THE PROPERTY DEVELOPMENT REVIEW
NSW DESCRIPTION
VENDOR/ PURCHASER AGENCY SALE $
Colliers has sold 194 and 196A Miller Street, North Sydney on behalf of the NSW Government, with the two contiguous office buildings acquired by Monte Sant’ Angelo Mercy College in a strategic consolidation play. The 2,289sqm assets sit adjacent to Victoria Cross Metro Station and were leased to Lendlease as a site office for the VicX Tower development. The campaign was managed by Colliers’ Tom Appleby, Joseph Lin and Charlie Gilmour, with the sale reflecting a sub-1% net return and strong confidence in North Sydney’s evolving commercial precinct. The Narooma Hotel on the NSW South Coast has reportedly sold for close to $15 million following an Expressions of Interest campaign led by HTL Property’s Blake Edwards and Sam Handy. The landmark Campbell Street pub was acquired by Rodney ‘Ned’ Kelly of Kelly & Co Hotels after strong competition. Overlooking Wagonga Inlet and the Pacific Ocean, the venue generates around $4.6 million in revenue and occupies a 2,000sqm-plus site. One of only two pubs in Narooma, it includes 12 poker machines and a 1am licence, underscoring continued demand for coastal hospitality assets. Rancho Relaxo, a 137-hectare surf and wedding retreat at 678 Point Plomer Road, Crescent Head, has sold at auction for $5.58 million following a campaign that generated more than 520 enquiries. The sale was managed by David Nolan of Webster Nolan and Heath Askew of Lifestyle Port Macquarie. The property, sold by court-appointed trustees, was purchased by a member of the original owner’s family. Spread across three titles, it accommodates 29 guests and features an 18-metre pool, tennis court and private lagoon. The Hunter Gateway Motel in Rutherford has sold for $8.5 million, with the freehold acquired by the Trinity Accommodation Regional Hospitality Fund (TARHF), managed by Mandala Asset Solutions. The transaction was handled exclusively by ResortBrokers. The 63-room motel, located just off the New England Highway, includes conference facilities and has approval for additional rooms. The acquisition forms part of Mandala’s strategy to expand its regional accommodation portfolio, targeting income- producing assets with operational and development upside across key regional markets. Charter Hall has acquired Armidale Central in Northern NSW as part of a $250.3 million sub-regional retail portfolio purchase from Vicinity Centres, with the off-market campaign managed by CBRE’s Simon Rooney. Occupying a prominent 24,370sqm CBD site, the centre is anchored by Woolworths and Kmart and spans 14,512 sqm of GLA. Its strong national tenancy profile and convenience-led income stream highlight ongoing investor demand for dominant regional retail assets. OUE REIT has acquired a 19.9% interest in Salesforce Tower at 180 George Street, Circular Quay, from Mitsubishi Estate at an agreed property value of $357.2 million, with a net purchase consideration of $195.5 million. The acquisition reflects an initial passing yield of 5.8% and is expected to deliver 0.9% DPU accretion on a pro forma basis. A premium IGA-anchored neighbourhood centre at 11–13 Clarence Street, Moss Vale has sold off-market for $12,995,000, reflecting a 6.25% yield and a record land rate of around $4,180 per sqm for a freestanding IGA in NSW. The 3,110sqm town centre site marks one of the Southern Highlands’ most significant recent retail transactions. The sale was negotiated by CBRE’s Justin Kramersh, with the Sydney-based private investor attracted to the renewed 15-year IGA lease backed by Metcash and the secure Australia Post tenancy. The Novotel Sydney Darling Harbour and Ibis Sydney Darling Harbour hotel complex has sold for $390 million, with Abu Dhabi Investment Authority (ADIA) offloading the twin assets to private investment firm Wentworth Capital. The portfolio comprises the 525-room Novotel and the adjoining 256-room Ibis, totalling 781 rooms across a prime 1.5-hectare waterfront holding. The landmark transaction, one of Sydney’s largest hotel deals since the pandemic, marks the end of ADIA’s five-year divestment process and reflects renewed institutional confidence in Australia’s rebounding hospitality sector. The RPAH Medical Centre at 100 Carillon Avenue, Newtown has sold for $117 million to fund managers April Group and MaxCap. The 7,231sqm purpose-built medical facility, located next to Royal Prince Alfred Hospital and the University of Sydney, traded on an initial passing yield of around 6.75%. The sale was brokered by JLL’s Simon Quinn, Thomas Thorsen, Kate Low and James Barber in conjunction with Adrian Bokolis of Savills. The Bluebird Early Education freehold at 12–14 Preddy’s Road, Bexley has sold for $9.85 million at a 4.72% yield just 24 hours after hitting the market. The 1,611sqm site features a recently refurbished 91-place childcare centre and is underpinned by a brand new 15-year net lease to 2041 with options extending to 2071. The sale was negotiated by Stonebridge Property Group’s Tom Moreland, Michael Collins and Brett O’Neill, with the premium childcare asset attracting strong private investor interest due to its secure long-term income and metro Sydney location. Annerley Group has acquired the freehold interest of the 107-bed aged care facility at 1 Highfields Circuit, Port Macquarie, marking one of the first notable freehold aged care transactions in recent years. The purpose-built asset, completed in 2022, is leased to operator Genbridge on a 30-year triple net lease with four 10-year options, providing long-term income security for the buyer. The off-market sale was negotiated by CBRE’s healthcare and social infrastructure team of Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat on behalf of the private developers and landlords.
V: NSW GOV P: Monte Sant’ Angelo Mercy College
Colliers’ Tom Appleby, Joseph Lin and Charlie Gilmour
194 and 196A Miller Street, North Sydney
$20 Million
HTL Property’s Blake Edwards and Sam Handy.
99 Campbell St, Narooma
$15 Million
P: Kelly & Co Hotels
David Nolan of Webster Nolan and Heath Askew of Lifestyle Port Macquarie.
678 Point Plomer Road, Crescent Head
$5.58 Million
P: Private Investor
P: Trinity Accommodation Regional Hospitality Fund (TARHF)
11 Denton Park Dr, Rutherford
$8.5 million
ResortBrokers
$250.3 million portfolio
CBRE’s Simon Rooney
ARMIDALE
P: Charter Hall
CBRE’s Flint Davidson, Stuart McCann and James Parry
180 George Street, Circular Quay, Sydney
V: Misubishi Estate P: OUE REIT
$195.5 million
11–13 Clarence Street, Moss Vale
CBRE’s Justin Kramersh
$12.95 million
P: Private Investor
The Novotel Sydney Darling Harbour and Ibis Sydney Darling Harbour hotel complex
T: Abu Dhabi Investment Authority (ADIA) P: Wentworth Capital
$390 million
Undisclosed
JLL’s Simon Quinn, Thomas Thorsen, Kate Low and James Barber in conjunction with Adrian Bokolis of Savills. Stonebridge Property Group’s Tom Moreland, Michael Collins and Brett O’Neill CBRE’s healthcare and social infrastructure team of Marcello Caspani- Muto, Sandro Peluso and Jimmy Tat
100 Carillon Avenue, Newtown
P: April Group and MaxCap
$117 million
12–14 Preddy’s Road, Bexley
$9.85 million
P: Private Investor
1 Highfields Circuit, Port Macquarie
$17.75 million
P: Private Investor
March / April 2026 – 27
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