This article is from the Australian Property Journal archive
A PREVIEW of commercial property investments and development opportunities available across Australia.
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Retail
Glen Iris, VIC
The longstanding home of Mitre 10 has been offered to the market, making 8,687 sqm of land in Melbourne’s south eastern suburbs available.
Stonebridge Property Group’s Justin Dowers, Julian White and Kevin Tong together with Gross Waddell ICR’s Andrew Waddell, Danny Clark and Andrew Greenway have been appointed to run the public expression of interest campaign for 1-19 Weir Street, due to close in March. The vendors, who have owned the property for close to 50 years, are being advised by Mark Wizel of Advise Transact.
“Landholdings of this scale are so rare in inner eastern suburbs of Melbourne, particularly alongside a train station. Whilst there is lease tail to run, the underlying land value based on current development potential will be a major driver of value,” Dowers said.
Mitre 10 has a ground lease in place, renting the land component for just over $1 million each year.
“Buyers effectively have no capex or maintenance requirements as these are the responsibility of the tenant, and given the lower income being paid due to this ground lease, are likely to be able to secure the asset at a significant discount to land value.”
Mitre 10 group is owned by the publicly listed Metcash.
Spokesperson for the family who owns the property, Peter Nankivell of Thomson Geer Lawyers, said they “recognise the rarity and strategic value of such a landholding and should their expectations not be met they will likely retain ownership and continue to collect rent”.
Randwick, NSW
387 Avoca Street’s registered heritage landmark The Clock Terraces, a two-storey site with a clocktower and Italianate terrazzo, has entered the market for the first time since the 1930s.
Sitting on a 486sqm corner site, the building is comprised of two ground floor retail spaces, with a pair of two-bedroom apartments and one large three-bedroom terrace above.
The property, which includes additional frontage to Holmes Street and sits at the junction of Randwick, Maroubra and Kingsford, is currently occupied by two tenants in its commercial space, the CTC tobacconist and a popular pizza restaurant.
The site is set to be sold at auction, with Anthony Pirrottina, Demi Carigliano and James Masselos from Knight Frank managing the sales campaign, on behalf of the current owners who are descendants of the man believed to be the founder of the concept of the milk bar.
Development
Campbelltown, NSW
A town centre development site of 2.55 hectares in south western Sydney has hit the market with scope for more than 80,000 sqm of gross floor area via two alternate planning pathways.
Stonebridge Property Group’s Lincoln Blackledge and Philip Gartland have been appointed to sell 1 Kellicar Road in the Macarthur region, adjoining Campbelltown CBD and Macarthur train station, and in close proximity to Western Sydney University, TAFE NSW and Campbelltown Public and Private Hospitals.
With B4 mixed use zoning, the property is earmarked as the first stage of a broader seven-hectare planning proposal known as The Kellicar Road Precinct, and has no limit on floor space ratio. Currently, the site returns an income stream from a former 13,805 sqm Bunnings Warehouse that has been recently converted to provide two short term tenancies.
Macarthur train station which is earmarked to be the connection point for the North-South Rail Link through to the new international airport at Badgerys’s creek.
“Identified by the State Government as one of the six key nodes of Greater Sydney, the Macarthur-Campbelltown CBD cluster is the sleeping giant of Sydney’s next phase of growth,” Blackledge said.
Expressions of interest close 9th March.
Sunbury, VIC
A 19-hectare landholding in Melbourne’s north western growth corridor has entered the market, with a sale price in excess of $20 million anticipated.
The property, which has the potential to yield 225 residential lots, is located at 50 Buckland Way and is placed within the Sunbury South Precinct Structure Plan.
The Sunbury South PSP, in tandem with the Lancefield Road PSP is anticipated to comprise more than 19,000 new homes and create 6,000 jobs in the next 20 years.
While the landholding is set to adjoin a planned local retail town centre and primary school, with a train station also planned only 600m from the property.
Julian Heatherich, Benson Zhou and Nick Garoni from Savills are managing the sale on behalf of a private family via an expressions of interest campaign, which is scheduled to close on 2 March.
Hotel & Hospitality
East Fremantle, WA
The Royal George Hotel, located at 34 Duke Street at the end of the George Street shopping and hospitality precinct, is up for grabs as it undergoes a major restoration revitalisation program by Perth developer Saracen Properties and architect at Spaceagency, Michael Patroni.
The 1903 heritage hotel is being offered to market via an expressions of interest campaign managed by Michael Richardson and Brent Griffiths from Realmark Commercial, who were appointed as exclusive agents.
The hotel has sat unoccupied for more than 15 years, with the restoration works set to leave the property as a multi-level hospitality destination, with a provision for a bar, restaurant, kitchen facilities and associated ground floor customer and back of house areas.
Additionally, the first floor will include either ten contemporary boutique hotel rooms or a dedicated function centre.
The Royal George Hotel is available for sale or to lease, with the expressions of interest campaign due to close on 15 March.
