MARKET MOVES
VENDOR/ PURCHASER AGENCY
PORTFOLIO
DESCRIPTION
SALE $
$95 million
Sydney
Bob Ell and his Leda Holdings investment and development company have sold a portfolio of three properties to the recently established Pittwater Industrial, with the deal being headlined by the $66.75 million sale of 247 King Street in Mascot. The King Street site is home to nine office and warehouse buildings over two-storeys, and its sale reflects a 2.7% yield. Additionally, the transaction includes a 3,993 sqm Eastern Creek property, and a 5,771 sqm in the western suburb of Smithfield.
V: Leda Holdings P: Pittwater Industrial
Colliers’ Gavin Bishop, Sean Thomson, Trent Gallagher and Paul McGlynn
QLD
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
189 Grey Star, South Brisbane
The site is one of only seven office buildings in Brisbane’s Southbank, one of the city’s most tightly held markets for office space. CBRE’s Tom Phipps explained that buyer Marquette had repeatedly enquired about purchasing the property, targeting it as they believed the vendor, Mirvac, would be willing to divest the property as it is a smaller asset compared to other properties that they have recently been engaged with. The freehold going concern of North Stradbroke Island’s only pub has been sold by developer and investor Bob Hill. The hotel is positioned on a 3,267 sqm site, and features a main bar, bistro, beer garden, gaming room, function room and bottle shop. The offering is made complete with 15 hotel rooms as well as caretaking and letting rights for the luxury apartment complex that sits adjacent to the hotel. KWB Group has sold 97 Trade Street in the riverside suburb of Lytton to a private buyer, with the industrial asset being traded on condition of a leaseback to the Group. The property contains 1.08-hectares, with a 6,000 sqm warehouse residing on the site. The facility possesses two recessed loading docks, a production line, showroom, in addition to 600 sqm’s of office space. A 2,155 sqm two-storey building at 420-422 Sheridan Street in Cairns North has sold. The building was purpose-designed and built for the Australian Federal Police, and is leased to the AFP on a fifteen-year lease, with multiple options to 2039. The Black Nugget at 81 Mills Avenue is the sixth asset in the Sentinel Northern Australia Investment Fund, and was sold by a private investor. The complex contains five buildings, including the hotel, three motel buildings comprised of 28 rooms, and a manager’s house. The pub features a public sports bar, gaming room, function room, beer garden, bistro and commercial kitchen, amongst other amenities. A 23-storey Brisbane office tower has been acquired by Real Estate Management (RAM), in a $141.1 million transaction that sees the ASX-listed real estate investment trust Growthpoint offload the 16,301 sqm NLA commercial asset for a yield over 7%. 333 Ann Street is fully occupied, and features tenants like the federal government and a variety of superannuation groups. Childcare continues its upwards ascendance after the impressive sale of a 2,000 sqm property at 2A Tournament Drive. Given the site’s proximity to the Woolworths-anchored Brookwater Village Shopping Centre and the Brookwater Office Park, the new owner has declared an intention to construct a two-storey retail development on the site, which is to include a childcare centre. Busy Bees Early Learning Australia have already committed to the 130-place childcare centre for a total of 25 years. Centuria Capital Group has acquired an industrial facility in Mackay that features 13,843 sqm and is currently occupied by Blackwoods, a subsidiary of the ASX-listed Wesfarmers. Positioned at 69-79 Diesel Drive, the property features a ground floor retail showroom, two floors of office space, a distribution warehouse, and a dangerous goods facility. The property has a net passing income of $2,680,953 (approximately). The property has an existing development approval that promises to deliver a three-tower mixed-use precinct that contains over 400 residential apartments and a 4,500 sqm retail and dining precinct. Originally known as Cleveland House back in the early 1850s, The Grand View has become a cornerstone of the Redland Bay region, and the new owners intend to revamp the historical venue with a multi-million-dollar refurbishment.
V: Mirvac P: Marquette Properties
CBRE's Tom Phipps
$104 million
The Stradbroke Island Beach Hotel, Point Lookout
V: Bob Hill P: Good Time Group Holdings
JLL's Tom Gleeson
Undisclosed
97 Trade Street, Lytton
V: KWB Group P: Private buyer
Savills' Shaw Harrison
$16 million
420-422 Sheridan Street, Cairns North
V: Victorian-based investor P: New South Wales- based investor V: Private investor P: Sentinel Property Group
$17 million
Knight Frank Queensland’s Christian Sandstrom and Greg Wood, in conjunction with CBRE Cairns' Danny Betros
The Black Nugget, 81 Mills Avenue, Moranbah
Pat O'Driscoll Real Estate
$8 million
333 Ann Street, Brisbane CBD
V: Growthpoint P: Real Estate Management (RAM)
CBRE's Bruce Baker and Peter Chapple $141.1 million
2A Tournament Drive, Brookwater
Knight Frank’s Christian Sandstrom
$3.35 million
P: Raw Property Studio Services Pty Ltd.
$35.5 million
69-79 Diesel Drive, Mackay
P: Centuria Capital Group
Colliers' Simon Beirne
Circa $70 million
19 Hercules Street, Hamilton
V: Wentworth Equities P: Descon Group Australia
Direct
Undisclosed
The Grand View Hotel, Cleveland
P: Kickon Group
JLL's Tom Gleeson
18 –Summer 2022/2023
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