This article is from the Australian Property Journal archive
A WRAP up of social infrastructure, development site and commercial property investment opportunities across Australia.
Feature your deals in the daily wrap, submit transactions to news@australianpropertyjournal.com.au, sponsorship opportunities available contact marketing@australianpropertyjournal.com.au.
Development & Land
Yeppoon, QLD
A development site in a prime position overlooking the Capricorn Coast in Yeppoon, next to the Strand Hotel, is being offered to the market for the first time in more than 22 years.
Price expectations are of $7.5 million plus GST for the 2,265 sqm property at 8-14 Anzac Parade, offered with development approval in place until February 2026 for seven-storey mixed-use development Mint Yeppoon. Approval is for ground floor retail and 45 residential apartments, two levels of car parking, top level penthouses, rooftop pool deck and tennis court.
The site is currently occupied by the Lure Living café and Strand Hotel drive-in bottle shop, and an apartment complex consisting of four two-bedroom holiday apartments with a vacant retail shop on the ground floor and detached sales office that was used for a prior campaign to sell apartments that are part of the DA. Current income is $118,904.70 plus GST and outgoings per annum, and there is potential additional income from the four two-bedroom apartments – which are currently vacant – of $50,000 to $60,000 per annum and from the vacant shop of up to $40,000 plus GST and outgoings per year.
Pat O’Driscoll and Adam Kelly of Knight Frank are running the offers to purchase campaign for Brookport Pty Ltd, which has decided to sell as other projects have occupied their ability to deliver the DA-approved project on the Yeppoon site.
The campaign closes November 6th.
Kelly said the property offering was a “once-in-a-lifetime opportunity”, being situated on a premium corner, and having a CBD and beachfront location on the main street in Yeppoon, with excellent ocean views in the heart of the Capricorn Coast.
Prahran, VIC
A fully leased Melbourne apartment block site at 650 Malvern Road has hit the market, offering significant investment, selldown and redevelopment opportunity.
The 1,250sqm block comprises eight individually titled oversized two-bedroom apartments and secure garaged parking and is expected to generate a sale price of $7.3 million-plus.
Chris Kombi, Lewis Waddell and Ben Liu from Fitzroys are managing the sale via an expressions of interest campaign set to close on 13 November, on behalf of a local investor who has held the property for more than 30 years.
With 23.43m of frontage to Malvern Road and a rear laneway, the property is leased on short-term deals, leaving significant rental upside, plus the benefit of 18 separate titles for all apartments and car parks.
“We’re seeing a highly-publicised shortage of residential supply amid high population growth, and more Melburnians are looking in particular for well-connected areas to live, work and play. This site is excellently poised to capture that demand,” said Kombi.
Office
Cronulla, NSW
A fully leased three-level commercial asset in the sought-after Sydney beachside suburb of Cronulla once owned by rugby league icon Jack Gibson is on the market.
Located at 12 Laycock Avenue – just a stone’s throw away from Cronulla train station, Cronulla Mall, and the beautiful South Cronulla Beach – the commercial building with E2 commercial centre zoning is occupied by four separate tenants and features double street frontages to Laycock Avenue and Currunulla Lane, with one car space at the rear of the site. Originally known as the Malton Chambers Building, the property was formerly owed by NRL Hall of Famer Gibson, and home to the first Emerald Surf Shop, a local specialised surfboard retailer. Before its transformation to the Emerald Surf Shop, the building functioned as an art gallery.
Colliers’ Trent Gallagher and Edward McFarland have the listing on behalf of a private vendor, with price expectations of $6.5 million or more.
“Opportunities of this scale and profile are very rarely offered to the market in the tightly held beachside suburb of Cronulla. 12 Laycock Avenue presents a flexible opportunity for a diverse range of buyer types with the ability to invest, occupy or reposition in the short-term,” Gallagher said.
Expressions of interest campaign close Wednesday, 6th November.
Social Infrastructure
Newport, VIC
Mercy Health has listed for sale its former residential aged care home in Melbourne’s western suburb of Newport, which has been vacant for three years.
Located at 286-296 Melbourne Road, the listing spans three titles, with a land area of 3,178sqm, and includes two adjoining residential allotments allowing for potential expansion.
The property is being sold via an expressions of interest campaign by CBRE’s Sandro Peluso, Marcello Caspani-Muto, and Jimmy Tat, closing Thursday, November 14th.
It comprises central aged care home with circa 40 single rooms and communal spaces.
Caspani-Muto said he expected the property would appeal to a wide range of potential buyers from owner-occupiers to value-add investors.
“While the aged care home can be renovated internally to operate almost immediately, the size of the landholding and various titles could also allow for it to be used for supported residential services, specialist disability accommodation, childcare or as mixed-use space,” Caspani-Muto said.
Peluso said that given the limited success rate of new builds over the past two years, “we are continuing to see investors and value-add buyers think outside the box with adaptive re-use of existing buildings”.
