Issue 52 | The Property Development Review

MARKET MOVES

VIC

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Goodman Group has successfully offloaded a substantial portfolio of 12 assets spread across 70 hectares. Purchased by RestSuper and US-based global investment firm Barings, who moved into the Australian commercial market in 2022. Owner-occupiers continue to dominate Melbourne’s sub-$5 million industrial market, with multiple businesses competing at the auction of a versatile inner-north warehouse facility.

V: Goodman Group P: RestSuper & Barings

$780 million

Various, Melbourne & Sydney

Direct

2-4 French Street, Coburg

V: Private Owner P: Local Owner-Occupier

Fitzroys' Marco Sandrin and Brent Glassford

$2.33 million

Speculated Circa $100 million

Centuria Capital expanded its agriculture portfolio with the purchase of Katunga Fresh's 21-hectare glasshouse facility in Northern Victoria, taking Centuria's total agriculture assets under management to $650 million.

V: Katunga P: Centuria Capital Group

Katunga

Direct

Stonebridge's Rorey James, Dylan Kilner and Chao Zhang, in conjunction with Link Property Business Brokers' Steven Mostafa and Nadia Polzella

ASX-listed Abacus Storage King has purchased an 11,760 sqm industrial site in Melbourne's South East. The property was formerly the home of Mr Donut, who had occupied the site since 2004, which holds a 5,268 sqm warehouse that includes cold storage and food processing facilities along with office amenities.

292-306 Lower Dandenong Road, Mordialloc

$13 million

P: Abacus Storage King

V: James Fagan & Bernard Corser P: Local Pricate Investor

Circa $6 million

42 Fitzroy Street, St Kilda

A local private investor has purchased St Kilda’s Tolarno Hotel for circa $6 million after 30 years of ownership by James Fagan and Bernard Corser.

CBRE’s Scott Callow and Nathan Mufale

A premium medical asset in Dandenong has sold reflecting a sharp yield of just 3.55%. The fully leased medical facility features a brand new 20-year lease to Monash Health until 2044.

Burgess Rawson's Jamie Perlinger, Zomart He, Justin Kramersh, and Rob Selid Burgess Rawson’s Beau Coulter and Natalie Couper, in conjunction with Gagliardi Scott Real Estate's Rocky Gagliardi

1480-1492 Heatherton Road, Dandenong

$11.68 million

Undisclosed

79 Old Dookie Road, Shepparton

An international investment group has purchased an industrial asset in Victoria’s booming regional town of Shepparton, reflecting a sharp yield of 5.89%.

P: International Investment Group

$7 million

2 Pink Hill Boulevard, Beaconsfield

An early learning investment sold with the final price reflecting a sharp yield of 5.05%, well below the current cost of debt.

V: Private Vendor P: Private Investor

CBRE's Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat

$8 million

12 O’Sullivan Street, Pakenham

A commercial land parcel spanning 3,734 square metres in Melbourne’s southeast has been sold to a non-disclosed private developer.

$2.85 million

P: Private Developer

Jones Real Estate's Dan Hannebery

17 Toorak Road, South Yarra

Melbourne’s prime shopping strip market has passed another test in 2024, with a corner property on Toorak Road selling under the hammer, reflection a sharp 3.7% yield.

V: Private Owner P: Local Buyer

Fitzroys’ Lewis Waddell, Ben Liu and David Bourke

$2.16 million

A prominent freestanding Hungry Jack's on a major arterial Nepean Highway has sold for $4 million, representing the first freestanding fast-food investment to trade in Victoria in 2024.

161-163 Nepean Highway, Mentone

Savills' Rick Silberman and Stephen Bolton

$4 million

Undisclosed

WA

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

The Halls Head Central shopping centre in Western Australia’s Mandurah sold for $70 million. Located 4km southwest of Mandurah and 67km south of the Perth CBD, the 19,373 sqm food, service and convenience-based centre is securely anchored by Coles, ALDI and Kmart. A local investor has purchased a brand-new Western Australian childcare centre, making it one of the first modern childcare centre transactions in nearly 12 months for the region, which has seen a lack of quality childcare transaction outcomes since 2023.

14 Guava Way, Halls Head

V: Vicinity Centres & ISPT P: Centruai Capital Group

CBRE’s Simon Rooney and James Douglas

$70 million

CBRE’s Sandro Peluso, Jimmy Tat, Marcello Caspani-Muto, Chloe Mason and Derek Barlow Burgess Rawson’s Matthew Wright, Raoul Holderhead and Brodie Keay, in conjunction with Empire Property’s Craig White

73 Kingsley Drive, Kingsley

$5.2 million

P: Local Investor

A private investor has acquired the Fremantle Police Headquarters. The property features a recently renewed 4.5-year lease, with options, to the Western Australian Government, with WA Police occupying the premises as the Fremantle Police Headquarters.

88 High Street, Freemantle

$5 million

P: Private Investor

14 – May / June 2024

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