Property sales and leasing wrap

A WRAP of property sales and leasing transactions across Australia.

Commercial

Retail

138 New Canterbury Road, Petersham, NSW

An investor acquired the five shops across 429 sqm and with seven car spaces for $2.4 million under the hammer. Three are leased, returning a combined $101,817 plus GST per annum, and potentially $157,000 plus GST per annum fully occupied.

21 Sydney Road, Manly, NSW

A private owner paid $2.55 million for the 100sqm shop to vendors Mervyn and Coral Henry.

2 Kathleen Street, South Tamworth, NSW

The 1,372 sqm Caltex service station and convenience store site was sold by Graeme Gough to an owner occupier for $1.225 million.

7 Johanna Boulevard, Bundaberg, QLD

International fitness group World Gym has leased a 1,076 sqm space formerly occupied by Sam’s Warehouse on a 10-year deal. It is positioned opposite Bunnings Warehouse and joins Road Tech Marine and Choice Discount Variety in the retail precinct.

129 Main Street, Greensborough, VIC

The corner strata shop of 118 sqm is leased to real estate agents Nelson Alexander and sold for $850,000, on a 4.6% yield, within seven days of the beginning of the off-market campaign.

Office

Level 16, 200 St Georges Terrace, WA

AFD Power Engineering inked a three-year pre-lease over the whole floor of 1,084 sqm at around $625 per sqm. Current tenant QBE has signed a lease in the same building over 3,500 sqm.

264-270 Church Street, Parramatta, NSW

The 1874 three-level building leased to Westpac and an adjacent modern building of a combined 1,275 sqm was sold by its Hong Kong-based owner for $14 million, at a 4.39% yield, almost double the 2012 purchase price of $7.2 million.

Level 33, Tower One, Barangaroo, Sydney, NSW

Hannover Life Re signed a seven-year lease over 2,344.5 sqm, with deals in the tower at up to $1,250 per sqm net and outgoings circa $200 per sqm. The reinsurance group will bring together its Life and Re divisions from 70 Phillip Street and 20 Bond Street respectively.

Level 9, 799 Pacific Highway, North Sydney, NSW

Tech group NCR Australia leased the 1,100 sqm office with fit-outs from Tackelly Pty Ltd at $495 per sqm net for five years.

90-96 Bourke Road, Alexandria, NSW

The two office suites of 177 sqm each were leased to Inventia Life Science Operations at $500 sqm over one year and six months.

493 St Kilda Road, Melbourne, VIC

GMTK signed a three-year lease over 300 sqm on level one, and Navika over 170 sqm on level four for two years. Linfox Property Group is the lessor.

10 Ievers Terrace, Carlton, VIC

An overseas investor acquired the 567 sqm building under the hammer for $3.37 million from non-for-profit ANZICS.

14-16 Prospect Street, Box Hill, VIC

G&L Real Estate will pay $108,000 per annum net on a five-year deal for the 400 sqm level two office.

124 Bayswater Road, Croydon South, VIC

The single-level A-grade office has showroom space and is on a 355sqm site. It was traded between investors for $1.2 million at a 6% yield, leased until 2024 with options.

Punt Road, Cremorne, VIC

ASX-listed software firm MYOB will take all 8,800 sqm of Caydon’s commercial building on Punt Road, which forms part of the $1 billion Malt District development under the landmark Nylex clock in the city-fringe pocket of Cremorne. The group has more than 450 working over 5,250 sqm at nearby 167 Cremorne Street, and will shift over 1,000 staff to its new space from its Glen Waverley offices.

1183 Toorak Road, Camberwell, VIC

HR Alliance is moving from Oakleigh and has inked a five-year deal over the 702 sqm space, at a net face rent of between $280 per sqm and $310 per sqm.

973 Nepean Highway, Bentleigh, VIC

Zirco Data and the NDIS have taken up spaces of 705 sqm and 750 sqm respectively on five-year deals from Henkell Property Group. They will pay $280 per sqm net and $310 per sqm net.

327 Pitt Street, Sydney, NSW

Cosmetics business Face Shop leased a 98 sqm office within the 42-level The Rialto building at $60,000 per annum gross over two years, from landlord Guomin Sin.

Level 1, 38 York Street, Sydney, NSW

Effective Processing Migration Australia signed an 18-month lease over the 139sqm office at $62,379 per annum gross from WTL Enterprises.

Industrial

22 Sutherland Street, Melbourne, VIC

The Royal Antediluvean Order of Buffaloes sold the two-storey warehouse building at auction for $6.25 million, $2 million above reserve. Hospitality operator Ozzie Kheir acquired the vacant 517 sqm corner property.

Toll Drive, Altona North, VIC

Fund manager IOOF Investments paid around $20 million for two adjacent facilities in the western suburbs industrial hub. They included the 24,380 sqm site at 96-118 Toll Drive, which has a 5,175 sqm building and is leased to Top 5 Whard Cartage company Arrow Worldwide with a 4.5-year WALE; and 87-107 Toll Drive, a new 6,502 sqm logistics facility on a 1.82-ha site leased to Supercheap Storage and Arrow Worldwide with a 7.3-year WALE.

122 Radnor Drive, Deer Park, VIC

Global Industrial has doubled its Melbourne presence, inking a five-year lease for new 10,476 sqm site that will have a 3,784 sqm warehouse, 400 sqm of ground floor office space and 4,184 sqm of hardstand, at $300,960 per annum net. Private Adelaide-based Spencer Property Group is the developer. The tenant is moving from the neighbouring Paramount Estate.

165 Bazalgette Crescent, Dandenong South, VIC

Norma Group has agreed to a seven-year lease over the purpose-built 3,000 sqm state-of-the-art office and warehouse property, at $100 per sqm gross. BFD Construction will build the property.

1 Abbots Road, Dandenong South, VIC

Eire Construction Gropu leased the 1,295 sqm office and warehouse property from a private landlord at $77 per sqm gross on a two-year deal with options.

Eastern Creek Drive, Eastern Creek, NSW

Frasers Property Australia paid $17.5 million to a private owner for the 2-hectare industrial-zoned land.

Building 2, 43-49 Cowpasture Road, Wetherill Park, NSW

Austral Precast, part of ASX-listed Brickworks, will pay $115 per sqm net over five years for the 3,980 sqm office and warehouse building. The deal includes incentives of 3.34% and two months rent-free.

30 Loftus Road, Yennora, NSW

Porter Group leased the 3,300 sqm facility at $165 per sqm on a five-year deal. It has yard space for heavy machinery storage.

27-29 Victoria Street, Smithfield, NSW

Fitbox will use the office and warehouse property of 305 sqm with five parking spaces for a gym, agreeing to a three-year deal with options at $40,000 per annum net from a private landlord.

34 Walters Drive, Osborne Park, WA

Architectural façade supply and installation group ABS Façade signed a two-year deal with options over the 947 sqm office and warehouse property, within the Herdsman Business Park, at $105 per sqm gross from a private landlord.

2 Hilton Street and 4-6 Hilton Street, Clifton Hill, VIC

The Victorian State Government has sold off further properties that were compulsorily acquired for the canned East West Link project. The vacant properties have site areas of 209 sqm each, with building areas of 306 sqm and 181 sqm respectively, and sold for $1.74 million and $1.2 million.

80 Railway Road, Blackburn, VIC

More than 100 people watched as the 557 sqm warehouse building sold under the hammer for $1,827,500, at a 3% yield. It is on a 694 sqm site with six car spaces and zoned Commercial 1, leased until 2020 with a five-year option. The former Lexus site opposite was recently approved for a 180-apartment, three-tower development.

31-37 Russell Street, Abbotsford, VIC

The 467 sqm site is leased to Damm Fine Foods and was purchased by an Asian developer for $2.425 million in an off-market deal, at a net yield of 4.25%.

115 Whiteman Street, Southbank, VIC

Erivan has signed a three-year deal over the 750 sqm ground floor office and warehouse space at $110,000 per annum.

150 Turner Street, Port Melbourne, VIC

Crema Construction will pay $100,000 per annum net for the 2,600 sqm facility.

290 Salmon Street, Port Melbourne, VIC

Diam International has agreed to a five-year deal over the 1,505 sqm warehouse which has a 300 sqm showroom, and will pay $248,490 per annum net to owner GPT Group.

Key Industry Park, Keysborough, VIC

Sydney-based Construction Machinery Australia has leased a 399 sqm office and warehouse in the Park at $113 per sqm net, while GNS Wholesalers pay $90 per sqm for a new building on a 4,410 sqm site.

Columbia Court, Dandenong South, VIC

Romak Hardware Distributors will move from Keysborough to the 3,041 sqm two-level office and warehouse, paying $90 per sqm to Goodman.

4-6 Fitzgerald Road, Laverton North, VIC

The 4,924 sqm site has a building with around 1,800 sqm of warehouse space and a 340 sqm office, and was traded between private investors for $2.7 million, at a 6.8% yield.

142 Wicks Road, Macquarie Park, NSW

MGT Private Investments acquired the 3,155 sqm site, which has a 2,285 sqm office and warehouse building, from Goodson Calcultors for $8.25 million.

1-3 Kenoma Place, Arndell Park, NSW

An industrial hire business will move onto the 2,683 sqm site, which has a 570 sqm building, after buying it from a private owner for $2.7 million.

Unit 7, 23 Bowden Street, Alexandria, NSW

Kopari Plant Hire sold the two-level, 427 sqm free-standing strata unit, with four on-site car spaces, to a private owner occupier for $2.8 million.

5/2 Stoddart Road, Prospect, NSW

Living World Church sold the unit, which has a 275 sqm warehouse and 88 sqm office as well as six car spaces, to private investor Irene Ryan for $700,000.

19 Cavasinni Place, Wetherill Park, NSW

Global manufacturer Bauer Kompressoren has inked a five-year lease with options over the 2,264 sqm site at $129 per sqm net from a private owner.

1256 Armadale Road, Armadale, WA

Two showroom units of 382 sqm and 395 sqm have been leased to Autobahn at $85,950 per annum and Bridgestone at $98,750 per annum respectively for their expansions, both over five years.

Residential

Sutherland Avenue, Ascot, QLD

Don Meij, chief executive of Domino’s pizza, sold the six-bedroom trophy home in Brisbane’s north-east in an off-market deal for $11 million, two years after buying it for $8.615 million. It is on a 2,024 sqm site with an outdoor kitchen and entertaining space, infinity-edge pool, and large verandahs.

Princes Highway, Kogarah, NSW

Private house owners have banded together to sell a string of sites in one-line after an LEP residential rezoning. Ausunion Investment paid $9.8 million for five sites at 176-184 Princes Highway covering 2,491 sqm with potential for 56 apartments; Truland Development paid $10.8 million for 3,077 sqm 186-190 Princes Highway and 2-6 Lacey Street site with plans to build around 70 apartments; and Shinecorp Developments bought adjoining property at 198-200 Prices Highway over 1,060 sqm for $4.8 million to build 22 high-end apartments.

33 Chandos Street, Ashfield, NSW

A private developer paid $3.427 million for the 697 sqm development site, which has approval for a boarding house.

12-14 Little Riley Street, Surry Hills, NSW

Private investors traded the 217 sqm two-storey warehouse site at $2.7 million with vacant possession and a permit for a boarding house of 29 self-contained rooms, a common room and manager’s room.

12 Stanley Street, Kogarah, NSW

Poly Australia won out from Sydney developer Level 33 at the auction of the 204 sqm residential site, with a $1.51 million bid. It acquired six adjoining houses in one-line last year at 14-24 Stanley Street for $22.473 million, and has plans for a 100-apartment project on the site. The developer investor is backed by Poly China. Around the same time, Level 33 had completed its 24-month, $37 million mission to acquire 15 homes on the southern side of Regent Street, for four separate buildings with a total of 300 apartments. Among its properties in the vicinity are the 2-8 Stanley Street sites, which it paid just over $10 million for last year, and it reportedly purchased 10 Stanley Street more recently.

187 Warringah Road, Beacon Hill, NSW

Northern Contracting Group paid $2.35 million to a private investor for the 1,039 sqm site, which has approval for 19 studio apartments.

Hotel & Hospitality

161 Brisbane Street, Dubbo, NSW

Private purchaser Ben Lawler acquired the recently refurbished The Commercial Hotel from private owners Brett Harvey and Greg Pilon for $5 million. It is on a 1,631 sqm site and has a bar, bistro, function, gaming room and beer garden and returns revenue of $84,000 per week on average.

6 Steinton Street, Manly, NSW

A local operator has acquired the Manly Guest House from M&D Chapman P/L for $4.7 million. The 259 sqm site has a three-level, 19-room building of 435 sqm with 51 beds, including single, double, twin, trio and family rooms.

Aged Care, Health Care, Social Services

570 Picton Road, Wilton, NSW

Wollongong Catholic Dioceses acquired the 44.14-hectare site for $17.34 million with plans for a new school. The property is near the proposed Wilton New Town development.

Australian Property Journal