MARKET MOVES
NSW
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
Bar Broadway Hotel, Chippendale
Bill Young has secured the Bar Broadway Hotel, a Sydney city fringe hospitality asset. Equipped with 28 gaming machines, a 24-hour hotel licence with a 3-hour shutdown, a bar, and two levels that feature 36 accommodation beds, Bar Broadway is a legitimate entertainment repository. The sale included both the freehold and the leasehold interests of the hotel, for the first time in nearly two decades; the freehold was offered by Jenni Halpin, whilst the leasehold was held by Kasajumi Holdings. The 1,696 sqm site was acquired with DA for the construction of 61 oversized residential apartments and 861 sqm of ground floor retail/commercial accommodation. The former home to acclaimed restaurant Golden Century has been sold to developer Anson Group. The four-storey, 708 sqm property is expected to be redeveloped in the long term, with retail, office and accommodation possibilities being floated. For the time being, the developer will likely lease out the vacant space. Located in a sought-after precinct in Sydney’s northern market, the 1.57-hectare 22 Narabang Way has been acquired. Comprised of 4,788 sqm in gross lettable area, the investment “represents another strategic acquisition for Pittwater Industrial, and adds to [their] portfolio of quality assets,” according to the group. The seven-storey A-Grade commercial office and retail complex has a total net lettable area of 9,171.6 sqm, and sits on a 3,754.7 sqm landholding. Fully leased and possessing a 5.0 Star NABERS Energy Rating, the listing was a popular one, generating more than 80 enquiries. The 1,012 sqm site was sold with development approval and a construction certificate in place for a 45-place childcare centre. The final figure represents a land rate of $65,555 per childcare place, further illustrating the investor appetite for quality ELC assets. The site at 35D Sefton Road is comprised of 1,402 sqm in land area, and carries development approval for a 71-place early learning childcare centre. The sales value represents $53,592 outlaid per place. Sydney’s Sir Stamford at Circular Quay has been divested by Stamford Land Corporation to private principal investment firm JDH Capital via an exercisable option agreement between the two organisations. The hotel is a 1,631 sqm freehold 10-storey hotel that contains 105 bedrooms, a restaurant, bar, roof-top fitness centre, a pool, and parking for 109 cars. The 852 sqm landholding is considered a gateway site at the entry point of Lane Cove Village, and contains 27 gaming machines in conjunction with a 3am trading approval, enabling it to produce weekly revenue in excess of $160,000. The freehold passive investment pub enjoys annual rent of approximately $273,498, and the current lease has 20 years remaining. The purchaser, a local investor, is attracted to the stability of the investment, as well as the 10 gaming entitlements afforded by the site.
JLL Hotels & Hospitality’s John Musca and Ben McDonald, in conjunction with Knight Frank’s Mike Wheatley
V: Freehold - Jenni Halpin; Leasehold- Kasajumi Holdings / P: Bill Young
$37 million
41 Broadarrow Road, Narwee
V: Costas family / P: Local service station investor
Knight Frank’s Anthony Pirrottina and Demi Carigliano Savills’ Jordan Lee and Andy Hu, in conjunction with JLL’s James Aroney and Linda Ko Colliers’ Gavin Bishop and Sean Thomson, in conjunction with Upstate’s Vincent West and Oliver Rosati Knight Frank's Ben Mostyn, Dominic Ong, James Mulcair, and Tyler Talbot
$8.3 million
393-399 Sussex Street, Haymarket
P: Anson Group
$50 million
22 Narabang Way, Belrose
V: EG's Private Wealth / P: Pittwater Industrial
$26 million
90 Crown Street, Wollongong
$65 million
V: Avari No. 15 Pty Ltd / P: Private Singaporean investor
$2.95 million
60 Park Street, Peakhurst
V: Steve Kon / P: EK Living Pty Ltd
Knight Frank's Anthony Pirrottina and Demi Carigliano
Direct
$3.805 million
35D Sefton Road, Thornleigh
Colliers' Jordan McConnell and Paul McGlynn
$210.5 million
Sir Stamford at Circular Quay, Sydney
V: Stamford Land Corporation / P: JDH Capital
Direct
Circa $50 million
Longueville Hotel, Lane Cove
V: The Campion family / P: Gallagher Hotels
JLL’s John Musca and Ben McDonald
Undisclosed
Star Hotel, Macksville
V: Ross Simpson / P: Local investor
HTL Property's Blake Edwards
Circa $100 million
The Rydges Sydney Harbour, The Rocks The Rydges Sydney Harbour hotel has been divested by New Landmark Hotels in a sale to Crystalbrook. The hotel, situated on a 1,825 sqm site, is comprised of 176 rooms spread across two buildings, and brings Crystalbrook’s total room count to approximately 1,500.
V: New Landmark Hotels / Crystalbrook
Colliers’ Gus Moors, Karen Wales, and George Hudson
$110 million
The Woolstores, Alexandria
The City of Sydney has successfully transacted for The Woolstores complex in Alexandria. The site is comprised of three restored heritage-listed wool sheds that have been reinvented as creative office spaces. Hospitality and resort sales specialists ResortBrokers have managed the sale of Port Macquarie stalwart Mantra Quayside, generating a reported $10 million sum for the landholding. With waterfront and CBD views, the property contains a total of 42 units, and attracted major interest.
V: RF CorVal / P: The City of Sydney
Cushman & Wakefield’s Steven Kearney and Mark Hansen in conjunction with Colliers’ Michael Crombie and Adam Woodward ResortBrokers' Trudy Crooks and Greg James
Direct
Circa $10 million
Mantra Quayside, Port Macquarie
WA
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
1-7 Holmes Street, Southern River
Westbridge Funds Management have acquired a Dan Murphy’s-anchored, south Perth retail asset in the suburb of Southern River. The property at 1-7 Holmes Street contains 1.074-hectares, with approximately 62 per cent of the income for the property being produced by the Dan Murphy’s outlet.
$20.25 million
P: Westbridge Funds Management
Direct
28 – September / October 2022
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