This article is from the Australian Property Journal archive
A PREVIEW of commercial property investments and development opportunities available across Australia.
Submit sale campaigns to news@australianpropertyjournal.com.au, sponsorship opportunities available contact amy.guy@australianpropertyjournal.com.au or marketing@australianpropertyjournal.com.au
Retail
Brunswick East, VIC
A fully leased showroom asset at Level One, 21 Brunswick Road has hit the market, offering buyers a sub-$5 million investment opportunity.
The 640sqm asset, sitting just 4.5km out from the Melbourne CBD, includes a brand new showroom, contemporary office accommodation and dedicated lift access via Brunswick Road, as well as 15 basement car spaces.
Tim Carr, Mark Stafford and MingXuan Li from JLL have been appointed to sell the asset via an expressions of interest campaign, due to close on 12 May.
The premises includes a new five-year lease to national retailer Modern Star, which returns $256,000 per annum with fixed annual increases of 3.5%.
“It’s very rare that an investment with strong fundamentals of premium quality comes to the market with a brand-new lease to a national tenant. With a high-quality fit-out offering significant depreciation benefits, this is an investment worth capitalising on in 2022,” said Carr.
Industrial
Midland, WA
The former headquarters of Australian motorsport and personal watercraft company Sea-Doo Sport and Leisure in Perth’s eastern suburbs has been put up for lease.
JLL’s Andrew Fife and Ross Palframan have the listing of 246 Great Eastern Highway.
It offers 2,310 sqm of total building area comprising showroom, workshop and office accommodation positioned on a high profile 5,763 sqm site with exposure to Great Eastern Highway and over 50,000 passing vehicles per day.
“This property is strategically located and offers a level of exposure above and beyond most commercial sites on Great Eastern Highway. The property has a history of long-standing tenants, and with the commercial and industrial vacancy rate at record lows, the property is positioned well in current market conditions to lease quickly,” Fife said.
Palframan said 246 Great Eastern Highway “is a truly symbolic West Australian site, and most Perth residents would recognize this property from their travels”.
The campaign marks the first time in 17 years the property has been available for lease.
Office
Brighton, VIC
A property with three two-level buildings, comprising 12 offices, at 105-107 Carpenter Street is set to come under the hammer on the 18th of May.
The Bayside property, which features a historical façade, boasts a total office lettable area of circa 647sqm and is fully tenanted, bringing in an annual income of $231,720.
Julian Vautin from Nichols Crowder and Rorey James from Stonebridge were appointed by Mark Wizel of Advise Transact as selling agents for the local business hub, which is up for grabs for the first time in 35 years.
“This iconic Brighton investment has an impressive income stream and yet there is the opportunity to increase some rentals or even to part owner occupy,” said James.
The circa 677sqm site is zoned General Residential 2 and includes 16.7 metres of frontage and rear lane access.
Darlinghurst, NSW
The former NSW headquarters of collapsed construction giant ProBuild is going to auction.
ProBuild bought the modern office building at 83-85 McLachlan Avenue for a little over $5 million in 2007. Offered with vacant possession, it has a net lettable area of 682 sqm and on site parking for up to 12 cars.
Colliers’ Miron Solomons, Matt Pontey and Matthew Meynell have the listing, with administrators Deloitte managing the sales process.
“The region of Darlinghurst and Rushcutters Bay has seen substantial gentrification over the past decade with key transformative projects providing confidence in the hybrid city fringe/eastern suburbs market,” Solomons said.
The most recent freehold sale on the street was ProBuild’s purchase of this building 15 years ago.
ProBuild collapsed in February after its South African parent company Wilson Bayly Holmes-Ovcon (WHBO) withdrew financial backing. Earlier this month, Sydney-based Roberts Co acquired five of its under-construction Victorian projects, and this week added a sixth.
East Melbourne, VIC
1 Clarendon Street, one of the last available corner freehold properties with frontage to the Fitzroy Gardens is up for grabs.
Occupied by the 115-year old St Kilda House, an office building which includes a two-storey rear 1980’s extension and on-grade parking for 20 cars, the flexible 2,024sqm landholding is zoned Commercial 1.
Oliver Hay, Matt Stagg, Daniel Wolman, Leon Ma and Peter Bremner from Colliers have been exclusively appointed to sell the property via an international expressions of interest campaign, closing 2 June.
“The property is truly dynamic in its use. Whether it be transformed into a high-end luxury residential development or boutique commercial building or retained as a family compound or private medical practice, the asset offers the capacity to capitalise on an array of future development outcomes (STCA),” said Hay.
The vendor will be represented by transaction manager Guy Ayres of Relae Property.
Development
Ocean Grove, VIC
Offering the chance for a substantial residential or lifestyle development, 63-71 Tuckfield Street in the coastal town of Ocean Grove is up for grabs, with expectations for circa $8 million.
Andrew Lewis and Chris Nanni from Colliers, along with Neil Laws from Neil Laws Advisory have been appointed to sell the asset via an expressions of interest campaign set to close 26 May.
The 7,848sqm property, known as Kingston, is currently occupied by a Tudor homestead under a heritage overlay and includes approved town planning permits for the subdivision and construction of a further 10 dwellings.
The site sits within 1.2km of the Ocean Grove main street, 1.3km from Bellarine High School and 2.4km from Ocean Grove main beach and lifesaving club.
“We expect this will translate into significant interest and a hot contest among developers, investors and owner-occupiers to acquire this unique and magnificent property,” said Lewis.
Hotel & Hospitality
Rules Beach, QLD
A new absolute beachfront caravan park on a prime 3.4-hectare land parcel is being offered to the market.
Trudy Crooks and Nathan Benjamin from ResortBrokers have been appointed to sell the freehold of the 196-campsite strong Rules Beach Caravan Park, via an expressions of interest campaign due to
Sitting between Bundaberg and Gladstone, the caravan park is surrounded by national park and farmland with infrastructure at the site including sealed bitumen roads, a lagoon pool, camp kitchen, toilet block, café, office and manager’s residence which is set to be constructed this year.
The park is part of a multi-use plan for the whole site which includes 15 beachfront lots, 14 two-bedroom freehold villas, and a rural service centre, which could offer further income opportunities.
The developer, John Callanan of Tareeda Properties, aims to have the park fully operational in time for the 2023 grey nomad season.
Timber Creek, NT
Timber Creek Hotel in a growing region of the Northern Territory has entered the market for $5.2 million, offering buyers a chance at a multi-faced high income outback asset.
Located in the small town of Timber Creek, around 601km out of Darwin and 286km from Katherine, the outback hotel is offers potential buyers accommodation, roadhouse, hospitality, retail tourism and a service centre.
Managing director Trudy Crooks and Northern Territory broker Kelli Crouch from ResortBrokers are managing the sale of the asset on behalf of the vendor, Fiona McDonald.
“For almost everyone who travels through, works, or lives in this remote region, stopping at the Timber Creek Hotel is a must – a haven for relaxation and exploration,” said Crooks.
In the midst of the drive between Victoria Daly and the East Kimberly region, as part of the iconic Savannah Way touring route, Timber Creek Hotel offers a net profit of $1.15 million, with its motel, caravan and camping sites, leisure amenities, licensed restaurant and bar, takeaway food outlet, convenience store, fuel service station and wildlife attractions.
“With the $20 million Bradshaw Field Training Area for the military currently under construction in Timber Creek, and domestic and international borders now open, the options to capitalise on growth are endless,” added Crooks.
Timber Creek is home to three birding tours, thanks to the presence of the Gouldian Finch, as well as the Big Horse Creek Barra Classic on Victoria River, with the 34th just taking place over the weekend.
“There’s so much for locals and visitors to do here. Fishermen love the Victoria River, which flows 560 kilometres from its source, for its stock of barramundi. 4WD enthusiasts have plenty of choice to explore along the Bullita track and surrounding Judbarra National Park,” said McDonald.
“With its three-hour proximity to Katherine, Timber Creek sits in pole position from which to base an Outback adventure.”
