This article is from the Australian Property Journal archive
A PREVIEW of hotel, commercial property investments and development opportunities available across Australia.
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Retail
Nuriootpa, SA
A Bridgestone truck service centre in the main commercial centre within South Australia’s world-famous Barossa Valley is up for sale.
Located at 17-19 Old Sturt Highway, the 4,868 sqm site enjoys significant exposure and convenient access to Sturt Highway (National Highway A20), a major key transport route connecting NSW, Victoria and South Australia.
The purpose-built facility was constructed in 2017 and has a 99 sqm office and a truck bay workshop, storage warehouse of 602 sqm with multiple roller door access points, dual heavy vehicle access points to Old Sturt Highway and a large hardstand area and on-site parking.
The property is for sale through Jay Nash and Jed Harley of Cushman & Wakefield with a 10-year leased from October 2017 with options until 2037 and fixed 3% annual increases.
“This property will appeal to a range of investors, looking for a safe haven asset with a long-term blue chip tenant. Not to mention there is zero stamp duty in SA for commercial assets, making this an outstanding investment opportunity,” Harley said.
Expressions of interest close 23rd June.
Kangaroo Point, QLD
Food and beverage operators are expected to compete fiercely for the right to set up shop in two exclusive absolute waterfront retail locations as part of Brisbane City Council’s new Green Bridge at Kangaroo Point.
Spaces on offer include a mezzanine-style 380 sqm fine dining restaurant and a 90 sqm café on the bridge landing.
Colliers’ Ishbel Jones and Harry Dever have been appointed to lease the property on behalf of Brisbane City Council.
“Strategically positioned over the Brisbane River, this incredibly unique offering incorporates two exclusive tenancies in water and landing destinations that are sure to become iconic, must-visit destinations for Brisbane locals and tourists alike,” Jones said.
“We are expecting to receive vast interest from national and globally recognised restauranteurs and chefs to occupy a prime position in what will become a new landmark location for the city, Brisbane’s first over-the-river dining experience.”
Construction has commenced on the $190 million Kangaroo Point Green Bridge, with an anticipated completion date of early 2024. When completed, it will have the longest main span of any other inner city active transport bridge in Australia at 460 metres.
Interested parties must register their interest by 8th July.
Carlton, VIC
The owners of Melbourne’s Lygon Street institution University Cafè are putting one of their freehold properties in the restaurant precinct to the market.
The three-level classic-style retail property at 132-136 Lygon Street occupies a 251 sqm site at the corner of Finlay Place and features side and rear lane access. Offered with vacant possession, the property was formerly Italian restaurant La Spaghetteria Ristorante, which operated from 2005 to 2020.
“This is a rare opportunity to secure a freehold asset on what is one of the best-known restaurant and retail strips in Melbourne. The property will have broad appeal to both hospitality operators and investors – and there is also the potential to add value with future redevelopment,” said Savills’ Julian Heatherich, who has been appointed to sell the property with colleagues Benson Zhou and Cam Zamora.
The lower ground floor features original brick walls and arched wine racks, as well as a double cool room, bar and kitchen area, while at street level the ground floor provides a light-filled main dining area with grand staircases, and a kitchen and storage space at the back of house, and potential for shopfront al fresco dining.
A ballroom is a signature feature of the first floor, suited to private functions or as an additional dining area. This level also has bathrooms, a kitchen and a dumb waiter to service the basement and ground levels.
The second floor accommodates a bedroom or storage area.
The property is going to auction on 20th July at 12.30pm.
Development
Richmond, VIC
A car park in Melbourne’s sought after city fringe precinct of Richmond has hit the market, presenting as a development opportunity, with height precedents of up to seven to nine levels.
Located close to the corner of Burnley Street and Bridge Road, the 57-61 Murphy Street property comprises a 481 sqm site with industrial 3 zoning with a wide 24 metres street frontage.
Teska Carson Matthew Feld and Michael Ludski, and Statewide Property Advocacy’s Andrew Sutherland are conjunctional marketing agents.
“This is an ideal, inner city location offering a generous and vacant site with excellent frontage, a very useful height precedent, and a high level of local amenities.
Ludski said astute purchasers would no doubt note the exceptional investment potential for any development of the property.
“This part of Richmond has in recent times seen a major upsurge in popularity with the development of a number of high profile residential and commercial developments along Burnley and Victoria streets.”
Expressions of interest close 27th July.
Como, WA
AN expansive well-leased landholding in Perth’s affluent riverside suburb of Como has hit the market, with proposed planning amendments in hand.
The 3,483sqm site at 125 Melville Parade in the Como Neighbourhood Centre is occupied by a tenants from both the office and hospitality sectors, offering potential buyers healthy leasing covenants with a strong holding income and a history of high occupancy and long-term tenants.
Derek Barlow and Lachlan Andrew from CBRE have been appointed to head up the sale of the property via an expressions of interest campaign.
“A property of this nature provides investors the chance to secure a development of scale in a desirable location,” said Barlow.
The mixed use zoned asset includes proposed planning changes that would allow over six levels of construction, enabling views from all levels of the development.
Such views could comprise not just the river, but the Perth CBD, the University of WA and the Heathcote Reserve headland.
“Sites offering the opportunity for panoramic river views from all levels of development, combined with further development upside are certainly rare, so we expect this configured lot that allows for maximum building height and development yield to attract a high level of interest,” added Barlow.
Barlow also noted that with Perth’s residential vacancy rates at 1.1% as of May, with rental vacancies at 0.6%, there has been an increased level of interest from both renters and buyers toward the apartment market.
The expressions of interest campaign for 125 Melville Parade is scheduled to close on 10 August, 2022.
Hotel & Hospitality
Coolangatta, QLD
The Pink Hotel, a restored mid-century Gold Coast hotel and hot-spot for Instagrammers, has hit the market along with adjoining venue Eddie’s Grub House.
Greg James, broker from ResortBrokers Gold Coast is managing the sale of the 17-room hotel and the live music venue and burger restaurant, via an expressions of interest campaign.
Located at 171 Griffith Street, The Pink Hotel was refurbished into its current retro-style in 2018 and boasts three street frontages, with low main maintenance grounds, minimal gardens and no pool.
While Eddie’s Grub House is a rock’n’ roll bar, live music venue and award-winning burger joint, which was formerly a Chinese restaurant that featured in cult Australian movie Muriel’s Wedding.
The property is walking distance from the beaches of Greenmount, Coolangatta, Kirra, Rainbow Bay and Snapper Rocks.
