THE PROPERTY DEVELOPMENT REVIEW
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VIC
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
$7.288 million
Witches in Britches, West Melbourne
The iconic Witches in Britches theatre restaurant in West Melbourne has sold to the Australian segment of Jinding, after a competitive Expressions of Interest process. The sales process generated over 150 registered buyers and 6 formal offers, despite a short-term lease for the occupying business and a height limit of 4 levels.
P: Jinding
JLL's Nick Peden, Josh Rutman, Tim Carr, and MingXuan Li, in conjunction with CVA Property Consultants’ Ian Angelico and Jarrod Moran Colliers’ Andrew Ryan, Alex Browne, and Alexander Leggo
$3.9 million
10-12 York Street, South Melbourne
Situated atop a 344 sqm parcel of land, the refurbished office building at 10-12 York Street is zoned for Mixed-Use, and features 16 metres of frontage to York Street. With easy access to some of the area's most enviable public transport options, the property has inimitable access to the fringe suburb's best amenities. N/A
SA
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
5 Woodlands Terrace, Edwardstown
N/A
Knight Frank’s David Ludlow and Marco Onorato
The 415 sqm office/warehouse at 5 Woodlands Terrace is fully leased to perforated metal sheet manufacturer Rapid Perforating, with the tenant occupying the facility since construction was completed in 2020.
$1.3 million
Brickworks Marketplace, Torrensville The Woolworths-anchored large format retail investment was completed in 2015 by Woolworths, who then sold the site on to Charter Hall. The centre contains 17,160 sqm in NLA and features major national tenants like Woolworths, Big W and Dan Murphy’s.
Direct
V: Charter Hall's Retail REIT and Telstra Super P: FRP Capital
$85 million
ACT
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
Geoscience Headquarters, 101 Jerrabomberra Avenue, Symonston
V: Real IS P: Charter Hall
Colliers’ Paul Powderly, Matthew Winter, Adam Woodward and James Mitchell, in conjunction with JLL’s Tim Mutton, Luke Billiau and James Barber
The property was sold by German investment manager Real IS, who acquired the site back in 2006, and contains a specialised life sciences complex featuring 32,659 sqm in net lettable area across three separate buildings that include offices, specialised laboratory and storage, warehousing, childcare facilities and parking for 652 vehicles. The sales figure represents a record for a commercial property transaction in the ACT.
$363.5 million
2 Paspaley Street, Hume
Burgess Rawson’s Rhys Parker, Guy Randell, and Geoff Sinclair
A 12,707 sqm industrial asset in Hume, currently occupied by Australia’s largest glass producer, has been sold. 2 Paspaley Street contains a purpose-built 4,060 sqm industrial facility that was constructed in 2016, and the property’s security is supported by a 10-year lease to tenant Viridian that features options to 2042. N/A
$11.015 million
WA
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
108 Marine Terrace, Fremantle
A private investor from Western Australia has acquired 108 Marine Terrace in Fremantle; a well- positioned site with access to one of the area’s preeminent commercial, tourism, food & beverage precincts. The property’s Mixed Use – R35 zoning allows for future development and value creation opportunities, and possesses 1,924 sqm of space. The site was presented for sale by JLL on behalf of the vendor, Vantage Property Investments. The 51-storey tower is being purchased from the global asset manager Brookfield, and contains 38,332 sqm of NLA. Complemented by the three-storey, heritage-listed Palace Hotel, 108 Georges Terrace is exposed to all of the best amenities the CBD has to offer.
$3.8 million
V: Vantage Property Investments
JLL's Ross Palframan and Sean Flynn
$339.75 million
108 Georges Terrace, Perth CBD
V: Brookfield P: Realside Financial Group and Lendlease's Real Estate Partners 4
Direct
TAS
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
1 Civic Square, Launceston
1 Civic Square, referred to as Henty House, has been offloaded by the Sydney-based Strada Group, who have held the asset for more than 15 years. Acquiring it is a Melbourne-based syndicator, who were attracted to the site’s secure tenancies; the five-storey building was built specifically for the Tasmanian government in the 1980s, and is currently occupied by both state and federal government branches. Comprised of 4,678 sqm of net lettable area, the property produces over $1.523 million in annual income.
CBRE’s Tom Ryan and Scott Orchard, in conjunction with Edwards Windsor's Tim Johnstone and Scott Alexander
$22.53 million
V: Strada Group P: Melbourne-based syndicator
NZ
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
Stamford Plaza, Auckland
JLL has helped manage the sale of the Stamford Plaza Auckland, the largest ever single hotel asset in the country’s history. The property was acquired by a consortium consisting of the CP Group, the biggest hotel owner in New Zealand, in association with global investment firm Alvarium Investments and Archipelago Capital. JLL’s Nick Thompson helped finalise the deal, and he believes that this transaction is demonstrative of the New Zealand hotel market’s recent resurgence.
NZ$170 million
P: CP Group, Alvarium Investments, Archipelago Capital
JLL's Nick Thompson
Summer 2022/2023 – 21
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