MARKET MOVES
NSW
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
One Circular Quay, Sydney
The Lendlease Group have teamed up with Mitsubishi Estate Asia to acquire the One Circular Quay development in Sydney’s CBD from vendors AW Holding Group. The $800 million price tag includes upfront and deferred considerations, with an additional $50 million to be paid subject to certain project outcomes. The mixed-use parcel spanning 4,000 sqm has been earmarked for two towers with an end value of approximately $3 billion. Construction on the project is set to start imminently. The property is spread over a 9,527 sqm landholding, and generates in excess of $14.5 million in trade annually, thanks to a well-diversified revenue base. Whilst HTL Property did not announce a sales price, they did confirm the agency’s market guidance was achieved by the deal. Developed in 2017, the site is 97% leased, contains 5,474 sqm in net lettable area, and anchored by a Woolworths outlet.
Direct
V: AW Holding Group P: Lendlease Group and Mitsubishi Estate Asia
Circa $800 million
The Mill Hotel, Milperra
V: JDA Hotels P: Marlow Hotel Group
HTL Property's Daniel Dragicevich and Andrew Jolliffe
Undisclosed
18 Hannah Street, Beecroft
V: Landream P: Unlisted wholesale fund
Stonebridge's Carl Molony and Philip Gartland, in conjunction with Knight Frank's Graeme Russell Knight Frank’s Wally Scales and James Reeves, in conjunction with Moxham Commercial’s Jeff Moxham and Bawdens’ Marcel Elias Savills Hotels’ Nick Butler, Selin Ince and Nick Lower
$65 million
150-152 Briens Road, Northmead
Situated within the Northmead Employment sub-precinct, a vacant 6,490 sqm industrial parcel in Western Sydney’s Northmead has sold, with the buyer expressing intentions to develop the site into a mixed-use business or industrial estate.
V: Private owner P: Hannas Group
$13.5 million
The Lord Roberts Hotel, Darlinghurst
“The new owner, who is also new to the asset class, is in the enviable position of being poised to capitalise on the activity that’s expected with such ambitious development,” Savills Hotel's Nick Butler commented. “While there are plans for some minor renovations to the hotel, the new owner recognises the importance of preserving the character of the building with respect to its history and place in Sydney’s pub landscape.” Over 2,000 sqm metres, the Macquarie Street asset possesses 27 gaming machines, 24 accommodation rooms, a bar, bistro, and a nightclub. The deal comes as the outgoing Pilon family have indicated that they are planning to focus on interests outside of the hotel sector.
$22.5 million
V: Sue Cameron P: Private investor
$22.5 million
Amaroo Hotel, Dubbo
V: Greg & Kellie Pilon and partners P: Local syndicate
HTL Property’s Blake Edwards and Xavier Plunkett
$31.5 million
15 Orion Road, Lane Cove West
Built in 1998, the eight-storey building offers 6,529 sqm of office space, 3,036 sqm of warehouse facilities, and an additional 245 car bays.
V: Argus Property Partners P: Oceana Property Partners
CI Australia's Chris Veitch
Undisclosed
70 Eaton Road, Luddenham
A historic 16.5-acre parcel of land at 70 Eaton Road has been sold by the Eaton family, who decided to sell the property as the Western Sydney Aerotropolis looks to renew the area in time for the West Sydney International Airport opening in 2026. The site represented a DA approval for 23 luxury apartments and townhouse/ terrace product, and possesses a total land area of 1,883 sqm. Notably, the transaction represented the highest sale $/sqm on gross floor area for a residential development site in South Sydney. The Uniting Church has sold a 1,601sq m land holding at 32 & 32a Railway Street. The property consists of a large single-storey heritage church – Petersham Uniting Church – and neighbouring dilapidated two-storey terrace. A rare 18-year net lease to 2039 with options helped encourage the sale of 8 Lakewood Drive in Woodcroft, which is leased by Young Academics ELC; a highly experienced Sydney childcare operator that operate 32 centres nationally. Sold on a sharp 4.51% yield, the site offers fixed 5% annual rent increases to 2025, and fixed 3% annual increases thereafter, and possesses a net income of approximately $121,800 pa. The Tavern is situated on a 5,574 sqm parcel of land, and contains a public bar, bistro, gaming room, bottle shop, outdoor terraces, and a two-bedroom manager’s flat.
V: Eaton family
Colliers’ Nick Estephen and Thomas Mosca
$15.2 million
55-99 Belmont Street, Alexandria
V: Aqualand
Knight Frank’s Demi Cariliano, Anthony Pirrottina, and Dominic Ong
$4.25 million
32 & 32A Railway Street, Petersham
P: Local value-add purchaser Knight Frank's Anthony Pirrottina and Demi Carigliano, in conjunction with Adam Charles' Adam Bodon
Direct
$2.698 million
8 Lakewood Drive, Woodcroft
Burgess Rawson's Sophie Herdegen and Yosh Mendis
$28 million
Glenquarie Tavern, Macquarie Fields
V: Radford and Cullen families
JLL Hotels and Hospitality Group's Kate MacDonald and Ben McDonald
8 – August / September 2022
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