THE PROPERTY DEVELOPMENT REVIEW
NSW
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
V: Afford P: Sydney-based private investment group
A sharp yield of just 4.6% has been achieved on the sale of a Western Sydney retail centre with significant repositioning potential.
CBRE’s James Douglas, Alex Mirzaian and Ben Wicks
$24 million
Penrith
Cremorne childcare centre’s $18.5 million sale sets the standard as the biggest deal in the asset class this year. The centre was converted from its original office usage in 2013, is leased to Only About Children (OAC) with a 14-year WALE, current passing rent of $866,826 and fixed annual increases.
CBRE’s Sandro Peluso, Marcello Caspani-Muto, Jimmy Tat, Toby Silk and Angus Beevers
15-19 Parraween Street, Cremorne
$18.5 million
Direct
14 Railway Street, Chatswood
As transaction momentum continues to build in the NSW pub market, the Chatswood Hotel on Sydney’s exclusive Lower North Shore has transacted.
JLL's Ben McDonald and Kate MacDonald
Undisclosed
Direct
200 Devonshire Street, Surry Hills
Sydney’s famous Shakespeare Hotel has been sold for the first time in almost fifty years.
V: Mrs Hargreaves P: Laurence Collins and family
JLL's Kate MacDonald, John Musca, Greg Jeloudev
Undisclosed
Corner Victoria Street, Dubbo
The Ibis Budget was sold off-market on behalf of Iris Capital with the successful purchaser being a private existing portfolio owner.
V: Iris Capital P: Private Investor
JLL's Greg Jeloudev and Andrew Langsford
Undisclosed
The flagship Tea Gardens Hotel in Sydney’s Bondi Junction has sold, which encompasses a VIP gaming room with 30 poker machines, a main bar on the ground floor, and a balcony bar above with a cocktail bar, indoor lounge, front balcony overlooking Bronte Street, and an outdoor deck at the back.
Circa $75 million
2-4 Bronte Road, Bondi Junction
V: Purkis Family P: John & Sally Ryan
HTL’s Managing Director, Andrew Jolliffe
393 Pacific Highway, Lake Macquarie
A Belmont North Development Site and former 12,820sqm Bunnings Warehouse has sold to a retail developer.
V: BWP Trust P: Retail Develop
Colliers' James Wilson and Ben Wilkinson
$20.5 million
The renowned Mantra Bathurst Hotel has sold to a local owner-operator on behalf of the MA Real Asset Opportunities Fund, managed by MA Financial Group’s MA Growth Ventures team.
344 Stewart Street, Bathurst
V: MA Financial P: Local Owner-Operator
$13 million
JLL’s Andrew Langsford
Sydney-based investor Jacky Cheung has added another prized farming property to his extensive real estate portfolio with the purchase of Balarang Station in the NSW Upper Hunter region.
2730 Waverley Road, Waverly
V: Fostoria-Fannon P: Jacky Cheung
McGrath Upper Hunter’s Michael Burke
$32.5 million
98 Corporation Avenue, Bathurst
A regionally located fuel & convenience retail asset has changed hands to a Private Investor for $9,150,000, reflecting a strong 6% yield.
Stonebridge’s Michael Collins, Tom Moreland and Brett O’Neill
$9.15 million
P: Private Investor
The Mill, Bondi Junction, sold in an off-market transaction with an attractive lease structure,16-year lease term plus well-balanced mix of trade via food, beverage and gaming.
59B Oxford Street, Bondi Junction
V: Universal Hotels P: Barham Hamarashid
JLL’s Ben McDonald and Senior Vice President, Kate MacDonald
Undisclosed
WA
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
420 Joondalup Drive, Joondalup
Vicinity Centres has outlaid $420 million for a 50 per cent stake in Western Australia’s coveted Lakeside Joondalup in Australia’s largest 2024 retail transaction.
V: Future Fund P: Vicinity Centres
CBRE’s Head of Retail Capital Markets Simon Rooney
$420 million
V:QIC P: Perth-based company, Hawaiian
CBRE's Simon Rooney, in cunjunction with McVay Real Estate’s Sam McVay and Dan McVay
9 Bay View Terrace, Claremont
Perth based commercial property company Hawaiian has exercised it pre-emptive rights to purchase a 50% interest in Claremont Quarter.
Undisclosed
Knight Frank's Max Frohlich, in conjunction with Leedwell Property's Jamie Guerra and Anthony De Palma
$23.625 million
33-43 Port Road, Thebarton
V: Curated Capital P: Local Private Investor
Part of the former Coca-Cola Amatil site in Adelaide’s Thebarton has been sold.
September / October 2024 – 15
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