THE PROPERTY DEVELOPMENT REVIEW
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QLD
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
The Lord Stanley Hotel, East Brisbane
Comprising approximately 5,500 sqm of freehold land, 40 gaming machines, function space and a beer garden, the site has major upside for the new owners, particularly in light of the Olympic Games being hosted in the Sunshine State’s capital in 2032. The 22,000 sqm site at 140 Anton Road is securely fenced, and situated within a sought-after industrial precinct that is experiencing the same kind of demand that the rest of the I&L sector across Australia is feeling. JVL Investment Group has acquired the HomeCo. Sunshine Coast shopping centre in Maroochydore from the HomeCo Daily Needs (HDN) REIT, shortly after HDN forecasted lower earnings for the current financial year, in part due to rising borrowing costs. HDN considered HomeCo. Sunshine Coast a “non-core” asset, allowing them to divest the property. Two buildings recently restored to an A-Grade standard have sold to a Brisbane- based private investor for $46.6 million. 159 Coronation Drive and 5 Cribb Street, located in the Brisbane suburb of Milton, possess 3,624 sqm of riverfront land area, as well as an occupancy rate of 100%. Tenants in the two buildings include a mix of eight global, national, and local organisations. The Rainbow Beach Shopping Centre in Rainbow Beach, QLD, has sold for $4.43 million at an auction, generating a 7.32 per cent fully let net yield. The centre is anchored by a high-traffic IGA supermarket, which has had its lease renewed for a further five years to 2027. Alongside the IGA outlet, the supermarket offers six specialty stores, five of which are currently leased. Located in the heart of Teneriffe, one of Brisbane’s most affluent suburbs, the Willoughby and Co. Woolstores building at 130 Commercial Road offers 4,097 sqm of character office and retail space occupied by high calibre tenants, including one of Brisbane’s preeminent radio stations, NOVA 106.9. A retail centre at 8-12 Wild Mint Drive in Queensland’s Flagstone has sold to a local investor for $25.35 million, reflecting a 5.4 per cent net passing yield. The complex resides on 1.27-hectares, and is comprised of three adjoining properties that include a convenience retail centre, 7-Eleven and Red Rooster outlets, and a health precinct. Altogether, the property features a lettable area of 2,878 sqm. With 695 sqm of land area and 720 sqm of building area, the property contains a notable allocation of space. It was sold half vacant to an entity which includes soon- to-be partial owner occupiers, Performance Property Advisory, who are relocating their Perth office from the CBD. Existing tenants include Ticketek, Zephyr Wealth and a new incoming tenant – FS8.
V: Hotel Property Investments and Australian Venue Co P: Hakfoort Group
$20 million
JLL Hotels & Hospitality’s Tom Gleeson
140 Anton Road, Hemmant
P: RF CorVal
Cushman & Wakefield’s David Gibson and Bevan Galloway
$14.3 million
HomeCo. Sunshine Coast
V: HomeCo Daily Needs REIT P: JVL Investment Group
JLL's Sam Hatcher and Nick Willis
$140 million
159 Coronation Drive and 5 Cribb Street, Milton
CBRE's Jack Morrison and Adelaide O'Brien
V: Wallum Partners P: Brisbane-based private investor
$46.6 million
Rainbow Beach Shopping Centre, Rainbow Beach
Direct
$4.43 million
Ray White Commercial's Michael Feltoe, Paul Butler, Lachlan O’Keeffe, and David Brinkley.
130 Commercial Road, Teneriffe
V: Centuria Capital Group's Primwest P: Vantage Property Investments
CBRE’s Jack Morrison and Adelaide O’Brien in conjunction with Cushman & Wakefield’s Mike Walsh, Peter Court, and Frederic Le Fanue
$28.65 million
8-12 Wild Mint Drive, Flagstone
V: Offshore investor
$25.35 million
Savills' Peter Tyson and Michael Harcourt
335 Churchill Avenue, Subiaco
$4.225 million
V: Beachwalk Pty Ltd P: Page Performance Pty Ltd
LJ Hooker Commercial Perth's Jack Bradshaw
SA
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
Adelaide Hospitality Portfolio
V: The Lodge Hotel - Independent Pub Group; The Aussie Inn - Hackham Community Sports and Social Club P: Harvest Hotels
The Lodge Hotel - TJ Board and Sons' Terry Board; The Aussie Inn - TJ Board and Sons' Terry Board, in conjunction with JLL's John Musca
Fund manager Harvest Hotels has acquired The Lodge Hotel in Brahma Lodge, as well as Hackham’s The Aussie Inn. The Aussie Inn was sold by an Adelaide private syndicate, and comes equipped with 40 gaming machines, a bar, bistro, beer garden and TAB facilities, as well as an attached Thirsty Camel bottleshop, all across a 1.3-hectare site. The Lodge Hotel is situated on a 12,000 sqm landholding, and contains 34 gaming machines. Specific sale figures for either property have not been disclosed. Charter Hall has spent a record sum for a South Australian pub whilst acquiring The Emu Hotel in Morphett Vale, a pub with adjoining bottleshop that sits on a 7,300 sqm site. It includes a bistro, sports bar, gaming room, and two bottleshops, one of which is located in the Morphett Vale Shopping Centre. The 17,000 sqm site is situated in a prominent inner west industrial location at 336-346 Richmond Road, close to South Road and 6km from the Adelaide CBD. The buyer, Buildtec, has unveiled plans to develop a new industrial estate at the address. 1-7 Napoleon Street in Cottesloe has sold for $4.825 million, generating an investment yield of 4%, which serves as a record for the 40-shop, cosmopolitan retail strip the property is a part of. The 382 sqm landholding includes the renowned and well-established Vans café/bistro, and Esola Jewellery, which has occupied the premises since the 90s.
$50 million
The Emu Hotel, Morphett Vale
JLL's John Musca
V: GM Hotels Group P: Charter Hall
$32 million
$10.25 million
336-346 Richmond Road, Netley
P: Buildtec
CBRE's Anthony De Palma and Jordan Kies
$4.825 million
1-7 Napoleon Street,Cottesloe
V: Reid Nominees Pty Ltd P: Jasara Nominees Pty Ltd
Jack Bradshaw and Vincent Siciliano, from LJ Hooker Commercial Perth
September / October 2022 – 29
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