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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Rural
Gympie, QLD
THE owners of the Gunabul Homestead in Gympie are looking to offload their thriving golf, accommodation, and events property after nearly 40 years.
The historical homestead was built in 1887 and owned by the Power family as a private residence before being transformed into a public restaurant and events space. The property occupies a 15ha site in the Gympie CBD, with frontage to the Mary River.
The Snelling family purchased the property 38 years ago, and built what is now the Gunabul par 3, 18-hole golf course. They also constructed three accommodation cabins, which are regularly booked out.
The property is being sold on a walk in, walk out basis, including all plant and equipment for the course, along with a turn-key restaurant and events business.
CBRE are marketing the property.
“The homestead is one of Gympie’s most popular events venues, and has hosted hundreds of weddings, family celebrations, graduations and corporate events over the years,” CBRE director Louisa Blennerhassett said. “The property is poised and ready to be taken over by a new generation, to grow and expand the existing property and businesses. Alternatively, the development of the golf course has created a stunning property, which could be returned to its original purpose as a luxury homestead.”
West Wimmera, VIC
Yiddinga, a top fine wool and cropping property in the West Wimmera Shire is likely to achieve a record result.
Bounded by the West Wimmera Highway, the Edenhope-Penola Road, and sections of the Mundarra Estate Road some six kilometres west of Edenhope township, the extensive property on 13 titles has been operated as an integrated unit for over thirty years and is for auction sale, due to retirements, by Ray White’s Max Brown.
The property consists of 1,486 freehold hectares, or 3,672 acres.
“I anticipate there will be local landowners who will want to buy Yiddinga to scale up, or for future generational expansion.
“The offer may also attract managed corporate or superannuation fund interests, and from locally or wider afield as an investment,” said Brown.
Yiddinga has been managed by Jim Farran under the direction of his cousin Andrew Farran, a retired diplomat, law academic and company director with previous connections to the district.
The property has in the past run Angus cattle on an opportunity basis.
Yiddinga comes on to the market after 30 years of profitable and progressive farming and development, “yet you can see that its full potential is still untapped,”, according to Brown.
“Farm values in the West Wimmera Shire have been rising strongly based on the reliability of this region, strong sheep and grain values, and buyer confidence.
“With district average farm land values strong, I am inviting all interested parties to acquire a copy of the comprehensive Information Memorandum with the listing of the plant and equipment option, together with the sheep flock purchase option, to book an appointment to inspect this outstanding holding, and to do their feasibility review of this unique opportunity,” he concluded.
Yiddinga will be offered for sale by auction on Friday 10 December.
Social Infrastructure
Baulkham Hills, NSW
The First Grammar Baulkham Hills childcare centre is expected to attract significant investors interest.
JLL’s Capital Markets (NSW) directors, Gordon McFadyen and Dylan McEvoy have been appointed to sell at 24 Witonga Crescent, Baulkham Hills via a public auction campaign.
The 39 places centre is currently operated and leased by G8 Education on a secure 15-year lease term expiring in 2025, with a further five year option to 2030.
McFadyen said 2021 has shown very high levels of demand in childcare assets, with strong investment being witnessed in terms of both sales volumes and yield compression.
“The sector is very resilient and has become a highly desirable asset class as investors pursue secure, long leased assets to quality tenant covenants,”
Nationally, more than $1.8 billion of childcare assets have transacted since 2015, with 2021 year-to-date (YTD) market sales volumes rebounding to already surpass total sales volumes for 2020. JLL data shows that across the market, more than $220 million of assets exchanged over the six months to 30 June 2021.
“We anticipate strong investor interest for the First Grammar Baulkham Hills investment due its attractive price point, long term lease and high calibre tenant. The centre has an excellent reputation, healthy waiting list and has been an established childcare destination in Baulkham Hills for more than 15 years.” McFadyen said.
Retail
Airlie Beach, QLD
Receivers have put a well-known retail waterfront property in Airlie Beach fronting the Port of Airlie Marina.
Sitting underneath The Boathouse Apartments, the retail centre at 33 Port Drive in Airlie Beach consists of a 1,714 sqm single-level contemporary retail centre on 4,913 sqm with 177 metres of frontage to the Port of Airlie Marina.
It has 15 tenancies, including national brands Billabong and Coffee Club, with a lease expiry profile of 5.8 years and income of nearly $760,000 per year.
Knight Frank is marketing the property on behalf of appointed receivers and managers, Meridien Airlie Beach Pty Ltd and Meridien AB Pty Ltd.
Director Paul Dury said the attraction of the Boathouse Retail is that it has more than 1,000 holiday accommodation units within a few hundred metres so it really is in the heart of activity in Airlie Beach.
“We expect both domestic and overseas buyer interest, with the property being marketed across Australia and Asia.”
The expressions of interest campaign will close at 4pm, Thursday, December 17.
Sydney, NSW
TWO rare heritage strata retail assets attached to Scots Presbyterian Church is offered for sale for the first time in 15 years.
JLL’s Willem Watson and Gordon McFadyen have been appointed to sell Shops 1 & 2, 40-44 Margaret Street, Sydney via public auction.
The retail premises which are offered for sale in-one-line are oriented to the front of the building and front the heavily trafficked Margaret Street. Shop 1 and 2 feature high quality fit outs and comprise 71 sqm and 69 sqm, respectively. The asserts are underpinned by long lease terms, with significant lease expiries of 2023 and 2031.
Watson said these strata retail assets are the last of its kind in the Wynyard precinct.
“Adjoining a restoration completed heritage building these sites cannot be compulsorily acquired, making this an extremely unique investment opportunity.
“Similar assets are few and far between in Sydney CBD, given the tightly held nature of strata properties that are exempt from compulsorily acquisition. This is the only premium retail site of this nature that has come to market in 2021 by JLL. We anticipate strong demand for this equally rare and unique asset,” he added.
The properties are going under the hammer today at 25th November 10:30am.
Development
Condell Park, NSW
A low density residential development site in Sydney’s southwest has hit the market.
The property at 10 Simmat Avenue in Condell Park offers a significant land holding of 4,659 sqm with multiple development options, including a duplex scheme, residential lot subdivision, a childcare centre, boarding house, seniors living, a place of public worship or a combination of each, subject to council approval.
Price expectations for the vacant infill battle axe block with R2 low density residential zoning, which is one of the last remaining large land holdings within 18 kilometres of the Sydney CBD, are circa $4 million.
Anthony Pirrottina and Demi Carigliano of Knight Frank in conjunction with Mark Saleh and Ali Saleh of Pace are selling the property via auction.
Pirrottina said while there were a wide range of development options for the property, the most likely outcome would be for 12 duplexes and one freestanding home to be built on the site.
“This is one of the largest single parcels of land to be offered to the market in a tightly held pocket of Sydney.
“With strong growth in the area, the demand for residential homes is at an all-time high, so any future residential development will be very sought after,” he added. “Future supply for housing in Condell Park is constrained due to underlying land values and strong demand from residential developers.”
Saleh said stock levels for development sites in Sydney were too low to meet pent-up developer demand following easing of restrictions after the COVID lockdown in New South Wales.
“Development sites we see come to the market are being snapped up quickly, and often for a stronger than expected price,” he said.
The auction will be held onsite on November 30.
