THE PROPERTY DEVELOPMENT REVIEW
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VIC
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
$105 million
1-7 Cawley Road, Yarraville
Investment management firm, Richmond Bridge has offloaded a logistics development site in Yarravile has for $105 million to UniSuper. The 13.2-hectare site located near the Port of Melbourne was acquired by the industry super funds $6.3 billion unlisted property fund. The historic Cherry Tree Hotel, which was previously co-owned by AFL legend Ron Barassi has been sold for $7.65 million. Sydney developer, Potter George Group, has purchased a 25.6-Ha site in Craigieburn for $76 million, paving the way for a major new residential community to be known as Montview Estate. The Mercure Hotel in Packenham has sold for $15.8 million after only opening its doors in September 2022. With 64 rooms, three levels and over 3,500sqm of land, the property was sold on a leaseback for 20 years. Originally built in 1999 by Vail Resorts, the airport is the highest-elevation airport in Australia. the Grollo Group now plans to build a residential development in the form of a village, with a range of different accommodation types.
V: Richmond Bridge P: UniSuper
CBRE’s Mark Granter and Chris O’Brien, along with Chris Jones from Dawkins’ Occhiutto Matthew Feld and Luke Bisset of Teska Carson
$7.65 million
53 Balmain St, Cremorne
V: Chris and Penny Hodges P: Kurtulus Family P: Potter George Group V: BFN Developments P: Melbourne-based Investor
Direct
$76 million
1300-1320 Craigieburn Road, Craigeburn
$15.8 million
77 Racecourse Rd, Pakenham
Rorey James and Kevin Tong of Stonebridge in conjunction with Ben Wilson and Emma Dunne of Wilson Property. John and Lachaln Castran of Castran Real Estate
$6.5 million
7799 Great Alpine Rd, Cobungra
V: Vail Resorts P: Grollo Group
$18 million
32-44 Rodeo Drive, Dandenong South
A private owner-occupier has purchased a 7,103 sqm, A-grade industrial office and warehouse facility in Dandenong South for over $18 million.
P: Private owner occupier
Colliers’ Gordon Code and James Stott
SA
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
601-607 Brighton Road, Seacliff
V: Local Investor P: Melbourne-based investor V: Australian Vintage P: Warakirri V: Bolton Clarke P: Australian Unity's Healthcare Property Trust V: Morrison & Co Growth Infrastucture Fund P: Centuria
Oliver Totani and Jack Dyson of Knight Frank and Adam Thomas and Natalie Couper of Burgess Rawson JLL’s Chris Holgar, Geoff Warriner and Clayton Smith r. Hall & Wilcox served as legal advisers for Australian Unity, while Bolton Clarke were advised by Minter Ellison and KPMG.
A childcare centre in the southern coastal town of Seacliff has sold for $6.01 million. The centre currently holds a 15-year net lease to G8 Education, Australia's largest childcare provider.
$6 million
Coldridge vinyard, Loxton
As previously mentioned. Agricultural asset management firm, Warakirri, has purchased a Coolridge vineyard in South Australia's Riverland wine region as well as the Grande Junction vineyard in Southern NSW's Pomona. Australian Unity’s Healthcare Property Trust has acquired the land and residential aged care buildings at nine sites in South Australia, purchasing the properties from residential aged care provider Bolton Clarke for $220 million. Centuria have consolidated their unlisted Centuria Agriculture Fund after purchasing one of South Australia’s largest glasshouse assets with Sundrop Farms, acquiring the property from the Morrison & Co Growth Infrastructure Fund. The site is a 246-hectare site that features four five-hectare glasshouses that produce 17,000 tonnes of truss tomatoes annually, as well as a 12.5-hectare solar plant that powers the glasshouses with renewable energy. Australian Unity has sold its Adelaide CBD office tower to Quintessential Equity for $73 million. Quintessential Equity will also be spending almost half of the sale price, about $30 million, on upgrades for the over 24,000 sqm building. The property development branch of Coles has sold the Hope Inn Hotel and First Choice Liquor store located in Hindmarsh.Purchased by a Melbourne-based investor for $9.55 million, the property came with a 10-year lease to a partnered venture between Coles and Australian Venue Co.
$62.5 million (combined)
$220 million
Various locations, metropolitan Adelaide and Victor Harbor
Direct
$70 million
709 Princes Hwy, Port Augusta
$73 million
30 Pirie St, Adelaide
V: Australian Unity P: Quintessential Equity
Knight Frank's Max Frohlich, alongside Colliers’ Paul Van- Reesema
$9.55 million
348 Port Rd, Hindmarsh
V: Coles P: Melbourne-based Investor
Burgess Rawson's Billy Holderhead, Beau Coulter and Raoul Holderhead, alongside Oliver Totani of Knight Frank
WA
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
6 Ferguson Street, Kewdale
An industrial development site in Perth's east has sold following a sales campaign that generated strong enquiry. The 27,920 sqm land parcel was purchased by a private developer, and has 239 metres of street frontage to Kewdale Road and Ferguson Street. Mixed-farming operation, Cherylton Farms, has been sold by WA property developer Julian Walter for a record $100 million to Victorian agriculture company, Excel Farms. The 8,554-hectare property located in Western Australia's Great Southern Region main operations include diversified cropping fields and livestock grazing, with a focus on high-yielding crops such as barley, oaths, wheat and canola.
$16 million
Knight Frank's Tom Iredell and Geoff Thomson
$100 million
Brookhampton
V: Julian Walter P: Excel Farms
LAWD's Danny Thomas, Simon Wilkinson and Erica Semmens
February / March 2023 – 19
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