants and takeaway food services is at a long-term high1 and Melburnians are continuing to embrace the city’s hospitality offerings,” added Lockwood.
The registrations of interest campaign for the two sites at Jack’s Magazine closes 24 May 2023.
Office
Prahran, VIC
A multi-level commercial building with short term leases, suited for occupiers, developers or investors, has hit the market.
The two-level 524sqm building sits on a 612sqm Commercial 1 zoned site at 305 High Street, with almost 14 metres of frontage and secure parking for 12 cars at the rear.
The building includes a modern reception, waiting room, amenities, open plan and private offices on the ground floor and partitioned offices or meeting rooms, a large boardroom and private amenities on the first floor. In addition to a separate entry to the first floor, there is a balcony facing High Street, and signage opportunities.
The sale is subject to two short term leases expiring November 2024, which currently return $238,630 per annum plus GST and outgoings.
The property sits within a General Residential Zone and offers excellent transport links via High Street trams, Prahran Railway Station and major thoroughfares including High Street, William Street and Dandenong Road.
The property is set to go to auction on 10th May, with Reece Israel and Michael Ludski from Teska Carson managing the campaign.
Hotel & Hospitality
Pyrmont, NSW
The Terminus Hotel, a landmark pub in inner Sydney’s Pyrmont, is being sold via an expressions of interest campaign managed by HTL Property.
The 61 Harris Street two-storey pub generates a weekly revenue of circa $78,000 excluding GST across multiple revenue streams including food, beverage and nine recently restored accommodation rooms, with approved capacity for around 320 patrons.
The hotel is located on a 493 sqm B4 mixed-use zoned site and recently underwent a circa $5 million reconfiguration, renovation & refurbishment.
The property is well placed in an active inner-city locations, surrounded by many high profile business headquarters, employment hubs and education facilities. With Pyrmont is currently home to circa 20,000 residents, as Sydney’s fifth largest business district supporting over 40,000 workers.
Sam Handy and Andrew Jolliffe of HTL are managing the campaign, which closes 10th May 2023.
