This article is from the Australian Property Journal archive
A PREVIEW of rural, commercial property investments and development opportunities available across Australia.
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Retail
West Swan, WA
A recently built service station and convenience store in the Swan Valley region is being listed as an investment opportunity, with Richard Cash and Derek Barlow from CBRE marketing the sale via an expressions of interest campaign.
The Vibe West Swan fuel sits on a 1,112sqm site with 40 metres of frontage to West Swan Road and is anchored by a new lease to Vibe Petroleum on a 10-year term with three five-year options and annual rental increases.
Sitting 20km northeast of Perth’s CBD, the property’s placement on the main connecting road in Swan Valley wine region leaves it ready to reap the business from passing tourists.
The expressions of interest campaign for the Vibe West Swan fuel stop is scheduled to close on 2 December.
Industrial
North Melbourne, VIC
Developer UAG is offloading a car park within a city fringe development in Melbourne’s biomedical and hospitals precinct.
Situated beneath its 20-storey residential tower North at 33 Flemington Road, the commercial car park includes 102 individual bays across two levels. Its tenants include Melbourne Health, which operates the Royal Melbourne Hospital a short distance away, and The Leukaemia Foundation, which works out of the North tower. The asset is fully leased, providing a total net annual income of $203,237.80.
Colliers’ Alexander Leggo, Anthony Kirwan, George Davies and Leon Ma have been appointed to sell the asset.
“This carpark asset provides the ultimate passive and alternative investment, requiring minimal maintenance and ideally positioned to benefit from future value uplift and continue servicing staff at the Royal Melbourne Hospital into the future,” Ma said.
Expressions of interest close 8th December.
Arundel, QLD
Eight warehouses in Brisbane Road industrial precinct are being offered for sale on a single title, with David Corke and Mark Witheriff from CBRE managing the sale via an expressions of interest campaign.
The prominent warehouse asset, located on a 23,703sqm site at 328 Brisbane Road, is fully leased and offers potential buyers a secure passing annual net income of $1,249,76.29.
Tenants at the freestanding warehouses include Dulux Group, Euro Clad, Premier Timber & Trusses, Wholesale Marine Group and Cameron Dealership across 10,311sqm of total lettable area.
The warehousing site provides dual frontages to both Brisbane Road and Kendor Street, in addition to close proximity to the Gold Coast Logistics Hub, Harbour Town Shopping Centre and major national businesses including Toll, Bunnings, National Storage and Kennards Hire.
The site also sits 10km from Surfers Paradise and 45km from the Brisbane Airport, with public transport connectivity including the nearby Helensvale train station.
The expressions of interest campaign for the warehouse asset is scheduled to close on 25 November.
Office
Mitcham, VIC
A modern, five-storey office building in Melbourne’s outer eastern suburbs is expected to attract interest from buyers eager to expand or enter the tightly held Mitcham market.
Building 3, 630 Mitcham Road was completed in 2010, with a total net lettable area of 4,493 sqm. Currently it is 73% leased to tenants including Belmore Nurses, College for Adult Learning, Australian Childhood Foundation, Chemical Safety International and H & R Block, and returns a net passing income of $835,255 per annum and a weighted average lease expiry of 1.3 years.
On a fully leased basis the net income is estimated to be about $1.2 million per annum.
Colliers’ Peter Bremner, Rachael Clohesy and Ted Dwyer have been appointed to sell the property with expressions of interest closing 2nd December.
“With Melbourne’s city fringe office market achieving record rental rates, there is potential for significant rental reversion within the outer east office market,” Bremner said. He said Building 3 has an average office passing rental of $269 per sqm, “incredibly affordable” compared to the city fringe average rental rate of $600 per sqm.
The property also incorporates about 167 secure basement car bays, representing a high ratio of 3.72 bays per 100 sqm.
“This is a major drawcard within this precinct, and is a major attraction for future tenants,” Clohesy said. “With decentralisation of the office market from the Melbourne CBD, tenant’s will be drawn to the high car parking ratio and location of this building.”
Development
Geelong, VIC
About $5.5 million is expected from developers for two Victorian homes in Geelong.
While the properties are both in good order and offer good short-term holding income potential with annual market rent in the order of $52,000, it is the development potential of the combined properties that Colliers agents Andrew Lewis, Ben Young and Hamish Burgess predict will spark a contest.
“Recent development in the immediate area has shown strong demand for multi-level residential development and the subject property is ideally suited for similar development. In accordance with the Greater Geelong Planning Scheme, the current maximum building height limit for the site is 20 metres, according to Young.
The property is composed of two individually titled allotments of 490 sqm and 495 sqm metres. Under the Draft Central Geelong Framework Plan that has been prepared by the Department of Environment, Land, Water & Planning, the maximum height limit for the precinct would increase to 28 metres, or eight stories, if approved.
“Numerous multi-level residential apartments have recently been completed in the area to take advantage of the central location and stunning outlook,” Burgess said. “These new units have been well sought after by local and regional owner occupiers as well as Melbourne-based and national investors aware of the increasing values within the general Geelong real estate market.”
Hotel & Hospitality
Kalkallo, VIC
A hotel asset in Melbourne’s northern growth corridor has hit the market for the first time in 50 years, along with additional parcels of vacant land presenting a future development opportunity.
Located at 1324 Hume Freeway, about 30 kilometres north of the CBD, the offer comprises a fully leased hotel with adjoining car park and vacant land spanning more than 18,400 sqm over several titles. The hotel and car park provide annual income of $149,348.68 while two residential dwellings offer a combined income of almost $20,000 per year.
CBRE’s Mathew George and Daniel Eramo have been appointed to manage the expressions of interest campaign, which closes 7th December.
The hotel property includes a bottle shop, several bars, beer garden, bistro, function room and accommodation upstairs, and attached is a late-night general liquor license that allows trade up to 3:00am. It is leased with several options through to November 2032.
Township zoning and an approved planning certificate suggest the vacant land could suit multiple uses.
Brunswick, VIC
The freshly redeveloped Sarah Sands Hotel on the northern edge of Melbourne’s CBD is looking to take advantage of the bubbling over pub market.
Guy Wells, Ben Baines and Tom Issakson from Colliers are managing the sale of the fully leased pub via an expressions of interest campaign.
Located at the entryway to the popular Sydney Road lifestyle precinct on the corner of Brunswick and Sydney Roads, the pub reopened in mid-2021, having undergone redevelopment by Peregrine Projects and a multi-million dollar refurbishment.
“With the growth in residential development surrounding the hotel and the soon-to-be redeveloped Visy Park nearby to become the home of the AFLW, the hotel will continue to be a well sought after investment for years to come,” said Issakson.
Sarah Sands is leased on a 10-year term plus options, with annual CPI reviews to leading hotel operator Australian Venue Co, who currently operate more than 170 venues across Australia and New Zealand.
Rural & Agribusiness
Nalyappa, SA
A fully off-grid luxury retreat nestled in the sand dunes of South Australia’s Yorke Peninsula and with frontage to two kilometres of coastline and beach will hit the market this week for the first time since it was built seven years ago.
Known as The Dunes, the 273 acre property at 400 Coopers Beach Road was built as a collaboration between owner Peter Michell and architect Max Pritchard, and was commended in the AIA (Residential Architecture) awards in the same year.
The Dunes has an 80 kilowatt solar power plant funnelled into lithium batteries, 300,000 litres of water storage and architectural features to regulate the temperature, and features an aquaponics geo-dome for vegetables and herbs to provide an all year round food garden and a 45,000 litre fish tank currently stocked with over 60 silver perch.
The property itself has 875sq m of space across the residence, garaging and storage building, including six bedrooms, five bathrooms, spacious lounge areas, theatre, a chef’s kitchen with two butler’s pantries, outdoor alfresco terrace with a fireplace, spa, pool and sauna, and a sun deck. Improvements also include a large storage and equipment shed plus a four-car garage and parking next to a helipad, with the property accessible by helicopter, car or boat from Adelaide.
For recreation, the property has a dune buggy racetrack, and watersports on hand, as well as access to boardwalks through the sand dunes.
The property is now being taken to market via a private treaty campaign run by Deborah Cullen of Cullen Royle and Grant Giordano of Giordano & Partners, with a price guide on application.
“The Dunes is truly a one-off resort-style estate without peer – there is nothing that compares. It is a private off-the-grid sanctuary set in a stunning natural environment, in a pristine part of Australia that is incredibly unspoiled,” Cullen said.
Beechworth, VIC
Serengale, a property in the Beechworth wine region equipped with a vineyard, winery, house and small bed and breakfast accommodation facility is being offered for sale on a walk in walk out basis.
The winery was named by James Halliday as one of the top ten new wineries and a notable vineyard in 2020, with its wines rated Halliday’s 92-97 point range with five Gold and one Silver.
Michael Everard from Elders Real Estate Wangaratta has been appointed to sell the property, which boasts a freehold area of 22.5-hectares held in two titles, on a fully intact and established basis.
The vineyard on the site spans 7-hectares, is planted to Chardonnay and Shiraz and offers potential new owners with room for expansion with additional planting sites.
The fully equipped winery has a crush capacity of 25 tonnes, with a building spanning 18×9 metres, including a mezzanine level tasting area, a small storage area and laboratory.
The site’s homestead spans around 40sqm, with four-bedrooms, two-bathrooms, an under roof alfresco, inground swimming pool and a double garage and carport.
The property also features two dams, a fully equipped bore, three-phase power and a supplementary automatic vineyard drip irrigation system.
The vendors, who established the vineyard in 1999, will provide the future owner with carry-on stocks, including bottled wine and wine in barrel at a negotiated price.
Serengale sits ten minutes south of the Beechworth township and twenty minutes east of Wangaratta and the Hume Highway.
The expressions of interest campaign for the Beechworth property is scheduled to close on 15th December.
