This article is from the Australian Property Journal archive
DUE to popular requests from readers, APJ is introducing a new national property wrap of what’s ‘On the Market’. A preview of commercial property investment and development 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.
Hotels & Hospitality
Glebe, NSW
The Young family are selling the Friend in Hand Hotel in Glebe, after extensive renovation and refurbishments adding an additional four gaming machines.
HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy are handling the sale of the two-storey hotel on Cowper Street, adjacent to Roxy Pacific’s West End Residences development of 232 apartments, and the mooted Franklyn Estate redevelopment with 425 apartments.
Dragicevich said “very few, if any, renovated CBD hotels come to market comprising 19 gaming machine licenses”.
The Young family bought the hotel in 2019 and it is operated under management. It offers an incoming operator a revenue mix across bar, bistro, gaming and wagering, with a midnight liquor licence, and “early-opener” trading flexibility.
The expressions of interest campaign close 16th September 2021.
Development
Northbridge, WA
A development site in the heart of Perth’s Northbridge cultural precinct has been offered for sale under instruction from the mortgagee. Ray White Commercial’s Stephen Harrison and Brett Wilkins are conducting an expressions of interest campaign for 8 Parker Street.
The 548 sqm inner Perth property, overlooking Fringe Festival home Russell Square, has a current development approval for a 12-storey mixed-use development with a plot ratio of 4.8:1.
Gatton, QLD
A shovel-ready 198-hectare subdivision opportunity a stone’s throw from the Gatton CBD is up for grabs.
Ray White Commercial Gold Coast’s Greg Bell and Scott Wells are selling 352 Golf Links Drive and Lot 2 Woodlands Road, which has an indicative yield of just over 1,000 homes. Current DA approval is for 69 lots.
EOI close 14th October.
Richmond, VIC
Seven strata office owners have teamed up to sell a development site in the Richmond Hill precinct that is expected to realise over $10 million. Colliers’ Anthony Kirwan, Alex Browne and Leon Ma are selling the site at 193A Lennox Street in Richmond.
The sale will see seven two-storey office buildings for sale in one line with short-term holding income, across 987 sqm with commercial 1 zoning and 21 metres of frontage to Lennox Street.
The owners range from surgeons and physiotherapists to lawyers and private investors, according to Kirwan.
South Yarra, VIC
An apartment block with development potential just 200 metres from the Royal Botanic Gardens has been offered for first time in more than 50 years.
Teska Carson agents Luke Bisset and Matthew Feld, who are managing the expressions of interest sale of 94 Millswyn Street, said the property is suited to either a luxury apartment redevelopment or blue chip investment.
Industry sources suggest it could fetch around $6 million.
“It is literally minutes’ walk from both the Botanical Gardens and Fawkner Park, within a few minutes more of Albert Park Lake and Golf Course, and a relatively short tram ride of Melbourne’s CBD,” Bisset said.
The property features a classic Domain precinct apartment block consisting of six two-bedroom units over three levels with associated car parking for three of the units. Current annual income is $75,600 with a potential fully-leased income of $115,200.
The 417 sqm site is zoned for general residential, with a planning overlay allowing for a maximum height of 12 12 metres.
The EOI campaign closes 6th October.
Office
Dandenong, VIC
Over $12 million is expected for a fully leased office building in Melbourne’s south eastern suburb of Dandenong. JLL’s Josh Rutman, Tim Carr and MingXuan Li have been appointed to sell 40-42 Scott Street via an expressions of interest campaign closing 22nd September.
The building has 2,697 sqm of net lettable area and a weighted average lease expiry of 8.7 years. It is anchored by Macpherson Kelley Lawyers, who have offices across the eastern seaboard, and committed to another nine years-plus in the building.
“40-42 Scott Street is strategically positioned to capitalise on the inevitable precinct growth, with a surge in consumer and business activity likely to come to fruition as well as an increase in desirability for well-located, high quality office buildings from prospective tenants in coming years,” Rutman said.
Retail
Clare, SA
ANZ’s home since 1877 in the heart of the Clare Valley wine and tourist region has hit the market with a new lease to the major bank.
Ray White Commercial Adelaide and Ray White Clare Valley agents Ian Lambert, Mark O’Meagher and Tali Willcox are selling the 243 Main North Road & 28 Old North Road.
Built in 1877, the building was comprehensively refurbished in 2019 and forms part of the main streetscape in Clare’s business precinct.
ANZ pays net annual rent of $101,296 plus GST, and recently signed off on a three year lease with five further options of three years each.
Expression of interest closes 22nd September.
South-east Melbourne, VIC
A portfolio of 12 shops located across Melbourne’s south east is being offered to the market in one line or individually, and could fetch a total of $9 million.
Individually, the properties range from about $500,000 to $1.6 million.
Stonebridge Property Group’s Rorey James, Nic Hage and Kevin Tong will be handling the transactions alongside local agents Cameron’s, Quirk Real Estate & Graham Chalmer.
“Given the entry level price points, coupled with the low maintenance nature of the assets, we expect strong interest from first time buyers, or investors who have been priced out of the overheated residential market,” James said.
The portfolio includes:
- 4/91 Main Street, Pakenham, leased to an Asian supermarket returning $33,000 per annum;
- A nail salon at 1, 450 Nepean Highway, Chelsea bringing $29,000
- An Indian restaurant at 2 Rebound Court, Narre Warren, returning $58,704
- 84 Baxter-Tooradin Road, Baxter, returning $32,120 from a a pizzeria
- A shop at 297-303 Raymond Street, Sale leased to national retailer Katie’s, bringing $39,772
- The offices of a local MP at 1/9 Napier Street, Warragul, returning rent of $62,430, and next door, 2/9 Napier Street leased to an employment services agent returning $35,000
- 18 Napier Street, Warragul, leased to a two restaurants at $44,276
- A 607 sqm building at 1 & 2 87 Princes Highway and 2-4 Contingent Street, Trafalgar, occupied by four tenants returning $85,455 combined.
- 19 & 19A Princes Way, 21A Princes Way, and 21B Princes Way, Drouin, returning $33,370 from three tenancies.
