This article is from the Australian Property Journal archive
A PREVIEW of commercial property investment and development opportunities available across Australia.
Due to popular requests from readers, APJ is introducing a new national property wrap of what’s ‘On the Market’.
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Development
Bondi Junction, NSW
A major development opportunity in Sydney’s eastern suburb is going under the hammer.
CI Australia’s John Bowie Wilson and Shirley Fan in conjunction with Stanton Hillier Parker are selling the 79-81 Old South Head Road, Bondi Junction, via public auction on Tuesday 12th October at 10:30am.
The agent said the site is a rare opportunity to acquire a tightly held market in one of Sydney’s most popular suburbs.
This freehold property comprises 22 commercial suites over two levels with a central atrium garden, set on a 886 sqm site.
The property offers a fully leased net income of $177,550 + GST.
The agents said it is a significant opportunity for land banking, value-add and an array of development options by maximising the current height allowance of 12.5 metres.
Manly, NSW
The NSW government is inviting expressions of interest to transform the 4.66ha former Manly Hospital site into a vibrant health and wellbeing precinct.
Kelwyn Teo and Colin Stewart of CBRE’s structured transactions and advisory services team have been appointed to steer the EOI process with Property & Development NSW (PDNSW).
Teo said this is one of the largest and most significant precinct development opportunities released to the market north of the Sydney Harbour Bridge.
Stewart added that the project is a rare opportunity to unlock a historic and high-profile site, delivering a high-quality health and wellbeing focused precinct in one of Sydney’s premier locations.
Manly MP James Griffin said the government’s vision is to create a vibrant health and wellbeing sanctuary.
“The expressions of interest process is a major milestone in the delivery of this exciting new project for the Northern Beaches.” Griffin said.
The EOI close on 14 October 2021 at 3pm AEDT.
Perth, WA
The WA government is seeking offers from developers for the mixed-use sites, Lots 120 and 121 at the Murdoch Health and Knowledge Precinct.
The 2,370 sqm Lot 120 and 2,335 sqm Lot 121 are being sold either separately or together, via a six-week offers invited campaign managed by DevelopmentWA.
Lands Minister Tony Buti said the release of Lots 120 and 121 presents a final opportunity for developers to secure a presence in the first phase of this ground-breaking precinct, and be a part of an exciting new community.
The lots are suitable for health, residential, technology or education uses, and are within walking distance of Fiona Stanley Hospital, Murdoch University and the Murdoch train and bus interchange. They are also near Western Australia’s first Medihotel, which is being developed as part of Stage 1A at MHKP.
DevelopmentWA’s 9.6-hectare MHKP will ultimately be home to 1,200 dwellings for 2,400 residents, as well as 45,000sqm of health, retail and commercial space.
The precinct is part of the broader Murdoch Activity Centre, which is expected to be an employment centre of up to 35,000 jobs, include homes for 22,000 residents, and facilities for up to 44,000 students.
Offers close at 2pm on October 26, 2021.
Hotel & Hospitality
Woolloongabba, QLD
One of Brisbane’s most iconic hotels with future development upside is looking to capitalise on the bubbly pubs market.
Located at 102-110 Ipswich Rd, The Norman Hotel in Brisbane’s established inner city suburb of Woolloongabba comprises a two-storey building and features 33 gaming machine licences (including 21 Landlord-owned), restaurant, public bar, function area, beer garden, TAB and Keno. In addition, there is grade level car parking for 72 vehicles providing a substantial future development opportunity by virtue of its Mixed Use MU1 (Inner City) zoning with a permitted building height of six storeys (STCA) and sits on a 4,167 sqm site.
The hotel has been offered for sale by private negotiation through Tony Bargwanna and Michael Harcourt of Savills Hotels.
Bargwanna said with assured income growth and substantial embedded real estate value, this hotel a win-win for the future owner.
It is also underpinned by a fixed 3.5% annual income growth.
Mission Beach, QLD
Dreaming of a getaway in tropical north Queensland? Why not buy the Castaways Resort & Spa in Mission Beach.
Castaways offers 200 metres of beachfront land on the pristine Mission Beach, a 14-km stretch of idyllic sand located 90 minutes south of Cairns. The property is situated amongst some of Australia’s most impressive natural environments, offering exquisite views over the Coral Sea, convenient access to the Great Barrier Reef, the surrounding Family Group of Islands and is also situated amongst Australia’s UNESCO World Heritage Wet Tropics of Queensland.
JLL Hotels & Hospitality Group’ Adam Bury and Peter Harper have been exclusively appointed to manage the sale.
The resort currently comprises 46 keys and a range of facilities including the renowned Buko Restaurant.
Bury said an incoming owner can utilise a range of investment strategies with the property benefitting from two development approvals in place, the first allowing an expansion of the resort by 44 keys which would enable a repositioning to put the property at the forefront of boutique resorts.
The second DA allows a new 220-key high end resort to be built, with significant F&B offerings at a location that already benefits from high guest spending capture ratios.
“We believe the resort, and the opportunity it presents, sits without comparison on the entire coastline from Cairns to Noosa. The property has been held by the current family ownership for over a decade, and we therefore truly believe this is a generational opportunity the acquire a one-off resort that will undoubtedly benefit from the Golden Decade we are to witness in Queensland off the back of the recently announced 2032 Olympics.” Bury said.
Harper said regional tourism assets have seen a boom in performance since the onset of the COVID-19 pandemic, with travellers again recognising the significant offerings that Australia has to offer.
“We have seen a significant number of properties experience trading booms with the spike in domestic demand and expect these trends to accelerate as state and national borders open again, as well as for them to continue well beyond COVID-19 as travel trends change for the foreseeable future. We are excited about the interest that this opportunity will generate and expect a competitive bidding process.”
Office
Adelaide, SA
The heritage Darling Building in Adelaide’s CBD is expected to attract a diverse range of investors.
The five-level, New York-style office building at 28 Franklin Street comprises 1,553 sqm of space, together with an open rooftop featuring a boutique studio/cottage.
The property is for sale by expressions of interest through Colliers’ Alistair Mackie and Rhys Newman in conjunction with Guy Bennett and Oliver Totani of Knight Frank, closing October 14 at 4pm (ACST).
“Originally built in 1916, the Darling Building was fire damaged in circa 2000 before being gutted and fully refurbished from mid-2016, with all new services and amenities and a 5.5-star energy rating,” Mackie said. “It now presents as one of Adelaide’s highest quality boutique office buildings.”
The property is fully leased to five tenants, namely Williams Burton Leopardi Archiects, Botten Levinson Lawyers, Mutual Trust, Baukultur and Amplified Intelligence.
Retail
West Gosford, NSW
The Dan Murphy’s outlet in West Gosford is hoping to tap into ongoing investors’ thirst for defensive long-leased retail investment opportunities.
CBRE’s James Douglas and Harry George have been appointed to steer the sale campaign for 67 Central Coast Highway property.
The 1,426sqm store and 57-vehicle car park is situated on a prominent 3,748 sqm site.
Douglas said a key buyer drawcard will be the property’s 20-year lease to 2031, with options until 2051, backed by the ASX-listed Endeavour Group.
“It’s a rare opportunity to acquire a highly secure and defensive investment opportunity with strong income growth potential, with Dan Murphy’s in excess of its sales threshold and paying percentage rent,” he added.
Douglas noted that in addition to the tenure and income growth potential, investors would be attracted to the freehold nature and depreciation benefits of the investment.
Shearwater, TAS
An entry level investment, better known as the Shearwater Car, Boat and Dog Wash in Shearwater, Tasmania’s north coast is being offered for sale on a ‘walk in walk out’ basis, complete with all plant and equipment at $900,000 + GST.
Knight Frank’s Clinton O’Keefe and Nicholas Bond are handling the sale of Lot 2 Burgess Drive, which comprises a single auto wash bay and three manual wash bays, vacuum bays servicing four vehicles, and a freestanding pet wash facility.
