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
Manly, NSW
A Sydney-based private family has offered the distinctive Manly Greenhouse beachside building to the market.
The retail investment opportunity at 36-38 South Steyne is a three-level retail building offering casual and outside dining at ground level, formal dining, a wine room and balcony on the first floor and a rooftop cocktail bar with a retractable roof.
Recently refurbished, it benefits from fully equipped kitchens and cool rooms on each level, a passenger lift and has a total seating capacity of 376 patrons and a transferrable liquor licence.
The property has a total gross internal building area of 754 sqm on a 351 sqm parcel.
It is around the corner from the suburb’s iconic pedestrian retail and lifestyle precinct “The Corso”,
“Manly Greenhouse will attract a diverse range of buyers including investors keen to secure prominent retail freehold in this tightly-held beachside enclave, but also owner-occupiers keen to lock in their own premises,” said Savills’ Ollie Ridley, who is marketing the property with Colliers’ Tom Appleby.
“The property has gun barrel views of Manly Beach with a well-known green façade, it is expected the property will attract interest from local, interstate and international buyers,”
Expressions of Interest close 30th June.
Carlton, VIC
A retail freehold at 310-314 Lygon Street in the centre of Carlton’s famous dining, lifestyle and retail street is going under the hammer.
Ervin Niyaz and David Bourke from Fitzroys have been appointed to market the property, before it is sold with vacant possession at an on-site auction on 22 June, 2022.
The 345sqm building is part single level and part two-storey and includes an open-plan ground floor and a first floor office, accessible via a rear staircase.
The site is zoned Commercial 1 and spans 544sqm and is expected to draw in value add buyers, owner-occupiers and buyers looking to repurpose the site.
Lygon Street is very tightly held. The opportunity to acquire a freehold in the prime of Melbourne’s most celebrated dining and retail strip is incredibly rare,” said Niyaz.
Development
Melbourne, VIC
Diabetes Victoria is selling its long-term headquarters at 570 Elizabeth Street after 21 years.
The asset is being sold via an international expressions of interest campaign, scheduled to close on 5 July, 2022 and is anticipated to bring in more than $12 million.
Oliver Hay, Matt Stagg, Daniel Wolman and Leon Ma from Colliers’ Melbourne City sales team are marketing the property, with Charter Keck Cramer acting as transaction advisor.
Comprising a two-storey retail showroom and office, the 1,258sqm building occupies a 711sqm Capital City 5 zoned site, with dual frontage to Elizabeth and Berkley street and a preferred height limit of 40 metres.
The existing building also offers naming rights in a prominent position at the northern boundary of the CBD.
“The concentration of major public infrastructure assets and billions of dollars of investment in new projects at both ends of the Elizabeth Street corridor has attracted private investors, owner occupiers and developers from a variety of sectors seeking to leverage from this dynamic location,” said Hay.
Hotel & Hospitality
Mission Beach, QLD
Castaways Resort & Spa has been offered to the market with development approval in place allowing for expansion by 44 keys.
JLL Hotels & Hospitality Group has been exclusively appointed to manage the relaunch and sale of the Tropical North Queensland resort, which offers 200 metres of beachfront land about 90 minutes south of Cairns, offering views over the Coral Sea, convenient access to the Great Barrier Reef, the surrounding Family Group of Islands and is situated amongst Australia’s UNESCO World Heritage Wet Tropics of Queensland.
The resort currently comprises 46 keys and a range of facilities including the Buko Restaurant.
“We have also seen a wholesale change in guest demand over recent years, with experiential experiences been key to successful hotel and resorts – Castaways Resort & Spa provides a truly unique opportunity to create a one-of-a-kind property located amongst some of the world’s best natural environments,” JLL Hotels & Hospitality Group’s Adam Bury said.
“With the property now re-priced we believe this is a highly compelling opportunity for an active asset manager to acquire the property, be it for a lifestyle acquisition or a return driven investor.”
Dorrigo Mountain, NSW
The freehold going concern interest in the Lookout Mountain Retreat, at 15 Maynards Plains Road, is being offered to potential investors and owner operators alike.
James Carrick and Nic Simarro from HTL Property are managing the sale of the property via an international expressions of interest campaign, set to close 23 June, 2022.
Sitting between Brisbane and Sydney and 45 minutes out from Coffs Harbour, the accommodation asset comprises 26 rooms with views from the site’s elevated 17 acres of primarily cleared land.
The property has been recently refurbished and offers potential buyers opportunities for expansion (STCA).
The business has been a consistent financial performer with a strong cash flow and includes diversified income streams, via the accommodation offering, an 80 seat restaurant/café, conference room and wedding reception.
Bankstown, NSW
The freehold of the Bankstown Motel 10 in Sydney’s western suburbs has come to the market six years after a complete refurbishment.
Built in 1985, the three-level motel offers 4-star accommodation across 31 queen, standard/deluxe twin and large family rooms, as-new rooms expanded and was expanded and refurbished over 2015/16.
A popular choice with corporate travellers, the property services the Chullora, Lidcombe, Bankstown Airport, Canterbury Bankstown and Sydney Olympic Park areas and has a large footprint of more than 1,750 sqm and dual street frontages, including over 46 metres to the Hume Highway
“Occupancy rates and turnover were significantly affected by COVID-19; however, the last quarter has seen strong growth with bookings and occupancy returning to pre-pandemic levels,” Manenti Quinlan & Associates selling agent Ray Larkin said.
“Bankstown Motel 10 is a genuine turnkey opportunity with no refurbishment expenses into the foreseeable future,” said Larkin.
The current owners oversee the motel’s management, with the business operated by staff day-to-day.
Expressions of interest close on Friday, 17 June 2022.
Broadmeadow, NSW
The Sunnyside Tavern in the Newcastle suburb of Broadmeadow is the latest in an impressive line of regional NSW pubs to hit the market.
Dan Dragicevich and Blake Edwards from HTL Property have been exclusively appointed to sell the pub via an expressions of interest campaign set to close 7 July, 2022.
With a commercial footprint of 1,263sqm, the recently refurbished hotel includes a bar, bistro, gaming room, beer garden, 12 accommodation rooms and boasts 15 in demand poker machine entitlements.
All in the asset brings in an annual income of $382,047 plus GST and outgoings, with a further CPI increase scheduled in December 2022.
The tavern also has around 15 years still remaining on the lease, with options and also benefits from sitting within 1km Hunter Sports and Entertainment Precinct.
Rural & Agribusiness
Cardigan, VIC
About $7 million is expected for a highly developed equine facility 15 minutes from Ballarat where more than 100 horses can in pre-training at any one time.
733 Cuthberts Road spans 65.5 hectares over four titles, and more than $4.5 million has been put into capital investment and infrastructure and over 12 months of meticulous planning, according to conjunctional selling agents Inglis Rural Property and Colliers, who are marketing the property under instructions from Advise Transact.
Improvements include 80 boxes, 20 spelling paddocks and full indoor facility with Aquaciser water walker, two treadmills and 12-horse ground walker. There is a feed and storage barn, and excellent water consisting of a fully automatic and computer-controlled water system providing stock and domestic water above ground tanks, and the area receives average annual rainfall of 687 millimetres.
The property also features a renovated 3-bedroom weatherboard cottage, providing comfortable manager’s accommodation.
“This is a real opportunity to buy a property that can generate a good cash flow but a critical feature is its future value as a potential subdivision given its proximity to the city of Ballarat and its future growth zones,” Inglis Rural Property’s Sam Triggs said.
Expressions of Interest close 6th July.
