This article is from the Australian Property Journal archive
A PREVIEW of commercial property investment 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
Collingwood, VIC
A retail and office building in a major thoroughfare of Melbourne’s inner-north named “coolest street in the world” by Time Out has hit the market.
On a 599 sqm landholding, the building at 398-402 Smith Street consists of four ground floor shops and three offices totalling 659 sqm of floor space. The building also boasts a 22.5 metre frontage, side laneway frontage, and 12 on-site car parks.
It is being offered mostly occupied and with a potential fully leased annual income of $233,746. Nearby height precedents have been set of up to eight levels and the land sought after commercial 1 zoning.
Paul O’Sullivan and Cameron Elliott of Lemon Baxter, in conjunction with JLL’s Nick Peden, Mark Stafford and MingXuan Li, are marketing the property via expressions of interest closing 27th October.
Pialba, QLD
A brand-new Bunnings Warehouse is up for grabs in the centre of Hervey Bay, in Queensland’s Fraser Coast region.
Construction has kicked off on the new 17,421 sqm warehouse in Pialba, Hervey Bay’s town centre and CBD, with completion of the new store due in Q4 2022.
It has been listed through Stonebridge Property Group’s Justin Dowers and Savills’ Peter Tyson with a new 10-year net lease to Bunnings Group Limited, with options extending until 2080.
“The market for Bunnings Warehouse investments has further improved over the last 12 months given the robust performance of the Bunnings business, regardless of lockdowns,” Dowers said.
Tyson said ongoing and increasing investor appetite for high-quality long-leased assets continues to drive yield compression.
“The ASX-listed Wesfarmers subsidiary Bunnings Group is quite clearly one of the most highly sought-after lease covenants in today’s marketplace and the new Hervey Bay Bunnings store is expected to attract enormous interest and competition.”
Industrial
Port Melbourne, VIC
Nearly 7,400 sqm of land on Melbourne’s industrial city fringe and within the Fishermans Bend urban renewal precinct has come to the market, comprising one empty warehouse and another with a long-term lease.
The land at 359 Plummer Street has capital city 1 zoning and has a fully leased potential annual income of net $770,000. The zoning offers a high rise development opportunity, with current guidelines allowing for a mixed use or residential 12 storey development on the front half and 24 storeys the rear. / Potential for mixed use or residential development.
Lemon Baxter’s Ben Hackworthy and Paul O’Sullivan are managing the expressions of interest campaign, which closes on 3rd November.
Port Melbourne has recently seen ASX-listed Centuria spend $22 million on a 4,410 sqm warehouse on Wharf Road, on a yield of 3.7%, and the home of Rathbone Wine Group trade for $81.6 million, on another tight yield of 3.6%.
Office
Surry Hills, NSW
Former actor and Tonight Show host Brian Adams has offered inner Sydney mixed-use property Briad House to the market after more than 30 years of ownership, with about $14 million expected at the 26th October auction.
Located at 491-493 Elizabeth Street, the five-storey building consists of a mezzanine, three levels of office space, and a luxury penthouse-style apartment with north-city views.
The building is set back behind a gated courtyard and features double entry doors to a New York-style granite lobby with secure lift access to every floor.
Office floors have recently been upgraded and include a variety of floorplans with lock-up executive suites, partitioned office space, meeting rooms, board rooms, staff facilities, storage and communal areas.
Jaime Upton of Sydney Sotheby’s International Realty and Ray White Commercial South Sydney agents John Skufris and Peter Kotzias are marketing the asset
“This property is an exciting unique trophy asset to enter into the market in a prime southern CBD orientated location which will appeal to private-wealth families and astute investors seeking penthouse residency and extraordinary income,” Upton said.
The 22 metre-high building is on 239 sqm of land with B4 mixed use zoning, allowing for several more levels.
Development
Werribee, VIC
Two ready-to-develop allotments spanning 13.57 hectares in Melbourne’s south western suburbs have come to the market, permitted for a two level retail complex with 29,000 sqm of retail floor area.
The lots at 246-248 Hoppers Lane measure 4.072 hectares and 9.498 hectares respectively and are being offered in one line or separately through CBRE’s David Minty, Nathan Mufale and JJ Heng by way of expressions of interest.
They are located within the East Werribee precinct structure plan and have underlying commercial 1 zoning, and are adjacent to Hoppers Crossing train station. The 775-hectare East Werribee precinct is the largest undeveloped surplus state government land in metropolitan Melbourne, and includes the 400-hectare East Werribee Major Development Parcel.
Expressions of interest close 28th October.
Engadine, NSW
Nearly 1,500 sqm of land in Sydney’s southern suburbs with a 20 metre height limit is being offered to the market.
The 3-5 Railway Parade property has frontage to both Railway Parade and Old Princes Highway, next to the KFC outlet that sits on a peninsula site within the Engadine town centre.
The site spans 1,469 sqm and benefits from B3 commercial core zoning and is adjacent to the Royal National Park, close to major supermarkets, Engadine train station and bus routes, and a close drive to Miranda Westfield and Cronulla Beach.
Knight Frank’s Demi Carigliano, James Mulcair and Ben Mostyn are handling the expressions of interest campaign, which closes 21st October.
Wollstonecraft, NSW
A 1,474sqm residential development site at 5 Morton Street in Sydney’s Lower North Shore is being sold by Colliers via an expressions of interest campaign.
The site is currently occupied by a strata block of 12 apartments and is zoned R4 High Density, with a 12 metre height limit.
The property sits in a heavily connected position at the junction of Crows Nest, North Sydney, Waverton and Wollstonecraft and has easy access to a range of public transport.
Additionally, the site sits amongst several private and public schools, both primary and secondary, as well as universities and within close proximity of The Mater Private Hospital and Royal North Shore Private and Public Hospitals.
The expressions of interest campaign for 5 Morton Street, Wollstonecraft is scheduled to close on 7 October.
Burleigh Heads, QLD
Half an acre of land just metres from Burleigh Heads beach is on the market, with high density residential zoning that allows for a tower of up to 26 levels.
The site is an amalgamation of 16, two bedroom apartments over two blocks at 1873-1875 Gold Coast Highway with 40 metres of street frontage, and is next door to the Boardwalk Burleigh Beach hotel tower.
Luke Reaby and Antonio Mercuri of GV Property Group are marketing the 2,024 sqm property via expressions of interest closing 14th October.
