MARKET MOVES VIC DESCRIPTION
VENDOR/ PURCHASER
AGENCY
SALE $
Melbourne CBD, Hotel Lindrum
77 hotel rooms and 68 apartments. The scheme may be reviewed to include upper floor offices and a greater hospitality component.
V: Robert Magid
$50 million
JLL’s Josh Rutman, MingXuan Li, Peter Harper and Nick MacFie. Stonebridge Property Group agents Julian White, Chao Zhang and Corey James
333 Malvern Road , South Yarra
This two level commercial building was sold with a competitively low yield of 2.43% and strong building rate of $11. 813/sqm.
V: Hickory Group founder, Michael Argyrou
$17.5 million
Melbourne St. Kilda Rd
Half of The Victoria Automobile Chamber of Commerce’s 60 year old headquarters has been sold. The building sits on 4645sqm and has a permit to replace the existing eight storey office and add seven levels above. ASX listed company Hansen Technologies has sold a freestanding Woolworths supermarket in Melbourne’s north-east for $35million on a yield of 3.3%. There were 15 offers received following an expressions of interest campaign. Containing a 4967 sqm warehouse covering just 36pc of the 1.37ha block – the buyers intend to seek a permit to construct more product upon obtaining vacant possession. This 2 level commercial building has been sold almost 25% above expectations at a competitive land rate of $4,398 psm. The purchaser was a local developer who plans to utilise the space for a retail and residential project. The sale attracted 13 EOI's from around the globe.
P: Wing Tai
Private
$49.4 million
Eltham
V: Hansen Technologies P: Parkstone,
$35 million
Stonebridge Property Group’s Justin Dowers and Kevin Tong with Fitzroys’ David Bourke, Chris James and Shawn Luo
345-353 South Gippsland Highway, Dandenong South
P: AFM and Cadence
Private
$10.702 million
600-604 North Road, Ormond
V: Peter Gibson
JLL agents Nick Peden, Jesse Radisich and MingXuan Li.
$35.8 million
Woolworths supermarket in Blackburn South
Freestanding building of 3,495sqm on a 7,298sqm landholding with 145 car parks.
Leiba Commercial’s Marc Leiba and Jonathan Rosenthal Tomassi & Co’s Alby Tomassi and Joseph Robilotta
V: Kluger family / P: Westrent Properties’ Emmanuel Zahra
$29.3 million
151-151 Sturt Street, Southbank
An apartment development site with the potential for 20 level towers, has been purchased by Cedar Woods, an ASX-listed Perth based group. The property sits on a Capital City zoned block of 2717 square metres. The John Curtain Hotel has been sold to an offshore developer. The 335sqm mixed use zoned block houses a pub and live music venue and sits at 27-31 Lygon Street, south west corner of Earl. This iconic property represents one of the largest land holdings along this blue chip, highly sought-after shopping strip. Securely leased to 5 impressive, high-end tenants. Three retail shops on 694sqm at 152-154 and 156 Pakington Street have been sold for $1.4million dollars above reserve after competitive interest from four strong bidders. The site is currently occupied by Village Door cafe and Mr. Collins. The Coles Hawthorn freehold has been sold to Lido Cinema owner Eddie Tamir. The businessman now controls 5 adjoining Glenferrie Rd assets covering 3836sqm in a commercial 1 zoning. The price reflects a 1.9% yield, the lowest yield for an Australian property of this type. A low-rise office near the State Library has been sold with c.1.59% net passing yield. The asset, which is fully leased, passed in at auction earlier this month and was believed to be sold to a group of local builders. In a continuation of their landholding purchases in Fitzroy, Greensborough and Sunshine, Angelo Property Group and Rathstation Group colloaborated again to acquire the Mornington Village Shopping Centre. The 7,963sqm facility possesses 259 car parks. HMC Capital has successfully sold a large format retail investment generating a 5% yield. The 4.31 hectare property possesses an Amart Furniture, Carpet Call, and Decathlon, amongst other outlets and facilities. The MAB Corporation has purchased three adjoining properties on Thompsons Road, Cranbourne East, for a collective $70million. MAB intend to develop the site into a $400million logistics park. When fully developed, the sites will ultimately comprise over 180,000sqm of industrial and logistics space. Collendina Caravan Park has been sold after being family owned for almost 40 years. The 30 ha ocean front asset was negotiated through JLL’s Hotels and Hospitality Group with over 300 enquiries and 12 formal offers were received.
V: Fortune ZMC P: Cedar Woods
Circa $26.5 million
The John Curtain Hotel, Carlton
P: Overseas Investors
Over $5.5 million
CBRE’s Alex Brierley, David Minty, Nathan Mufale and Mathew George
71-73 Church Street and 36 Carpenter Street,Brighton, VIC 3186
Chris Kombi and Mark Talbot from Fitzroys and Jeremy Gruzewski and Liam Rafferty from Aston Commercial David Cortous & Megan Symington of McGrath Real Estate
$16.2 million
Private
$1.4 million
152-154 and 156 Pakington Street, Geelong West
Private
Charles and Geoff Emmett, of Emmett's $24.5 million
Coles Hawthorn
P: Eddie Tamir
$12.9 million
152-156 Little Lonsdale Street
V: Private investors
Colliers’ Daniel Wolman, Oliver Hay, Leon Ma and Matthew Stagg with Allard & Shelton’s Joseph Walton, Christian Hatzis, Patrick Barnes and Michael Ryan Stonebridge Property Group’s Justin Dowers and Kevin Tong.
Circa $30 million
Mornington Village Shopping Centre
P: Angelo Property Group & Rathstation Group
$45 million
1464 Ferntree Gully Road, Knoxfield
V: HMC Capital P: Troon Property Group
Stonebridge Property's Justin Dowers and Kevin Tong
Circa $70 million
3 adjoining properties, Thompsons Road, Cranbourne East
P: MAB Corporation
LAWD property agents, Peter Sagar and Paul Callanan
Price Undisclosed
Collendina Caravan Park, Ocean Grove
V: Family owned P: Hampshire Property Group
JLL's Nick MacFie and Peter Harper
6 –April / May 2022
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