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
Blackburn, VIC
An Early Settler outlet in the eastern Melbourne’s “mega mile” is being offered to market for the first time in 31 years.
Located at 200-206 Whitehorse Road, the strategically located 2,903 sqm site is home to the national retailer on a recently renewed eight year term.
The property has a gross lettable area of 1,775 sqm, 27 on site car spaces, and two street frontages including a 63 metre frontage providing exposure to 44,000 vehicles daily.
Early Settler first opened in 1985 and has evolved into a 56-store national network.
Savills and Stonebridge Property Group are the conjunctional agents.
“Landholdings of this scale and opportunity are seldom offered to the market in the eastern suburbs of Melbourne, particularly those anchored by a powerhouse national tenant. Whilst there is lease tail to run, the underlying land value based on current development potential will be a significant driver of value,” Stonebridge’s Rorey James said.
The Blackburn-Nunawading large format retail precinct extends for two kilometres includes Bunnings, Harvey Norman, JB Hi Fi and The Good Guys.
The agents said the some buyers will approach the offering through the lens of a future multi-storey office development, given the property’s commercial 2 zoning and migration of workers to the suburbs.
Expressions of interest close 13th April.
Caloundra, QLD
The Caloundra City Centre building on the Sunshine Coast has attracted Brisbane and interstate interest early in the sales campaign.
The multi-tenanted, three level, commercial building has a net lettable area of 2,428 sqm and is strategically positioned in one of Queensland’s most popular tourist destinations on 1,999 sqm of land.
The 51-55 Bulcock Street property is currently generating net annual income of $659,502. It has been owned long-term by a local family.
The adjacent Centrepoint Marketplace retail centre at 50 Bulcock Street, with a building area 1,162sqm and fully leased net income of approximately $530,000, recently sold for $7.3 million.
“Given that Caloundra Centre is slightly larger, and the return is more, I would suspect the sellers would be expecting something upwards of that,” said Henzells Commercial selling agent Paul Bell.
Expressions of interest close 5th April.
Hotel & Hospitality
Surry Hills, NSW
After selling the first two assets of the Pub Invest fund for $74.5 million, HTL Property has put the remaining pair of venues to the market.
In Sydney’s eastern suburbs, the Crown Hotel is situated on the corner of both Crown and Cleveland Streets and enjoys 24 hour trading approval with a rare seven day, three hour gaming shutdown. It features a full complement of 30 gaming machines.
The four storey building has eight accommodation rooms, plus a rooftop residence with district views over Surry Hills, Moore Park, Allianz Stadium, the SCG and Entertainment Quarter. It is directly opposite Toga’s $200 million redevelopment of the former Surry Hills Village site that will have 200 residential apartments, a 102-room accommodation hotel and 12,000 sqm of retail anchored by Coles.
Nowra, NSW
The selldown is being rounded out by the large-format North Nowra Tavern, positioned next door to the North Nowra Shopping Centre.
The venue is situated on a 6,000 sqm landholding, with the site’s zoning allowing for redevelopment potential and a range of uses including neighbourhood shopping centres, medical centres and motel accommodation.
The business generates in excess of $8 million in annual revenues across bar, bistro, gaming, wagering and retail liquor. The hotel features a 1:30am liquor licence with 25 gaming entitlements, and DA approval in place to increase the size of the trading footprint and optimise the layout of the hotel.
Both the Crown Hotel and the North Nowra Tavern are being sold by expressions of interest closing 6th April.
Social Infrastructure
Narre Warren North, VIC
A brand-new childcare centre is hitting the market just as it opens its doors.
On the corner of Capra Court and Hallam North Road, the elevated, 4,031 sqm site has a combined 150 metre frontage and is located within the Regal Rise Estate in Melbourne’s south-east growth corridor.
Approved for 130 children, the site is leased to national operator Imagine Childcare which pays annual rent of $433,217. Across its portfolio, Imagine Childcare operated at well over 90% capacity through 2021, and has an average waiting list in excess of two years.
CBRE’s Healthcare & Social Infrastructure team of Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto are managing the sale campaign, with an auction to be held at CBRE’s Melbourne office on 12th April.
“Construction costs are increasing monthly and there is strong demand for purpose-built childcare facilities with blue-chip tenants,” Peluso said.
Tatt added that there high level of interest at circa 4.5%, “which is a real indicator of where market expectations sit”
CBRE sold the Funtastic Kid-occupied childcare centre in Wyndham Vale for $6.85 million, among the first investment activity in the sector for the year.
