Issue 44 | The Property Development Review

MARKET MOVES

VIC

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

An 85,000 sqm business park in Melbourne has been offloaded by Dexus, in a deal that reflects a 7.4% premium from its December 2022 valuation.

V: Dexus P: Gateway Capital

Cushman & Wakefield's Tony Iuliano and Adian Rowse

$306.2 million

307 Gilby Rd, Mount Waverley

Colliers' Tim McIntosh, James Wilson and Mike Crittenden in conjunction with Stonebridge Property Group's Justin Dowers, Kevin Tong and Phillip Gartland

The Chirnside Lifestyle Centre, has been acquired by IOOF Investment Services Ltd for its AM Property Plus trust, part of the Direct Property Portfolio managed by MLC Asset Management, the investment division of Insignia Financial Group.

266-268 Maroondah Highway, Chirnside Park

V: Dexus P: Gateway Capital

$50.4 million

A private investor purchased the 5,916 sqm Genesis Health and Fitness Centre with a 12-year lease.

Burgess Rawson’s Justin Kramersh $7.75 million

15-21 Coburns Road, Brookfield

P: Private Investor

Circa $20 million

A substantial 19,339 sqm industrial freehold site that holds a tenancy income of $986,000 sold, after an expression of interest campaign that garnered 149 enquiries.

Lemon Baxter's Paul O'Sullivan and Chris Chartres

440 Princes Highway, Noble Park

P: Interstate Investor

A large 1,170 sqm landholding with a 20-unit apartment complex in the lifestyle hotspot of Thornbury has sold for the first time in 60 years.

V: Private Family P: Sydney-Based Buyer

Fitzroys’ Mark Talbot and Ervin Niyaz

$3.53 million

12 Dundas Street, Thornbury

After being on the market for the first time in 20 years 212 sqm penthouse and rooftop, known as Rochelle House, sold after sales campaign that saw over 80 enquiries.

Colliers' Matt Stagg and Christian Hatzis

$2.1 million

415 Bourke Street, Melbourne

P: Local Barrister

A prominent project management firm secured five top-floor suites at Australia's first 5-Star Green Star commercial strata office building, featuring an open-air atrium and internal louvres providing natural light and natural ventilation.

P: Facility Management Victoria

Level 4, 838 Collins Street, Docklands

$1.92 million

Colliers' Christian Hatzis

The 3,400 sqm Brighton Savoy Hotel sold, and will be redeveloped into a $120 million apartment and townhouse project.

V: The Lee Family P: Robert Brij

Knight Frank's James Thorpe, Stephen Kelly and Langton McHarg

Undisclosed

150 Esplanade, Brighton

175 Waverley Road, Mount Waverley

An expansive 2,258 sqm corner landholding with a 90.52-metre frontage and holding income of $89,000 net p.a. sold.

Burgess Rawson’s Matthew Wright and Zomart He

$4.54 million

P: Local Investor

V: Well Smart Investment Holdings P: Legend Land

399 Little Lonsdale Street, Melbourne

In one of the largest hotel deals of the decade, Australia's first double branded hotel, the Novotel and ibis Melbourne Central sold in an off-market transaction.

CBRE Hotels' Wayne Bunz and Scott Callow

$170 million

Colliers’ Daniel Telling, Nick Saunders and Hugh Gilbert together with transaction advisor David O’Callaghan from O’Callaghan Commercial

A 6,733 sqm modern distribution centre sold with a 5-year lease generating $706,955 net income p.a., with the final sale price representing a 4.8% yield.

$14.6 million

58-54 Burns Road, Altona

P: Private Investor

A 2.92Ha land site sold with PSP approval within the Cranbourne East PSP for residential, with a permit aprroval for 54 lots in an off-market transaction.

V: Private Victorian Family P: Solovey

RPM's Zaynoun Melham and Ed Wright

$7.425 million

4 Nelson Street, Cranbourne East

The home of a late-night mainstay on Smith Street which comprises of a three-storey 170 sqm freehold building with a ground-level takeaway kebab restaurant bringing in a rental income of $67,237 p.a. sold.

V: Private Investor P: Private Investor

Fitzroys' Shane Mills and Ervin Niyaz

$1.7 million

74 Smith Street, Collingwood

49-61 Curzon Street & 579-599 Queensberry Street, North Melbourne

The heritage church built in 1879, at which the Labor Party split for the third time in 1955, sold along with its manse, terraces halls and an office.

V: The Uniting Church of Australia

JLL's Jesse Radisich, Josh Rutman, MingXuan Li and Nick Peden

Undisclosed

V: Cadence Property Group & Linkage Property P: Frasers Property Industrial

CBRE's Tom Hayes and Daniel Eramo, in conjunction with Savills' Michael Wall and Anthony Cannizzaro

$87 million

50-70 Kinloch Court, Craigieburn

A 41-hectare industrial land parcel with over 33-hectares of net developable area sold.

14 –July / August 2023

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