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
Fitzroy, VIC
Sitting on a busy corner site in Melbourne’s city fringe, a three-level freehold 49 Brunswick Street is expected to draw in offers in the range of $5 million.
The triple-fronted freestanding building sits on 218sqm of land and is located 1.8km from the Melbourne CBD and offers ground floor retail fronting to the popular Gertrude Street, in addition to office space on the ground, first and second floor. While the third floor comprises a residential apartment with access via a rear stairwell.
Anthony Kirwan, Tom Isaksson, Alex Browne and Leon Ma of Colliers have been appointed to sell the site, on behalf of a private family.
“We expect the flexibility of the offering will appeal to a wide range of potential purchasers, but particularly owner occupiers,” said Kirwan.
Office
Prospect, SA
More than $8.5 million is expected for an inner Adelaide office building that is fully leased to the federal government.
Built in 2011, the single level property at 298-302 Main North Road consists of 1,320 sqm of office accommodation on 3,220 sqm of land, with on site parking for 58 vehicles and frontage of 61.37 metres to Main North Road.
It is occupied by both community service providers Centrelink and NDIS, on a recently renewed three-plus-three-year lease, following the end of an initial 10-year term. Annual net income is $543,840 plus GST.
The asset is being taken to the market via expressions of interest campaign by Knight Frank agents Guy Bennett, Oliver Totani and Jack Dyson in conjunction with Colliers Guy Bennett, Oliver Totani and Jack Dyson.
Newman said the property represented a genuine blue-chip metropolitan office investment.
“This is a pandemic proof investment, leased by the Federal Government and occupied by ‘essential service’ providers, with a real and growing demand from the community for their services,” he said.
Totani said that while there is still up to five years of income to the federal government remaining, “what we really like is the site’s potential for alternative users over the medium to long term”.
“For example, it is perfect for medical and allied health given its high car parking ratio and profile.”
298-302 Main North Road
Development
Burraneer, VIC
A 2,965 sqm parcel of land adjacent to the waters of Gunnamatta Bay has hit the market for the first time since 1957.
Highland agents Mitchell Wynn and Laura McKay have been appointed to sell 2 Bonnie Doon Place and are expecting an enquiry from local and out of area developers.
“Chances for three-lot subdivision set in such a desirable waterside location are unheard of in today’s market, and we do not anticipate this stick on the market for long,” Wynn said.
The vacant parcel of land has been held by the same family for over 64 years.
“This exceptional north-facing land provides an opportunity for visionary developers and builders to deliver a landmark family home or multiple residences within a private coastal cul-de-sac setting, just 29 kilometres from Sydney CBD,” McKay said.
It is a stone’s throw from the shoreline of Gunnamatta Bay and close to Cronulla Town Centre, waterfront reserves, and beaches.
Hotel & Hospitality
East Perth, WA
A well known motel in tightly held East Perth is expected to attract interest from a diverse range of buyers.
Colliers’ Shane Isaacs has been appointed to sell Baileys Motel at 150 Bennett Street, which offers 45 rooms and 39 car bays on a 3,045 sqm landholding on the corner Wickham Street.
“This is a rare opportunity to acquire a freehold city fringe motel that has enjoyed high occupancy rates even during Covid restrictions,” Isaacs said.
“Large landholdings in East Perth are increasingly difficult to find and with its prime corner position, potential city views and generous development guidelines the property also offers outstanding redevelopment potential.”
The property could be owned and operated as the existing motel, redeveloped, or there is the option to lease the motel to an existing operator as a long-term investment holding or to generate income until the site is ready to be developed.
Expressions of Interest close 23rd March.
150 Bennett Street East Perth
Mount Hutton, NSW
The freehold going concern interest in the Lake Macquarie Tavern is up for grabs after 23 years of being held by the same partnership, with price expectations above $30 million.
Ben McDonald, senior vice president at JLL and Deanne Moore, principal at Moore & Moore Real Estate have been exclusively appointed to sell the large format hotel via an expressions of interest campaign, 24 March.
Sitting on a 9,000 sqm site, around 140km north of Sydney, adjacent to Lake Macquarie Square, the asset includes 30 gaming machine entitlements and a late trading licence in a Band 3 location.
“Based on the clear lack of direct competition and significant opportunities to enhance the trading proposition, we anticipate intense competition from buyers once the Lake Macquarie Tavern officially hits the market,” said Moore.
Tregony, QLD
Bestbrook Mountain Resort, a farm stay accommodation facility in the Southern Downs Region has entered the market.
Spanning 146 hectares and fronting the Cunningham Highway, the Rural zoned site comprises four bunkhouses of backpacker-style accommodation and self-contained cabins and camping sites.
Tony Bargwanna, national director of hotels at Savills, is managing the sale of the property via an expressions of interest campaign due to close 11th April.
The asset also includes facilities such as a conference area, restaurant, bar, swimming pool, children’s playground, and a shop, in addition to activities such as horse riding, bush walking, animal feeding, billy tea and damper making, whip and boomerang lessons and butter making demonstrations.
Broome, WA
The meticulously maintained Broome Time Resort has come to the market with vacant possession at a time of growth in Western Australia’s domestic tourism.
Situated on a 5,971 sqm site on Cable Beach Road East, on the Broome Peninsula, the property comprises 58 guest rooms wrapped around a centrally located pool, green gardens, a breakfast and meeting room and outdoor dining areas, as well as an onsite art gallery specialising in local Kimberley art, Aboriginal artifacts and gifts.
Built in 1984, 37 rooms have been refurbished as recently as April, while the breakfast and meeting room was added in 2018.
There is the ability to add to the room count by 15 to 20 rooms.
JLL Hotels & Hospitality Group’s Chloe Mason has been appointed to sell the property by expressions of interest.
“The offering of this Resort is well-timed, with domestic tourism in Western Australia experiencing extraordinary growth and Broome being one of the primary beneficiaries. This influx is expected to continue over the coming years as Australian’s modify the way they holiday, and internationals make their way back to outback WA to experience the wide-open spaces”.
