THE PROPERTY DEVELOPMENT REVIEW
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NSW 4-6 Wandella Road, Miranda
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
The Coles-anchored Lederer Shopping Centre in Miranda, situated on a 4,600 sqm site at 4-6 Wandella Road, has been sold. The Coles outlet at the property takes up 3,300 sqm of the property, with the remaining retail space leased by over a dozen specialty stores. Paul Lederer has sold the 1.42-hectare site formerly known as the Kibbleplex Shopping Centre in New South Wales’ Gosford. Listed back in March of 2022, the 14,192 sqm property at 136-148 Donnison Street was presented to the market as permit-ready for a mixed-use project.
JLL’s Nick Willis and Sam Hatcher
V: IP Generation P: Woolworths
$68 million
136-148 Donnison Street, Gosford
V: Paul Lederer P: Raj and Jai Construction
Colliers’ Jon Chomley and Eugene White
Undisclosed
The Highlands Hotel, Mittagong
The Highlands Hotel in the Southern Highlands’ Mittagong has been offloaded to an unnamed purchaser who reportedly intends to renovate the hotel. The three-storey building stands atop a significant 1,461 sqm land parcel, and features a public bar, lounge seating, bistro, commercial kitchen, freestanding cottage and a cocktail bar. N/A
Manenti Quinlan & Associates' Leonard Bongiovanni
Undisclosed
94 David Road, Castle Hill
A development approved childcare site situated within the education rich precinct of Castle Hill has been sold after an extensive marketing process that generated 126 enquiries and 6 qualified offers. A local buyer secured the 900 sqm landholding at 94 David Road for $3.355 million, equating to $64,519 spent per approved place. The 4,053-hectare property located near Tamworth will now serve to further bolster purchaser AAM’s signature Diversified Agriculture Fund (ADAF). The asset was offloaded by the Vickery family, who have held the landholding for nearly 150 years. The seven-bedroom property provides accommodation for a maximum of 16 guests, and contains a working vineyard. According to reports, the purchasers are intending to continue operating the property with holiday accommodation as the central focus, all the whilst they look to attain approval for a function centre on the site. Justin Hemmes has acquired 379 Enmore Road in Marrickville for just north of $10 million, taking hold of the property that sits next door to his Vic on the Park Hotel at 2 Addison Road. The property contains a Metro Petroleum outlet, and was offloaded by the Hatzivasiliou family, who had owned the block since 2001. Hemmes has not provided commentary, but expectations are that the property will be redeveloped to contribute to the expansion of The Vic on the Park.
P: Local buyer
Burgess Rawson’s Michael Vanstone and Sophie Herdegen
$3.355 million
Bective Station, West Tamworth
McCulloch Agencies' Daniel McCulloch Undisclosed
V: Vickery family P: AAM
$4.2 million
Gabriel's Paddocks
V: Chris Anderson / P: Doltone House
Jurd's Real Estate's Dan Jurd
V: Hatzivasiliou family P: Justin Hemmes
$10.15 million
379 Enmore Road, Marrickville
Direct
Circa $9 million
Smithfield Square, Smithfield
The 5,500 sqm neighbourhood shopping centre is currently anchored by a full-line Coles supermarket that contains 15+ specialty retailers and over 200 parking spaces.
P: REVELOP
Direct
Undisclosed
Lookout Mountain Retreat, Dorrigo Mountain
Lookout Mountain Retreat is a twenty-six room hotel, that contains an eighty-seat restaurant with conference event capability and stunning views across its six-hectare land holding.
P: Anthony Parmenter
HTL Property’s James Carrick and Nic Simarro
$30.5 million
Chelsea Hotel, Chatswood
The hotel sits opposite the entrance to Chatswood Station, and offers 30 gaming machines, a bistro, and both a bistro bar and public bar. Additionally, the property has DA approval for a beer garden deck; this comes in tandem with the local council’s recent approval to extend the trading hours from 1am to 4am, demonstrating major upside for the new owners. Hancock Agriculture has acquired three properties in Wee Waa, including the 2,982-hectare Cudgewa landholding, as well as Pindara and Pian Plain. The aggregation, which totals a collective 6,856-hectares, was purchased from the Findley family, and features a sizable water entitlement, empowering cotton production on the sites. Hancock Agriculture owns approximately half a dozen assets in the Wee Waa locality, including the 3,900-hectare Warrabah Station. The business is run by one of Australia’s most wealthy individuals, Gina Rinehart. One of the country's most well-renown industrial and office investment trusts, Dexus Industria REIT (DXI), has sold out of 1A and 1C Homebush Bay Drive in New South Wales’ Rhodes, to realise $160.5 million that will be utilised to repay debt. Both buildings are situated in the Sydney Olympic Park, and feature 14,632 sqm and 10,406 sqm in NLA, respectively.
V: Gallagher Hotels
JLL's Ben McDonald and John Musca
Circa $150 million
Cudgewa Aggregation, Wee Waa
V: Findley family P: Hancock Agriculture
Direct
$160.5 million
1A & 1C Homebush Bay Drive, Rhodes
V: Dexus Industria REIT (DXI)
Direct
$124 million
Plumthorpe Aggregation, Barraba The historic Plumthorpe Aggregation in northern New South Wales has been offloaded by a consortium which features prominent names like Robert Gascoyne-Cecil, the Siddle family, and former Wallaby Tim Gavin. Whilst the buyer remains undisclosed at this time, Chris Meares from Meares & Associates did confirm that the acquiring party was an already established name in the cattle farming industry. Given the sale features Plumthorpe's 6,300 breeding herd, that experience should come in handy.
V: Robert Gascoyne- Cecil, the Siddle family, Tim Gavin
Hart Rural Agencies' Charlie Hart, in conjunction with Meares & Associates' Chris Meares
Summer 2022/2023 – 19
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