Issue 39 | The Property Development Review

Welcome to Issue 39 of The Property Development Review, exclusively for agents, developers and investors.

FEBRUARY/MARCH 2023 - ISSUE NUMBER 39

EXCLUSIVELY FOR PROPERTY DEVELOPERS, INVESTORS & AGENTS

LISTINGS The best and latest commercial and development opportunities in Australia.

INTERVIEWS We speak with Australia’s best business leaders.

ANALYSIS Unique perspectives from the deal-makers on the ground.

Flexible debt and equity solutions.

Our developer and investor network have voiced loud and clear their need for simpler and more flexible solutions to navigate the increasingly complex project finance environment. That’s why we’ve teamed up with experienced finance professionals in the field to bring you Ready Capital. We understand transactions through the eyes of the borrower, and leverage our extensive network to source the best solutions that meet real-world finance needs of developers and investors. Property developers and investors choose Ready Capital to arrange market leading finance.

Why Ready Capital?

PropTech x Commercial Finance

Unrivalled National Network

Speed to Market

Unique Capital Advisory

Leverage property tech and insights from leading commercial property portals DevelopmentReady, CommercialReady and DistrictData

Join our deep industry relationships of over 100,000 property professionals across all sectors of the commercial property market.

We use our proprietary technology to stay up to date with credit appetite from a range of 80+ banks, non banks, private funders and institutions.

Combine traditional relationship business with leading property and finance technology.

Find out more

Visit ReadyCapital.com.au

2 –February / March 2023

THE PROPERTY DEVELOPMENT REVIEW

FROM THE CEO

“IT’S VERY EASY TO BE DIFFERENT BUT VERY DIFFICULT TO BE BETTER.”

EDITOR IN CHIEF Frank Materia frank@ readymedia.com.au IN-HOUSE WRITERS Sandra LoGuidice Oliver Gregurek ADVERTISING OPPORTUNITIES jamie@ readymedia.com.au PROPERTY LISTING ENQUIRIES info@ readymedia.com.au EDITORIAL ENQUIRIES editor@ readymedia.com.au CONTACT Ready Media Group Head Office Levels 3, 4, & 5 161 Buckhurst St South Melbourne VIC 3205 03 9631 5476 info@ readymedia.com.au

Jonathan Ive, Ex-Chief Design Officer, Apple.

Being different can turn heads, sure. But is it sustainable? How will it deliver results? Does it make anything better? At times, yes, but to be different for the sake of being different is as impactful as drinking a glass of water with a spoon; different, yes, but better? Probably not. When Ready Media Group was launched in 2015, our goal was not to be different just for the sake of it, but to offer something better. We identified the need for improvement through our own experiences and aimed to provide the Australian property industry with a superior platform – one that seamlessly connects property developers & property investors with relevant opportunities, market insights & analysis. Nine years in and our quest for excellence continues, confronting challenges head-on and with the sole objective of

Nigel Satterley AM, Founder & CEO of Satterley Property Group In a remarkable five-decade plus career, Nigel has become a cornerstone member of Australia’s property and business sectors. Today the Satterley Group has become the Country’s largest privately-owned residential development company in addition to supporting a broad range of philanthropic causes. Paul Blackburne, Founder & Executive Chairman Blackburne Our exclusive discussion with Paul explores his background, his extraordinary career and the fundamentals required to become successful in both life and business. Since inception, Blackburne has successfully developed landmark projects in key locations across Perth and currently have a pipeline of projects in excess of $1bn. Charles Goode AC,

delivering the best customer experience in the Country. Gold Max – Australia’s Premier Listing Package We’re proud to announce the launch of our new Gold Max listing package – combining the strength of a unique first-party database, our highest-tier social media exposure offering & strategic placement across our platforms to deliver unrivalled lead opportunities, creating more enquiry-depth than ever before. The Interview Series In this issue, our team deliver world-class business insights from leaders drawn from across the fields of private equity, property development, property investment & corporate advisory. Audette Exel AO, Chair & Founder of Adara Group Audette is unquestionably one of Australia’s leading business and philanthropic figures, having been intimately involved in a diverse range of corporations for over four decades. Today the Adara Group have offices in five countries across the World including Australia, the United States, Uganda, Nepal and Bermuda. Larry Kestelman, Executive Group Chairman of LK Group A man of humble beginnings, Larry walks us through his extraordinary life, early business wins, transformational property deals and some key pieces of advice for aspiring business people.

Founder & Chairman Emeritus Flagstaff Partners We are fortunate to have the opportunity to again be joined by Charles on this podcast episode, albeit in an environment that features vastly different political, geo- political and economic overlays than twelve months ago. As usual, we keep you up to date with all the latest development & investment opportunities, major transactions and news from across the commercial real estate sector. Enjoy our first edition of the year. And remember, don’t dare to be different; dare to be better. Nick Headshot - TPDR Intro Page

MAGAZINE DESIGN Nespecart

ON THE COVER Cameron Voyce Broadbeach -unsplash

NICK MATERIA CEO - Ready Media Group

February / March 2023 – 3

List on DevelopmentReady today! Speak with our expert team for more information

VIC Frank Materia Residential State Manager 0400 649 959

NSW | ACT Todd Stockley Majors & Key Account Manager 0428 399 357

VIC Scott Bremner Chief Customer Officer 0487 600 077

QLD Sally Miller Major Accounts 0459 398 151

VIC Damien Soltan State Sales Manager 0481 117 380

QLD Jake Ragkousis National Sales Director 0447 460 230

SA | WA | TAS Michael Arcobelli

VIC Michael Bevilacqua Head of Majors & Key Accounts 0437 426 043

State Manager 0488 882 726

NSW Ted Lloyd State Manger 0408 276 103

4 – February / March 2023

THE PROPERTY DEVELOPMENT REVIEW

CONTENTS

7 THE INTERVIEW Nigel Satterley AM Founder and Chief Executive Officer Satterley Property Group 6 THE INTERVIEW Larry Kestelman Executive Group Chairman LK Group

11 THE INTERVIEW Charles Goode AC Founder and Chairman Flagstaff Partners

14 PODCAST Michael Simpson Market Insights Australia’s Hotel Sector 12 FEATURED NEWS Most viewed development sites of 2022

9 THE INTERVIEW Geoff Levy AO Chairman & Founder Monash Capital 10 THE INTERVIEW Audette Exel AO Chair and Founder Adara Group

16 MARKET MOVES

MARKET MOVES

20 UPCOMING COMMERCIAL AUCTIONS

11 PODCAST Will Edwards Associate Director CBRE Debt & Structured Finance 10 THE INTERVIEW Paul Blackburne Founder and Executive Chairman Blackburne

Auction Hub

44 VIC MARKET OVERVIEW 22 NSW MARKET OVERVIEW 56 QLD MARKET OVERVIEW

46 VIC LISTINGS 24 NSW LISTINGS 58 QLD LISTINGS PRICE $760,000 82 WA LISTINGS $855,000

ADDRESS

AGENCY

ASSE

67 Davenport Street, SOUTHPORT, QLD, 4215

Ray White

$2,275,000

Office

325 Mundoolun Connection Road, BOYLAND, QLD, 4275

Ray White

$5,950,000

Farmi

119-121 Rusden Street, ARMIDALE, NSW, 2350

Burgess Rawson

$4,800,000

Office

208 Barkly Street ST KILDA, VIC, 3182

Gross Waddell ICR

Retail

80 SA LISTINGS

22 Rosenthal Avenue, LANE COVE, NSW, 2066

CI Australia

$4,600,000

Office

4c McInnes Street, RIDLEYTON, SA, 5008

Ray White

Indust

35 Production Avenue, MOLENDINAR, QLD, 4214

Harcourts Coastal

$1,838,000

Office

68 Caloundra Road, CALOUNDRA WEST, QLD, 4551

Savills & Colliers

$2,520,000

Retail

21-27 Somerset Place, MELBOURNE CBD, VIC, 3000

JLL

$7,000,000

Office

532 City Road, SOUTH MELBOURNE, VIC, 3205

Allard Shelton

$1,400,000

Office

February / March 2023 – 5

368 Merrylands Road, MERRYLANDS, NSW, 2160

Burgess Rawson

$7,100,000

Childc

1120-1124 Albany Highway, BENTLEY, WA, 6102

Burgess Rawson

$10,060,000

Retail

25 Goderich Street, INVERMAY, TAS, 7248

Burgess Rawson

$11,000,000

Retail

The Interview

SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL

42 MINUTES

LARRY KESTELMAN

With Rob Langton

EXECUTIVE GROUP CHAIRMAN: LK GROUP

In this rare & exclusive in-depth profile, Larry walks us through his extraordinary life, unpacking his background, his early wins in business, the transformational deals he’s undertaken and his key pieces of advice for those looking to emulate the successes of one of the Country’s very best business people.

In another Ready Media Group exclusive interview, our special guest on this episode is Larry Kestelman - Executive Group Chairman of LK Group, a private, diversified family office that encompasses in excess of twenty businesses across the property, private equity, technology, sports & retail spheres. In a remarkable career extending across more than three decades, Larry has established a formidable reputation as an entrepreneur, deal- maker & turnaround specialist with an innate sense of being able to disrupt industries as diverse as telecommunications, real estate development, basketball & apparel to name but a few. Born in Odessa, Ukraine in 1966 to hard-working & highly educated parents (his mother was a Doctor, his father an electrical engineer), Larry’s childhood was characterised by modest and simple pleasures with the prevailing environment dominated by poverty & communism.

By age eleven, fearing the rise of the Soviet Union and armed with the desire to find a better life, the Kestelman Family left Ukraine and spent six months living in Italy before arriving in Australia, and specifically, Melbourne in 1979. Over the course of the next forty-plus years, Larry’s work-ethic, business nous & unique ability to spot opportunities has led to the establishment, acquisition & divestment of a diverse range of businesses, not least including internet service provider Dodo, the National Basketball League (NBL), Brand Collective & Acquire Pacific - the culmination of which now sit under the umbrella of LK Group, one of Australia’s most successful organisations.

6 –February / March 2023

THE PROPERTY DEVELOPMENT REVIEW

SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL

51 MINUTES

NIGEL SATTERLEY AM

With Rob Langton

FOUNDER AND CEO: SATTERLEY PROPERTY GROUP

In the first in-depth profile of his career, Nigel shares his remarkable journey, the challenges he’s been able to overcome & the fundamental drivers for success in business & in life.

In a remarkable five-decade plus career, Nigel has become a cornerstone member of Australia’s property & business sectors, establishing the Satterley business over the past forty years to become the Country’s largest privately-owned residential development firm whilst cementing his extraordinary legacy through his contribution to a broad range of philanthropic causes. Born in the pastoral township of Cunderdin, Western Australia, Nigel moved to Perth in his late- teens armed with a thirst for knowledge and an uncompromising approach to ‘make it’ in the big City - his first break arriving aged 20 after being appointed State Representative & distributor for Western Australia of legendary retailer, Levi Jeans. Following the encouragement by some of Perth’s leading business identities to begin investing in & developing real estate, Nigel formed Statesman Homes in his 20’s, a business which went on to become one of the State’s largest residential home- builders generating some 650 completions per annum. By 1980 & following the sale of Statesman Homes, Nigel moved into broad-acre land development under the Satterley Property Group banner, upending the traditional approach to large-scale subdivisions by

introducing master-planned communities which emphasised amenity & lifestyle facilities. Over the course of the ensuing forty plus years, Satterley Property Group has grown to have operations across Australia, most notably in Western Australia & Victoria, and has delivered over 180 master planned estates, sold 85,000 residential lots of land and boasts a pipeline of in excess of 45,000 lots. In addition to the success he’s achieved in the property industry, Nigel is highly-respected for his enormous contributions to both the State of Western Australia as well as a number of organisations across the Country. He currently serves as a Foundation Board Member of the National Portrait Gallery and has previously served on a number of boards and initiatives including as a Councillor of the WA Police & Community Youth Centres, Patron of the St John of God Hospital Cancer Centre and Life Member of the West Coast Eagles AFL club to name but a few. Amongst a number of awards, Nigel was also honoured a Doctor of Business from Edith Cowan University in 2015 for his contribution to the Western Australian Housing Industry and the community more broadly.

February / March 2023 – 7

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Ready to inspect, invest, or just take a look around? V i s it commercialready.com.au

8 –February / March 2023

The Interview

THE PROPERTY DEVELOPMENT REVIEW

SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL

44 MINUTES

GEOFF LEVY AO

With Rob Langton

CHAIRMAN AN D FOUNDER: MONASH CAPITAL

Geoff Levy AO is one of the Country’s most successful business leaders with an enviable track record of leading and influencing organisations across the investment banking, corporate advisory, legal, property and sporting spheres.

Holdings, Rebel Sport Limited, Freedom Group Limited, Mirvac and STW Group. Geoff has also held a number of Chairmanship’s including as Chairman of Specialty Fashion Group (2005 - 2017), Cromwell Property Group (2008 - 2020) and Wentworth Williamson Management (2013 - present) to name a few. His current business activities extend to a range of institutions including as Chairman and Founder of Monash Private Capital, an independent investment firm providing capital and asset management, Chairman of the Advisory Board of OurCrowd, a leading global equity crowd-funding platform and Co-Founder & Partner of Our Innovation Fund (OIF Ventures), an Australian based Venture Capital firm. Our discussion with Geoff Levy AO explores his background, the genesis and growth of his business career and the key lessons he’s learnt from an extraordinarily diverse array of experiences.

Born in Victory Park, Johannesburg South Africa in 1959, Geoff completed his early educational studies at King David Primary & High Schools before graduating with a Bachelor of Commerce from the University of Witwatersrand in 1980. Geoff then re-located to Australia in 1981 and studied a Bachelor of Law degree from the University of New South Wales, graduating in 1982 and joining Freehill Hollingdale & Page in 1983 as a solicitor. For the next decade, he worked at Freehill Hollingdale & Page, becoming a Partner of the firm in 1987 having led a number of significant M&A deals and transactions. Alongside David Gonski AC, Geoff became a Principal of Wentworth Associates for a period of eight years wherein following the sale to Investec in 2001, he became CEO and later Chairman. During the 1990’s and 2000’s, Geoff’s business interests expanded rapidly, including with a number of high-profile board positions with Ten Network

February / March 2023 – 9

Insights and Analysis - Exclusive Podcasts

AUDETTE EXEL AO

CHAIR & FOUNDER: ADARA GROUP

SCAN OR CLICK TO LISTEN TO THE INTERVIEW IN FULL 40 MINUTES

Audette is unquestionably one of Australia’s leading business and philanthropic figures, having been intimately involved in a diverse range of corporations for over four decades.

Our exclusive discussion with Audette unpacks her career, from her first corporate position as a solicitor at Allens, to her leadership of an international banking institution as well as the launch of her

own advisory business, Adara Group, a company with offices in five countries across the World including Australia, the United States, Uganda, Nepal & Bermuda.

PAUL BLACKBURNE

FOUNDER & EXECUTIVE CHAIRMAN: BLACKBURNE

SCAN OR CLICK TO LISTEN TO THE INTERVIEW IN FULL 40 MINUTES

Paul leads one of Australia’s largest privately owned and integrated property development company, with a current pipline in excess of $1 bn of projects.

Since inception, Blackburne has redefined the concept of luxury living, successfully delivering landmark projects in key locations across Perth, the result of which has cemented his legacy as one of the most successful property players in the State.

Our exclusive discussion with Paul explores his background, his extraordinary career and the fundamentals required tO become successful in both life and business.

10 –February / March 2023

THE PROPERTY DEVELOPMENT REVIEW

CHARLES GOODE AC

FOUNDER & CHAIRMAN EMERITUS FLAGSTAFF PARTNERS

SCAN OR CLICK TO LISTEN TO THE INTERVIEW IN FULL 40 MINUTES

In this exclusive interview with Charles he reveals his market outlook for 2023.

We’re fortunate to have the opportunity to again be joined by Charles on this episode, albeit in an environment that features vastly different political, geo-political and economic overlays than twelve months ago.

WILL EDWARDS

ASSOCIATE DIRECTOR CBRE DEBT & STRUCTURED FINANCE

SCAN OR CLICK TO LISTEN TO THE INTERVIEW IN FULL 20 MINUTES

Will is a seasoned expert in capital and real estate markets. His understanding of market dynamics is considered to be extensive and insightful.

He leads the debt origination and advisory services at CBRE, earning a distinguished reputation for arranging and executing funding solutions across various industries with a focus on multi- family and office transactions.

In this engaging interview, Rob delves into current market insights, data, and industry issues with Will, including the impact of market conditions on the real estate finance sector, as well as analysing and forecasting market trends.

February / March 2023 – 11

Featured News

MARKET INSIGHTS AUSTRALIA’S HOTEL SECTOR WITH ROB LANGTON

the hotel sector is attractive because it’s a natural hedge against inflation. We’ve done some research both in United States and Australia that suggests that in high inflation times, the net operating income or profit growth of hotels actually outpaces the inflation rate by about 1.4 times. So, it’s not just a saying, it’s actually true and in most major capital city markets across Australia average daily rates have risen quite materially and revenue per available room, RevPAR, which is our key market performance metric. So the hotels in major capital cities, RevPar is up quite materially over the previous corresponding period in 2019 and it’s reasonably consistent across a number of markets around the world. So those inflationary pressures have also pushed the average daily rates of hotels up quite materially. And so, the income levels, even though demand hasn’t returned to the 2019 levels in many markets and specifically in Australia other than Perth and Brisbane, that demand hasn’t returned to 2019 levels. But the actual income that’s being generated from the properties is getting back to and in many cases above 2019 levels. Clearly there’s been a significant influx of capital into Australia from a range of global private equity players and a lot of the investment has been into various real estate asset classes, but I think it’d be fair to say not a lot of investment into the hotel sector. Do you expect that to change and what’s driving that interest in capital from overseas? MICHAEL SIMPSON: If you look at it on the very, very large end, Blackstone’s acquisition of Crown, certainly there was In this insightful discussion with Ready Media Group’s Rob Langton, Michael provides his thoughts on current market dynamics, the major themes driving demand and the key transactions occurring throughout Australia’s hotel industry.

MICHAEL SIMPSON Managing Director, Pacific - CBRE Hotels

In terms of overall sentiment, what’s your assessment of the prevailing market conditions? MICHAEL SIMPSON: So clearly a very negative geopolitical kind of experience for the whole world is the Russia, Ukraine War. Australia’s always been criticized as having the tyranny of distance for people to get to, in this case with issues like that. We’re not insulated from energy price rises or supply chain issues, but certainly we’re insulated to an extent because we’re quite a long way away from there. So we benefit from that. Economic uncertainty is definitely affecting some investors and I think the USA is a bit of a bellwether for that. We’ve seen a substantial decline in real estate transactions in the USA over the last six months and look, a lot of that’s coming from uncertain elements, but also probably the most talked about topic in real estate at the moment, which is interest rate rises, it, it’s a major topic for people, it’s causing a bit of that uncertainty. Nobody knows where it’s going to stop, but people are watching it very, very carefully because of the obvious impact it can have on investment returns. Reflecting on some of the conversations you’ve had with clients, particularly with hotel owners, what are they seeing across their portfolio’s at the moment? MICHAEL SIMPSON: What we’re seeing is, and it’s often talked about, it’s a bit of a cliche, but I think it’s a cliche for a reason that

14 –February / March 2023

THE PROPERTY DEVELOPMENT REVIEW

a gaming element to that, but a large proportion of the end value of that acquisition related to a number of the hotels within that group that support the gambling operation. So, the large-scale acquisition was highly attractive for an offshore player like that who needs scale. Similarly, you talked about KKR, I mean essentially Australia in my view is a lower beta or risk environment, but kind of lower returns aswell. And so that’s why for the past several years the private equity firms haven’t been in the market because they haven’t determined that they were able to meet their hurdle rates of return. But as there’s some dislocation in the market, which there has been in the last kind of two to two and a half years, they can devise strategies to hit those hurdle returns. So, in a market that is reasonably liquid, and I’m talking about the availability of assets to acquire and the transaction volume, really good depth of buyers, not just private equity but obviously diversified investment groups, ultra-high net worth and the level of transparency and strong rule of law - it’s an attractive market to invest in. Certainly, some of those investors that need exposure to real estate across Asia look to Australia. There are a number of markets in Asia that don’t have the liquidity in terms of that transaction volume or aren’t transparent enough or don’t have the right rule of law for these investors to get their investment committees comfortable on, and so it’s harder for them to invest there. But Australia provides that regional exposure with all those other benefits. Equally, it appears there’s been an increasing mandate from superannuation funds looking to deploy their resources into investments that are either existing hotel assets or offer hotel redevelopment in the long-term. Talk me through how you’re seeing this theme play out. MICHAEL SIMPSON: Australian superannuation assets total $3.3 trillion, and as we all know, it’s growing rapidly. We all see the superannuation coming out of our pay packets each month. So even with an allocation to real estate of about 10%, that means that the ANZ superannuation funds need about $330b of exposure to real estate. And again, my view is some of that money has to go into hotels & that there simply aren’t enough assets in listed, unlisted and the direct space if your sole focus is office and logistics to be able to satisfy that mandate. So, I think more money will have to flow in and as people get more comfortable around the tax treatment of that income, I think more money will flow into the hotel sector from those superannuation funds. Just from an outsider’s perspective looking in, it looks like there’s been huge amount of investment and capital going into the refurbishment of existing hotels. What are the key themes that you are seeing in the hotel space when it comes to the physical aspects of hotels? MICHAEL SIMPSON: Australia’s been criticized that some of its room inventory is a bit tired and dated, and certainly in the early two thousand’s where the cash rate was higher and perhaps hotel market KPIs didn’t support a lot of new development or even spending a tremendous amount of money renovating a hotel. As we got into kind of 2013 and beyond, we had a situation where the debt cost was quite low and the market KPIs were very strong. If you looked across Sydney, Melbourne, a number of other markets, the RevPAR was growing high single digit or early double digits every year. And that provided support for the investment case or feasibility to go and build new hotels. So we had quite a growth of new hotels in most major capital city markets around Australia. At the same time, we had

the challenge that some of the existing hotels were performing very, very well. And if you’re an owner, it’s hard to say, okay, I’ve got a hotel that’s making me lots of money. I haven’t renovated it for a while, but guess what? I’m going to take it out of circulation now. I’m going to spend a whole bunch of money on it, and then I’m going to reposition it back into a market later where I’ve got a little bit of uncertainty about what that market’s going to look like. So it didn’t happen or probably didn’t happen enough. When the pandemic happened, a lot of people said, okay, my demand is low, so I’m not displacing any of that demand. My debt cost is cheap. I do think we’re going to get through this. We have to. And they looked through that. So a lot of those parties, and you mentioned Intercontinental Sydney, Mulpha was one of them who said, we’ve been planning a renovation for a while, this is a great opportunity to spend the money. And I think also if you look at the fact that a number of other new properties were coming on board, they really had to reinvent themselves a bit. And I think it’s great to see some of the new properties coming on. Crown’s amazing. The W that’s coming online will be amazing. The Capella. We’ve just had some new brands coming into Sydney, beautiful properties, and then we’ve had other brands renovating and reinventing themselves. I don’t see that competition as a bad thing. I think particularly when our Australian dollar is low, which makes us cheaper to international inbound travellers, people think I can go to Australia and get a beautiful hotel room. I can see the Harbour. I can do all of these great things, and it’s not a cost-prohibitive destination. It’ll just make it more and more attractive. So, I think that competition is a great thing and it really is a case of the rising tide lifting all boats argument for the market. Just in closing, what’s your long-term outlook for Australia’s hotel markets & what are the benefits of investing in this asset class? MICHAEL SIMPSON: I say it all the time, but Australia’s clean and green and safe. And whilst we’re highly taxed at an investment level, it’s a wonderful place to invest. And when I say it’s safe, I don’t just mean walking down the street in Brisbane and not getting attacked. I mean it, it’s a safe place to invest. There’s a strong rule of law, there’s lots of liquidity in terms of who am I going to sell this asset to? There’s plenty of liquidity there. And so it really is attractive, and I think I keep coming back to that comment that our client made about the last real estate asset class to be disrupted more and more. The prevailing sentiment amongst all the people that we talk to is that people want an experience and people are combining business travel with a bit of leisure travel as well, because they want that experience. And there’s great experiences all around.

SCAN OR CLICK TO LISTEN TO THE INTERVIEW IN FULL

27 MINUTES

February / March 2023 – 15

MARKET MOVES

NSW

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

55-59 Regent Street, Chippendale

HB+B Property and AMP Capital have sold a City Fringe office asset to a private investor for $59.5 million. Brokered off-market by JLL's Mitch Noonan and James Aroney, the property is located in Sydney's Tech Central precinct. The Soglimbene family has sold a 650 sqm development site approved for a 12-unit development with a cafe at 101-103 Lilyfield Road to RK Group.

V: HB+B Property & AMP Capita P: Private Investor

JLL's Mitch Noonan and James Aroney $59.5 million

101-103 Lilyfield Road, Lilyfield

V: The Soglimbene Family P: RK Group

Anthony Pirrottina and Demi Carigliano of Knight Frank

$2.9 million

2415 Camden Valley Way, Casula

Laundry Hotels has purchased the 140-room Hunts Hotel Liverpool for an undisclosed price with industry sources speculating the sale fell between $40 and $45 million.

V: Private Owner P: Laundry Hotels

JLL Hotels & Hospitality Group's Andrew Langsford, Ben McDonald and Nick Roche in conjunction with JLL Capital Markets' Dylan McEvoy

$40 - $45 million (speculated)

144 Rouse St, Tenterfield

Redhill Hospitality has acquired a Best Western Henry Parkes Hotel in Tenterfield for $4 million, adding to their portfolio of 10 regional motel assets across the east coast. JLL Hotels & Hospitality Group has sold the Rydalmere Tavern and Chelsea Hotel in a combined deal worth more than $100 million Leading CRE investment firm, MaxCap Group and multi-disciplined property developer Time & Place have sold an industrial site in Sydney's west to alternative asset management firm, Brookfield for over $90 million. Agricultural asset management firm, Warakirri, has purchased The Coldridge vineyard in South Australia's Riverland wine region as well as the Grande Junction vineyard in Southern NSW's Pomona. A partially built 184-apartment tower built by Sydney Developer Merhis Corp has sold for $11 million.

P: Redhill Hospitality

$4 milion

CBRE Hotels’ Hayley Manvell

279 Victoria Rd, Rydalmere & 14 Railway St, Chatswood

P: Private Hotelier

JLL Hotels & Hospitality Group's John Musca and Ben McDonald

Circa $100 million (combined)

2 Christina Road, Villawood

V: MaxCap Group and Time & Place P:Brookfield

CBRE's Jason Edge

$90.09 million

Grande Junction vineyard, Mildura & Coldridge vinyard, Loxton

JLL’s Chris Holgar, Geoff Warriner and Clayton Smith

$62.5 million (combined)

V: Australian Vintage P: Warakirri

$11 million

29-31 Second Avenue, Blacktown

V: Nera Developments P: Private Developer

Colliers’ Matthew Meynell, James Cown and Jordan McConnell, with Lincoln Blackledge of Stonebridge

$46.25 million

2/14 Kings Cross Rd, Potts Point

Hospitality and accommodation operator, Pro-invest Group, have purchased the Larmont Hotel in Potts Point off of an ownership consortium consisting of Singapore-based Amcorp Global, Kenmooreland, and Melbourne hoteliers Jan and Peter Clark.

V: Amcorp Global, Kenmooreand, Jan & Peter Clarke P: Pro-Invest Group

Direct

$13 million

162 Flinders St, Paddington

The Bruce Mathieson Group has purchased The Captain, a recently refurbished hospitality asset in close proximity to some of Sydney’s most prominent entertainment landmarks like Allianz Stadium and the SCG. Charlie Redmond has acquired the leasehold to double-storey Coast Hotel in Coffs Harbour, at 2 Moonee Street. T the McCall Community Gardens Foundation divested the 30.9-hectare site surrounding their historic Box Hill facility. National property developer WST Property Group were responsible for purchasing 10-32 Terry Road, as part of their continued interest in large- scale community developments. A recently constructed Guzman y Gomez outlet has been sold in Orange's core commercial precinct, for an impressively tight yield of 3.81% Dexus Wholesale Property Fund announced in December that it has reached a conditional agreement for the sale of Deepwater Plaza in Woy Woy for $112 million. The Kelly family, who own several landmark Sydney hotels has secured a circa $40 million buyer for the Brookvale Hotel. A mammoth 14,916-hectare cotton farm, Gundaline Station, located in the NSW Riverina region, has been offloaded by Dutch-based fund, Optifarm.

V: FHT Nominees P: BLM Group

Nick Butler and Tony Bargwanna from Savills

$2.8 million

2 Moonee Street, Coffs Harbour

P: Charlie Redmond

JLL's Jake MacDonald

Circa $200 million

10-32 Terry Road, Box Hill

V: McCall Community Gardens Foundation P: WST Property Group

Knight Frank's Grant Bulpett and Mark Litwin

$6.3 million

2-6 Bathurst Rd, Orange

V: Spectrum Retail Grop

Burgess Rawson's Yosh Mendis

$112 million

Deepwater Plaza, Woy Woy

V: Dexus Wholesale Property Fund

CBRE's Simon Rooney

circa $40 million circa $120 mllion

511-513 Pittwater Rd, Brookvale

V: The Kelly Family P: The Irvin Family V: Optifarm P: Jingsheng Textiles

JLL's John Musca and Ben McDonald

Gundaline Station, Carrathool

Danny Thomas and Elizabeth Doyle of LAWD

$22 million

35 Union St, Cooks Hill

The historic Commonwealth Hotel has been purchased by adept publicans Ashton Waugh and Ben Lawler.

V: Stew Smith and Cath Antaw P: Ashton Waugh and Ben Lawler

HTL's Dan Dragicevich and Blake Edwards

circa $16 million

Harrigan's Irish Tavern & Harrington River Lodge,

The Roche family have unloaded a 1.8-hectare hospitality asset, Harrigan's Irish Tavern & Harrington River Lodge, to local hotel owner Glenn Knight.

V: The Roche Family P: Glenn Knight

HTL Property's Andrew Jolliffe and Xavier Plunkett

$20.5 million

61-69 Macquarie St, Sydney

The Eastbank Café located on the luxurious East Bank of Sydney's Circular Quay has sold for $20.5 million.

V: Karl Kazal

Colliers agents Joseph Lin and Steam Leung and Callum Cooke in conjunction Fiona Yang of Plus Agents

16 –February / March 2023

THE PROPERTY DEVELOPMENT REVIEW

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NSW 9-11 Glenmore Rd, Paddington

VENDOR/ PURCHASER AGENCY

DESCRIPTION

SALE $

$8 million

Located in the prosperous suburb of Paddington, the Village Inn was sold by owner-operator Brody Paterson of the Parlour Group to an interstate investor. The Inn was sold with a lease to Ben Stehr of Stehr Hospitality. A pub in NSW has been sold by the historic 25-year owners. The Ancient Briton pub in Glebe, known by locals as the AB pub, is a multi-level pub found in Syndey's inner suburbs. The pub was previously owned by the Seeto family, who owned and operated the establishment for the last 25 years.

V: Parlour Group

HTL Property's Sam Handy in conjunction with Stef Ippolito of IB Property HTL Property's Sam Handy, Dan Dragicevich and Andrew Jolliffe

circa $25 million

225 Glebe Point Rd, Glebe

V: The Seeto Family

QLD

VENDOR/ PURCHASER AGENCY

DESCRIPTION

SALE $

5-13 Production Street, Noosaville

Three industrial lots in Noosa have sold for $7.3 million, marking a record-breaking price for the Sunshine Coast, as demand strengthens amid a tightening debt market and rising construction costs.

V: Private Vendors

CBRE's Louisa Blennerhassett and Matt Marenko CBRE's Peter Chapple and Bruce Baker with Justin Bond and Paul Roberts of Knight Frank

$7.3 million

520 Wickham Street, Fortitude Valley A modern office in Fortitude Valley has been sold for $110 million by London-based fund manager, M&G Real Estate

V: M&G Real Eestate P: Savills Investment Management

$110 million

Caneland Central, Mackay

Sentinel have continued their busy year by acquiring a 100% interest in Queensland's Caneland Central Shopping Centre, purchasing the asset off of Lendlease's APPF Retail Fund.

V: LendLease P: Sentinel

JLL's Nick Willis and Sam Hatcher

$280 million

Sedgeford

The 48,370-hectare cattle farming property known as Sedgeford has sold to Kane Cattle Co's David and Gina Kane for a reported $100 million, after being owned by the Teys family for 32 years after they purchased the site in 1990 for $4 million. The Big W outlet at 8-20 Mabel Street in the rural Queensland town of Atherton has been sold by Quanta Investment Funds for $11.8 million, after a marketing campaign facilitated by CBRE’s Joe Tynan, Josh Scapolan and Danny Betros. A Queensland family have acquired a luxury Maleny lodge as demand for Sunshine Coast accommodation assets continues to increase. The hotel, opened in June 2022 after a comprehensive restoration, was sold by owners Pink Developments Pty Ltd. The Dexus Wholesale Property Fund has parted ways with the popular Beenleigh Marketplace, a prominent large-format retail site, in a deal with property investment and development company Mintus, who have acquired the site for $85 million. Jaz Mooney has sold Brisbane’s Normanby Hotel to Ingham-Myers Hotels, after Mooney acquired the property in 2019. The hospitality offering was originally built in 1890, and occupies a 4,162 sqm site. It comes complete with 35 gaming machines, multiple bars, restaurants, a beer garden, and function space. A Brisbane Marketplace in Deagon has been to Sydney-based Ganellen Asset Management. Anchored by a 15-year lease from Fresh & Save Food Warehouse, the marketplace sold for $20 million. A Brisbane office has been purchased by Arcane Capital, which is operated by former Queensland premier Campbell Newman. the 3,700sqm, two storey office sold for $13.55 million and is currently 28% occupied by 7-Eleven. A 14-level A-grade office building in Brisbane City has sold for over $100 million. Purchased by Australia's richest person, Gina Rineheart, the property was offloaded by US real estate advisory, development and property management firm, Pembroke. Red Rooster Goondiwindi has been snapped up by an NSW investor for $1.475 million in an off- market transaction. The property sits within the heart of the main retail strip in Goondiwindi, a town of almost 6,000 people, located approximately 290km southwest of Brisbane along the Queensland/New South Wales border.

V: The Teys Family P: Kane Cattle Co

Brad Hanson of Hourn and Bishop QLD circa

$100 million

8-20 Mabel Street, Atherton

V: Quanta Invesstment Fund

CBRE’s Joe Tynan, Josh Scapolan and Danny Betros

$11.8 million

Manley

V: Pink Developments

CBRE Hotels’ Hayley Manvell

Circa $5 million (speculated)

114-118 George St, Beenleigh

CBRE’s Simon Rooney

$85 million

V: Dexus Wholesale Property Fund P: Mintus

$15 million

1 Musgrave Rd, Red Hill

V: Jaz Mooney P: Ingham-Myers Hotels

CBRE's Paul Fraser

$20 million

75 Braun St, Deagon

P: Ganellen Asset Management '

Michael Feltoe &Lachlan O'Keeffee of Ray While Commercial QLD

13.55 million

35 Miles Platting Road, Eight Mile Plains

P: Arcane Capital

Mike Walsh and Peter Court of Cushman & Wakefield

circa $100 million

70 Eagle Street, Brisbane

V: Pembroke P: Gina Rineheart

Justin Bond, Ben Schubert and Neil Brookes of Knight Frank

$1.475 million

39 Marshall Street, Goondiwindi,

P: Private Investor

Ray White Commercial QLD agents Lachlan O’Keeffe and Michael Feltoe

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

February / March 2023 – 17

MARKET MOVES VIC DESCRIPTION

VENDOR/ PURCHASER AGENCY

SALE $

2585 Berwick-Cranbourne Road, Clyde

Victorian Racing Club board member and Black Caviar owner Neil Warrett has purchased a significant industrial site in Clyde North, Victoria. The 53.58-hectare site was sold by Steven Sass, co-founder of Oreana Group Logistics investment house Logos has sold a vacant industrial site in Truganina for $44.4 million. The industrial site is purchased by Cadbury's parent company, Mondelez, it is to house a 42,800 sqm automated warehouse. Success Logistics has acquired an office warehouse in Truganina for $13.5 million. The 5,061 sqm, 2B Dunmore Drive facility is situated within Truganina’s main industrial precinct, with high-profile surrounding tenants including Coles, Star Track, DHL, and Lineage Logistics.

V: Steven Sass P: Neil Warrett"

$130 million

LAWD's Paul Callanan & Pater Sagar

Truganina

V: Logos P: Mondelez

CBRE's Ricardo Cappelletti, Lachlan May, Fergus Pragnell and Tom Murphy

$44.4 million

2B Dunmore Drive, Truganina

V: P: Success Logistics

$13.5 million

CBRE's Ricardo Cappelletti, Fergus Pragnell and Tom Murphy

$8.5 million

249 Greens Road, Dandenong South

A private investor has swooped on a 2,937 sqm United Petroleum service station, as part of an on-market sales campaign managed Jones Real Estate.

P: Private Investor

Jones Real Estate's Paul Jones and Tim Spargo

$2.86 million

1 Gilbert Drive, Altona North

Jones Real Estate has sold an 864 sqm retail and showroom space at 1 Gilbert Drive, Altona North to a private investor for $2.86 million.

P: Private Investor

Jones Real Estate's Tim Spargo and Luke Peric

$5.265 million $51.785 million

27 Windsor Place, Melbourne

JLL's Melbourne CBD Sales Team have sold an East-End Melbourne CBD freehold days after EOI closed for $5.265 million A five-level office building located on Wellington Parade South in East Melbourne has sold for over $51 million to a local commercial property investment manager, Bayley Stuart. A logistics facility in Dandenong South was purchased by Centennial for $19.8 million. It was sold by leading floral industry supplier, Apack, on the condition that the buyer enters into a leaseback at settlement, with the lease term being three years.

V: Private Seller P: Private Buyer

CBRE's Nick Pedan, Josh Rutman and MingXuan Li Colliers agents Daniel Wolman, Matt Stagg, Oliver Hay and Leon Ma Scott Braithwaite of Knight Frank

289 Wellington Parade South, East Melbourne

V: Harmony Property Investments P: Bayley Stuart

$19.8 million

20-50 Waterview Close, Dandenon South

V: Apack P: Centennial

Direct

$9.7 million

1385 Mornington-Flinders Rd, Main Ridge

Melbourne fund managers Ben Gray and Dion Hershan have partnered to buy boutique Mornington Peninsula winery, T'Gallant Wines.

V: Tresury Wine Estates P: Ben Gray and Dion Hershan

$5.6 million

726-732 Nicholson Street, Fitzroy North

A prized land-rich landholding in Fitzroy North has sold for $5.6 million after an array of buyers competed for the rare opportunity to occupy or redevelop in Melbourne’s highly sought-after inner north. The former site for Pembroke Secondary College Cambridge’s Kilsyth campus has been purchased by the Yarra Ranges Shire with intentions to use the 3.581-hectare site at 150 Cambridge Road for open space A national car and truck retailer has acquired a 3,621 sqm industrial site at 403-405 Old Geelong Road from Vincent and Damian Drum. The new owner intends to occupy the property, which is currently tenanted by WestSide Car City. One of Australian's most renown commercial property families, the Cohens, have acquired the beloved Hotel Esplanade for approximately $64 million, four months after the Australian Venue Company acquired the leasehold for the property. One of the Yarra Valley’s most recognisable hospitality offerings has been purchased by leading tourism and leisure investment group Elanor Investors A major 2,380 sqm industrial facility at 45 Gaffney Street contains a showroom/factory/ warehouse with exposure to Gaffney, Cope, and Stock Street. Situated in close proximity to Sydney Road and Batman Railway Station, the property is well-centralised to capitalise on Coburg's continued growth. A row of high-end fashion outlets on High Street have been purchased for over $30 million by family offices associated with senior directors of Melbourne developer, Central Equity.

V: Private Seller P: Private Buyer

Fitzroys’ Chris Kombi and Ervin Niyaz

Direct

$6.44 million

150 Cambridge Road, Kilsyth

V: Maroondah City Council P: Yarra Ranges Shire V: Vincent and Damian Drum

$4.35 million

403-405 Old Geelong Road, Hoppers Crossing

Steve Jones and Joel Davy of Knight Frank, in conjunction with Tim Darcy and Andrew Prowse of Darcy Jarman. Gorman Allard Shelton's Joseph Walton and Jonathon McCormack HTL Property’s Andrew Jolliffe and Nic Simarro, and Burgess Rawson’s Zomart He Craig McKellar, Luca Angelico, and Ian Angelico of CVA Property Consultants

$64 million

11 The Esplanade, St Kilda

V: Sand Hill Road P: The Cohen Family

Undisclosed

Chateau Yering, 42 Melba Hwy, Yering

V: Matt Zhang P: Elanor Investors

N/A

$4.9 million

45 Gaffney Street, Coburg

$30 million

1075 High Street, Armadale

P: Dennis Wilson and Darren Blankfield

Josh Rutman, Jesse Radisich, Nick Peden and MingXuan Li of JLL

$10.94 million

Unit 9/53 Gateway Blvd, Epping

A local industrial developer has purchased the final allotment in MAB Corporation's Alliance Business Park in Epping.

P: Local developer

CBRE's Daniel Eramo, Joe Brzezek, Jake George and Corey LeFavi

18 – February / March 2023

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