Issue 43 | The Property Development Review

Welcome to Issue 43 of The Property Development Review, exclusively for agents, developers and investors.

JUNE / JULY 2023 - ISSUE NUMBER 43

EXCLUSIVELY FOR PROPERTY DEVELOPERS, INVESTORS & AGENTS ACROSS ASIA-PACIFIC

LISTINGS The latest commercial assets and development site opportunities across Australia.

INTERVIEWS We speak exclusively to Australia’s best business and property leaders.

ANALYSIS Unique perspectives from the deal-makers on the ground.

Share and track property documents.

InstaDocs data room streamlines the due diligence process by providing secure and easy access to documentation for buyers and tracking capabilities for agents.

Visit instadocs.com.au

2 –June / July 2023

THE PROPERTY DEVELOPMENT REVIEW

FROM THE CEO

“WE’RE NOT COMPETITOR OBSESSED, WE’RE CUSTOMER OBSESSED.”

EDITOR IN CHIEF Frank Materia frank@ readymedia.com.au

IN-HOUSE WRITER Oliver Gregurek

Jeff Bezos

ADVERTISING OPPORTUNITIES jamie@ readymedia.com.au PROPERTY LISTING ENQUIRIES info@ readymedia.com.au EDITORIAL ENQUIRIES editor@ readymedia.com.au CONTACT Ready Media Group Head Office Level 3 161 Buckhurst St South Melbourne VIC 3205 03 9631 5476 info@ readymedia.com.au

From the very beginning of our journey at Ready Media, our primary focus has always been on customers. The core of our brand and business alike is deeply rooted in customer centricity; DevelopmentReady was born out of solving a key problem we encountered when we were once customers searching for development sites. This mindset has extended throughout all our trademarks and products, placing customers, their problems, and how we can improve their experience at the forefront of everything we do. Our unwavering customer focus has enabled us to deliver unparalleled value to our customers. From helping our diverse developer and investor audiences find the right property listings, to helping our agency clients connect with the right purchaser, we are honoured and driven to continually enhance our customers experience on both sides of the purchasing journey. On that note, our flagship property document solution, InstaDocs, launched on our CommercialReady portal this month, allowing our commercial partners the ability to securely share and track property documents with prospective purchases for all types of property assets. Within this edition of The Property Development Review, our exclusive series, The Interview, continues with Rob Langton sitting down with two low-profile members of one of Australia’s most remarkable and enduring business dynasties; Chief Executive Officer of

Twynam Investments, Johnny Kahlbetzer, together with his brother Markus Kahlbetzer, Chief Executive Officer of Bridge Lane Group. Following in their revered father John’s footsteps, the pair have assembled a coveted portfolio of holdings, Johnny through his diversified Twynam Investments business that operates across the energy, agriculture and property sectors and Markus through his BridgeLane Group - a privately owned asset management firm with exposure in the venture capital, real estate and agriculture industries. As always, this issue features the latest

investment and development opportunities across Australia, major transactions, news from key commercial property individuals plus more. l hope you thoroughly enjoy reading this edition and find valuable insights that further fuel your passion for the industry. Best Regards Nick Headshot - TPDR Intro Page

MAGAZINE DESIGN Nespecart

ON THE COVER Cameron Voyce Gold Coast -unsplash

NICK MATERIA CEO - Ready Media Group

June / July 2023 – 3

List with Australia’s leading platforms, DevelopmentReady & CommercialReady today! Speak with our expert team for more information.

VIC Frank Materia Residential State Manager 0400 649 959

NSW Ted Lloyd State Manger 0408 276 103

VIC Scott Bremner Chief Customer Officer 0487 600 077

QLD Sally Miller Major Accounts 0459 398 151

VIC Michael Bevilacqua Head of Majors & Key Accounts 0437 426 043

QLD Jake Ragkousis National Sales Director 0447 460 230

SA | WA | TAS Michael Arcobelli

State Manager 0488 882 726

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THE PROPERTY DEVELOPMENT REVIEW

CONTENTS

9 PODCAST JESSE RADISICH Director Capital Markets JLL Victoria 6 THE INTERVIEW JOHNNY & MAR K US KAHLBETZER Twynam & BridgeLane Group Upcoming

24 UPCOMING COMMERCIAL AUCTIONS 26 NSW MARKET OVERVIEW ALEX MIRZAIAN Director - CBRE 42 VIC MARKET OVERVIEW JOSEPH WALTON Director - Gorman Allard Shelton 66 QLD MARKET OVERVIEW ADELAIDE O’BRIEN Associate Director - CBRE Brisbane 84 SA MARKET OVERVIEW CLAUDIA BRACE Executive - JLL Adelaide 90 WA MARKET OVERVIEW CORY DELL’OLIO Associate Director - Knight Frank 28 NSW LISTINGS 44 VIC LISTINGS 68 QLD LISTINGS 86 SA LISTINGS

Auction Hub

Upcoming

Auctions

14 FEATURED ARTICLE Migration Tsunami: Get on Front Foot Now, Developers Urged 10 FEATURED ARTICLE City-Shapers and Dealmakers: Women Making their Mark in Property

18 FEATURED NEWS Ignite your wild side as Cushman & Wakefield and Taronga Zoo unveil commissioned Inclusive Wild Lights artwork as part of Vivid Sydney 20 MARKET MOVES

to ns

MARKET MOVES

The latest transaction activity and key deals

91 WA LISTINGS 99 TAS LISTINGS

June / July 2023 – 5

The Interview

SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL

62 MINUTES

JOHNNY & MAR K US KAHLBETZER TWYNAM AND BRIDGELANE GROUP

With Rob Langton

Adelaide and began working for a trading firm known as Heine Brothers, forging relationships internationally including in China wherein German travellers were admitted entry (whilst Australians were unable to visit). John then left Heine Brothers and established a firm known as Methco with Rudi Meth, later purchasing his partner’s stake in the business and re-naming the company to Australian Metal Holdings. Armed a with passion for hard-work coupled with the realisation that his newly adopted homeland offered an abundance of opportunity, John began amassing rural properties and in 1969, he purchased his first regional holding, a 100 hectare hobby farm outside Picton in New South Wales - in the process, launching the first iteration of the Twynam Group. Over the course of the ensuing four-plus decades, John split his time between Argentina and Australia, building Twynam Agricultural Group into a global behemoth with a broad

Joining our series for a rare & exclusive interview are special guests, Johnny and Markus Kahlbetzer - members of one of Australia’s most remarkable and enduring business dynasty’s. Following in their revered father John’s footsteps, the pair have assembled a coveted portfolio of holdings, Johnny through his diversified Twynam Investments business that operates across the energy, agriculture and property sectors and Markus through his BridgeLane Group - a privately owned asset management firm with exposure in the venture capital, real estate and agriculture industries. The Kahlbetzer Family’s unique history and storied presence in Australia extends over the course of more than seven decades, commencing with John’s migration from Germany to Perth in 1954, wherein he initially began working on offshore oil rigs before later finding employment in the steel industry.

In the late 1950’s, John moved from Perth to

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THE PROPERTY DEVELOPMENT REVIEW

array of investments including over 22 broad- acre cropping & livestock holdings in Australia encompassing in excess of 450,000 hectares, over 80,000 hectares of land in Argentina via LIAG, an array of commercial property assets across Sydney as well as stakes in mineral exploration companies across the World. The next evolution in the history of the Kahlbetzer Family is equally as interesting and forms the basis of today’s discussion - eldest son Johnny joined Twynam in 1991 as Chief Operating Officer and was instrumental in a number of deals including the acquisition of Colly Cotton in 1991, the divestment of a significant shareholding in AAco in 1995, the divestment of part of the firm’s irrigation entitlements in 2009 and the sell down of the family’s agricultural assets across Australia between 2009 and 2018. More recently in his role as Chief Executive Officer of Twynam, Johnny has diversified the firm’s investment mandate, incorporating holdings in renewable resources, sustainable agriculture and venture capital, as well as significant property development activities via Jemalong Property Group - all of which are explored in greater detail throughout our conversation. Born in California though spending much of his early life in Argentina, Markus Kahlbetzer moved to Sydney in 2001 and completed a Bachelor of Agricultural Economics at the University of Sydney before joining the family business as an Executive Director in 2004.

Markus was instrumental in a number of key deals during his five years at Twynam before utilising funds raised from the divestment of water entitlements and a large portfolio of Australian agricultural assets to launch BridgeLane Group in 2009 - his private family office that boasts a remarkable track-record of investment success including in such ventures as Amaysim, Airtasker and BrickX to name a few. Over the course of the past decade in particular, both Johnny and Markus have carved out their own career pathways and interests whilst simultaneously supporting each other’s growth along the journey - the sale of the family’s Argentinian agriculture business, LIAG, in late 2022 in a $300m transaction provided even greater opportunity for the pair to deploy capital & signalled the beginnings of a new chapter in their storied careers. Our exclusive discussion with special guests Johnny & Markus Kahlbetzer delves into the family’s legacy, the major successes & challenges they’ve encountered alongthe journey, analysis of key deals and transactions across their respective businesses and the sectors & industries within which they see opportunities for investment in the years to come.

June / July 2023 – 7

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Amir Bani MD of Ready Capital

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Podcast

THE PROPERTY DEVELOPMENT REVIEW

SCAN OR CLICK TO LISTEN TO THE INTERVIEW IN FULL

JESSE RADISICH

With Rob Langton

DIRECTOR - CAPITAL MARKETS, JLL VICTORIA

Joining our podcast series to share his unique perspectives on the state of Melbourne’s property development sector is Jesse Radisich, Head of Development Site Services at JLL.

capital. Melbourne has become a major focus and investment destination for BTR and Multi-Family globally at the moment. We’re seeing that the flow of capital continues to grow almost weekly at this point. What are some of the benefits and what are some of the challenges of the BTR sector? So, there’s obviously quite a few benefits and some challenges as well – one of the key benefits I would say is speed-to-market, wherein unlike a BTS style of product where you’re trying to sell or pre-sell prior to commencing construction which can take up to twenty-four months, with BTR you can get to market almost as soon as planning approval has been received. The assets themselves, they provide a stable, long-term, and low risk income stream – so that’s why, globally, they attract such major capital sources because of their low-risk nature. With a BTR project, you can also be nimbler in terms of price adjustments – so, in contrast to an office building where you might have a ten-year lease with further options built in, it’s more similar to the hotel model where you can adjust pricing relatively instantly as market fluctuations occur – so you can adjust your income stream more quickly. The other aspect is the long-term ownership structure of the asset class that incentivises a higher quality product, given the long tenure of residents. In terms of challenges, securing suitable sites is perhaps the most significant issue, and I’d say that’s a challenge across the board. Our team at JLL is handling quite a few of the major build-to-rent site sales currently and given they don’t grow on trees, they’re somewhat quite difficult to come by – the proof of concept is still being established. It’s still in the early days of BTR in Melbourne and in Australia and whilst there’s a handful of operational assets now, we’re still getting a sense as to how they’re performing & how they can be improved to enhance their operational efficiencies.

What’s the current state of play from a development perspective in Melbourne? Well thanks for having me back on the podcast, it’s always great to be here & to work with the Ready Media Group team. To be honest, it feels like we’ve really seen it all over the past few years as we’ve come out of the Covid period – we’ve obviously had a residential market that has boomed but it’s fallen back quite a bit since then and now appears to be in a recovery phase. Of course, we’ve had rising inflation and the impacts of that from a cost perspective, primarily through the construction sector – added to that, we’ve had a hit to consumer confidence across the board which is leading to a recalibration across the market. On a more positive front, we are seeing revenues start to increase across the board as the minimum sales requirements to make projects viable increases – and I think progressively, the market’s just going to have to absorb this. You know, all of this is making life difficult for developers, though I think it’s fair to say, we’re all in the tent together trying to make it happen – there’s huge pressures to get supply into the market given we’re facing a huge housing shortage. In terms of activity, we’ve seen a 77% drop from Q1 2022 to Q1 2023 for development sites valued north of $5 million in the inner ring suburbs of Melbourne. Let’s talk about build-to-rent (BTR) – how have you seen that sector has impacted the development landscape here in Melbourne? It’s definitely propped up a lot of the market over recent years – I would say given some of the challenges that exist in the BTS sector, it’s provided a solution and another avenue for site-owners who own major land parcels in key locations throughout Melbourne. So it’s certainly aided transaction volumes – I’d say more broadly, it’s really put Melbourne squarely on the map for global

June / July 2023 – 9

Featured Article - City Shapers and Dealmakers

CITY-SHAPERS AND DEALMAKERS: WOMEN MAKING THEIR MARK IN PROPERTY

Women who are shaping the built environment in Australia’s biggest cities.

Women are taking the lead on major projects, planning, proptech solutions and construction, increasing visibility and representation in the property sector. While two female chief executives, Susan Lloyd-Hurwitz and Alison Mirams, are stepping down from their posts this year, The Urban Developer takes a look at the women who are shaping the built environment in Australia’s biggest cities.

Emily Wombwell Studio Director - SJB

Emily Wombwell is studio director at SJB and has some big place-making projects under her belt.

Wombwell has been spearheading design in large mixed use projects for more than nine years, with some significant city- shaping precincts and projects under her belt. She says one of her earliest projects, the award-winning Quay Quarter Lanes in Circular Quay, was influential in her career. “We started working on it in 2014 and it took over seven years to reach completion. Not only did this project have an aspirational brief and a special site but the collaborative process of working with multiple design firms on a postage stamp site, in the heart of Sydney, was highly formative and inspiring for me,” Wombwell says. Wombwell also says designing the Newcastle East End precinct in her hometown, and collaborating with six other design firms on the 16ha Canberra Brickworks project were also highlights. The architect also co-founded Perspectives seven years ago to create a cross-disciplinary platform for women in creative industries. “At the time women were very obviously the minority voice at most industry events and that wasn’t always due to lack of invitation but sometimes also due to lack of confidence or time to get involved,” Wombwell says. “We wanted Perspectives to be a supportive environment for both established and emerging female creatives to present their story.” Wombwell says there is no shortage of brilliant female architects in Australia, paving the way for the next generation.

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Simone Desmarchelier Chair - City of Brisbane Investment Corporation (CBIC)

Newly appointed CBIC chair Simone Desmarchelier brings more than 25 years of property investment background to the role and is looking forward to watching Brisbane take shape ahead of the Olympic Games.

With more than 25 years’ experience in real estate across Australia, United Kingdom and Europe, recently appointed chair of the CBIC Simone Desmarchelier is well-equipped to take on Brisbane’s investment mantle. Desmarchelier says CBIC’s growth ambition is appealing, as well as a return to her hometown after many years living in the UK, working with Deutsche Bank and in Milan, working as the consul-general and senior trade commissioner to Italy. She is also relishing the idea of helping to shape the city ahead of the 2032 Olympic Games and enabling the Brisbane City Council to invest in more green space for her 10-year-old son to enjoy. “What I like about CBIC is that it is conscious that it’s investing for the benefit of not just one but multiple generations of people in Brisbane, so the approach to investment always comes back to that long-term focus,” she says. “Although a commercial return is important, CBIC is mindful of who is going to benefit in the long run. “CBIC has delivered solid performance in its core real estate investments since its inception. In the last financial year, it delivered an overall return of 13.8 per cent, outperforming its original return target.” Desmarchelier says there are plenty of women in top jobs in the property sector creating pathways for younger generations, including QIC chief executive Kylie Rampa and ADCO chairman Judy Brinsmead. “I think that more is being done, I think people who are in a position to promote and appoint people are more conscious of seeking out both male and female candidates for similar roles,” she says. “But I still think it has to come down to who has the right skill set and temperament for that role.”

Alice Hanna People and culture manager - Kapitol

Alice Hanna says wholesale change is needed across the construction industry to make it a more viable employment option for women.

Alice Hanna is at the coal face. As the people and culture manager at one of Australia’s newest and most innovative construction companies, she says she wants to drive change in the industry. “Kapitol focuses on innovation, experimentation and pushing the boundaries to improve the industry as a whole,” she says. She says Kapitol is focused on attracting and retaining good staff because it drives the success of the business. But Hanna says “wholesale change is needed across the board” in the construction sector. “We need more senior female role models so that young women can see themselves reflected in the industry, meaning the structural, cultural and bias barriers preventing women reaching those roles need to be broken down,” she says. “The culture of the industry needs to change to be a more safe, welcoming, equitable and inclusive industry.” Hanna also points to structural change to work hours to enable a Monday to Friday work week. One in five construction jobs is held by a woman, according to Procore data, and these tend to be office-bound roles. But it’s not only about gender equality in construction. “The research clearly shows the more diverse workforces are more successful, both in terms of quality of outcomes, profit and candidate attraction and retention. Diversity also promotes innovative thought and let’s be honest, the industry is behind the 8-ball when it comes to innovation. “There’s a huge opportunity for the industry to improve itself through a diverse workforce and huge opportunities for women that they don’t currently have equal access to.”

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Featured Article - City Shapers and Dealmakers

Katya Crema Director of Projects - Hip V. Hyp

Hip V. Hype director of projects Katya Crema is an advocate for female representation in development and together with partner Liam Wallis is developing sustainable design-led apartment projects.

“Healthy, enduring homes that get better with age and areembraced by community are the projects we want to be delivering.” And Melbourne-based Hip V. Hype is hitting the mark when it comes to sustainable, design-led architecture that is improving the built environment. Katya Crema is director of projects, alongside partner Liam Wallis. The couple and their two young children live and breathe the ideals and have lived in three of their own developments. “We use lived experience to constantly improve the homes we design and build,” Crema says. “We strive to design and build projects that look better in 10 years’ time than they did the day they were built.” Crema says she admires the women behind Armitage Jones, Sonya Miller and Olivia Christie, who are delivering “impressive scale projects across commercial and residential sectors”. “They seem to be one of the very few property development/project management businesses in Victoria led entirely by women. In an industry so heavily male dominated, particularly property development, what Sonya and Olivia have created is inspiring the next generation of women into this industry. Huge respect for those women.” But Crema has also been working in the background to develop grassroots connections in the industry and develop a pathway for more women into property development. “Women’s networking events go a long way in helping women to connect, share experiences and build networks, which in turn helps to retain women in the industry. “From my own personal experience, a grassroots initiative like the Women of ABP, an alumni networking group I formed with fellow colleagues graduating out of the University of Melbourne’s Architecture, Building and Planning faculty, has had a significant impact on my own female network in the industry and has provided me with a platform to engage and work with other female leaders across the industry.” Hip V. Hype recently launched a hotel experience at its Ferrars and York carbon-neutral apartment development at South Melbourne. The curated short-stay experience enables people to experience sustainable apartment living firsthand and showcases the intersection between design and sustainability.

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Mina Radhakrishnan Co-Founder:Different

Mina Radhakrishnan runs a 200-employee Australian proptech firm that is disrupting the real estate sector.

Mina Radhakrishnan is solutions focused. The mother-of- two and proptech company co-founder brings her Silicon Valley experience to the property sector in Australia to disrupt and streamline property management. Radhakrishnan has worked for Google, Goldman Sachs, and joined Uber as their 20th employee before launching her own proptech company :Different. She says the proptech firm launched its property management rent roll solution in October last year and expected to sign up thousands of real estate agencies. “Last year we launched our latest project :Different for Agencies,” she says. “It’s an operation and management of rent roll solution, which brings together a team of property experts and a proven tech platform solution. “For many agencies they want to focus on growth and sales, what we do is really solve this problem, we take away the pain of property management.” Transparent data is a crucial plank in the platform’s operations, according to Radhakrishnan. She says the platform provides real-time property management portfolio tracking for agencies as well as insights and recommendations on asset performance and profitability. The proptech company operates across the eastern seaboard with about 200 employees across Australia and Sri Lanka. Radhakrishnan says the technology enables seamless logging of maintenance and property management issues, and a single point solution that tracks issues through to completion. She says parenting her two small children while running :Different is a challenge, but she says she puts two hours aside each day for family time when she is offline. “As a leader making those decisions, that makes it okay for others to set those boundaries too. It gives people space to do it.”

Featured Article Courtesy of

The popularity of build-to-rent will only increase on the back of more migration.

June / July 2023 – 15

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The results

“Burgess Rawson has been incredibly impressed with both the quality and volume of enquiry generated from CommercialReady for our investment portfolio listings. We are seeing new enquiry and high-intent investors coming off your platforms and the ability to target investors at both a state and national level is delivering us really high-value leads.” Shaun Venables, Partner “We have used the CommercialReady platform on almost every i nvestment campaign we launched in the last 2 years. It has exposed our listings to a national audience of buyers we have not previously dealt with and many campaigns have resulted in our team securing buyers and registered bidders.” Jared Johnson and Lachlan Marshall, Directors “We pay close attention and track closely the platforms we use during a marketing campaign and CommercialReady continues to deliver high-quality and unique enquires, that reiterates to us and to our clients that we are getting ‘bang for our buck’.” Lachlan O’Keeffe, Director - Retail Investment Sales “CommercialReady forms a vital part of our marketing of any investment opportunity. Given our clients are so time poor, being able to align with CommercialReady allows us to directly reach buyers via their targeted portal on multiple occasions throughout a campaign. This is critical for us in listing presentations, to be able to articulate to our vendors that gaining cut-through with potential buyers and being in front of them on multiple occasion is critical to a successful outcome.” James Thorpe, Director - Investment Sales

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June / July 2023 – 17

Featured News - Cushman & Wakefield Partner With Taronga Zoo

IGNITE YOUR WILD SIDE AS CUSHMAN & WAKEFIELD AND TARONGA ZOO UNVEIL COMMISSIONED INCLUSIVE WILD LIGHTS ARTWORK AS PART OF VIVID SYDNEY 6 June 2023 - For the second consecutive year, Cushman & Wakefield is back as the Access and Inclusion partner of Wild Lights at Taronga Zoo, as part of Vivid Sydney.

In keeping with their vision to ensure all visitors can participate and engage with Wild Lights, Cushman & Wakefield will be unveiling an inclusive artwork, co-created by First Nations Artist Nathan Peckham and the children of St Lucy’s, a special education school in Wahroonga, Sydney and ensuring children with disabilities, their families and carers can access Wild Lights at Taronga with not one, but two Nights of Inclusion. Off the back of the success and demand from Cushman & Wakefield’s 2022 inclusive event, Wild Lights will welcome up to 6,000 visitors from community groups, special needs schools,

disability associations, inclusive sporting clubs, and special needs parenting groups over two nights on Wednesday 31 May and Wednesday 7 June. With its commitment to diversity and inclusion, Cushman & Wakefield has partnered with Nathan Peckham to create a unique, six-metre by two-metre mural art piece with the integration of artistic input from 16 students aged between seven and 15 who attend St Lucy’s School. This collaboration creates a shared story of connecting place and nature, and uniting people of all abilities in caring for Country.

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THE PROPERTY DEVELOPMENT REVIEW

Through an artistic lens, inspired by nature and First Nations truth telling, Nathan and the St Lucy’s School artists have come together on Cammeriagal Country at Taronga Zoo, a meeting place of knowledge and sharing. “I am delighted to work with Cushman & Wakefield and St Lucy’s School to produce this artwork for Wild Lights. Through the use of tactile sensory experiences such as hand stencilling, holding stones, and rubbing weavings, we were able to bring this mural to life and celebrate diversity and inclusion in a truly meaningful way,” said Mr Peckham. The artwork is featured just inside the Zoo’s entry which has been transformed into a spectacle of colour and light as part of Wild Lights and will be one of the first thing visitors can see as they head adventure the brand-new illuminated night trail. This year, guests will be able to discover over 130 captivating installations and lanterns inspired by Australia’s

Conservation Society Australia CEO Cameron Kerr AO said that partnerships like this with Cushman & Wakefield are invaluable for Taronga. “At Taronga, we are so proud to be a place that everyone can come to visit to connect with wildlife and Country. Taronga is progressing along an important path towards improving accessibility across the Zoo’s site and partnerships that bring opportunities like these presented by Cushman & Wakefield are key to ensuring we are delivering on this commitment,” Mr Kerr said. Anna Town, Cushman & Wakefield’s Head of Business Development Services, Asia Pacific & EMEA said Wild Lights at Taronga is a magical and unique experience which should be made accessible to everyone, no matter what their level of ability. “We are passionate about partnering with Taronga Zoo to ensure the Wild Lights experience is accessible and inclusive to both adults and children alike”. “We are offering visitors an accessibility map and guide, convenient drop-off points, expanded accessible parking options, dedicated and trained Access & Inclusion volunteers, designated re-set zones, and enhanced wayfinding and signage, to make everyone’s visit accessible, enjoyable, and memorable for all.”

rare and miraculous wildlife throughout the Wild Lights at Taronga which runs from 26 May- 17 June.

Cushman & Wakefield will be donating the artwork to St Lucy’s once the festival ends as a thank you and special memento to the talented children who made the artwork come alive. During the two nights of inclusion, guests will get to explore the Zoo after dark on a brand-new illuminated experience where they will encounter an array of awe-inspiring installations and captivating animal lanterns, which will be all inclusive to those with disabilities. This year’s Wild Lights offering will see seven brand-new native animal lanterns developed by Nathan Peckham in collaboration with Ample Projects and Taronga.

June / July 2023 – 19

MARKET MOVES

VIC

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Colliers' James Wilson, Tim McIntosh and Mike Crittenden, in conjunction with Stonebridge's Justin Dowers and Kevin Tong

Woolworths has divested its Cranbourne West shopping centre for $41.8 million, with the final sale price representing a tight yield of 5.36%.

V: Woolworths P: Mintus

$41.8 million

665 Hall Street, Cranbourne West

A multi-tenancy industrial estate in the heart of Dandenong's industrial precinct sold, encompassing three standalone industrial buildings, presenting a rare offering to operate the site as a standalone business or multi-tenancy estate.

34-36 Commercial Drive, Dandenong South

V: Arrow Capital Partners P: Private local buyer

Colliers' James Stott and Charlie Woodley

$27 million

Gross Waddell ICR's Alex Ham and Glen Ye in conjunction with Gary Peer's Simon Radolnik

A local community 135 sqm strip-retail asset has sold in Glen Waverley after a hotly contested, hour-long auction that saw over 100 people attending.

$5.015 million

96 Kingsway, Glen Waverley

P: Local Investor

A strata titled 165 sqm building sold under the hammer in a tightly contested auction between multiple bidders ranging from local investors to self-managed super funds.

V: Local Investor P: Local Investor

Fitzroys’ Chris Kombi and Lewis Waddell

$1.715 million

1272 High Street, Armadale

27-29 Duke Street & 36 Bond Street, Abbotsford

The former Kodak building and Carlton & United Breweries headquarters was sold by Australian property development firm, Hengyi.

V: Hengyi P: Hozit My China Pty Ltd

Fitzroy's Paul Burns and Chris James

$19 million

A land parcel in Melbourne’s western corridor suburb of Wyndham Vale was sold within the the approved Ballan Road Precinct Structure Plan and features Werribee River frontage.

Fitzroys’ Brent Glassford and Marco Sandrin, in conjunction with Oliver Hume's Andrew Lepa

V: Private Owner P: Oreana Property Group

$13.8 million

290 Hobbs Road, Wyndham Vale

1-3 Harrison Avenue, Concord West

A 1,631 sqm blank canvas development site was sold at auction, following 17 bids from three bidders, after a campaign that yielded 124 enquiries.

Knight Frank's Anthony Pirrottina and Mark Litwin

$4.21 million

P: Local Developer

A 375 sqm single-storey office/warehouse asset sold to a private investor, reflecting a land rate of $12,133/sqm.

$4.5 million

112 Peel Street, North Melbourne

P: Private Investor

Gross Waddell ICR's Raff De Luise

A hospitality asset, which houses experienced hospitality tenant, Witches in Britches Pty Ltd, who recently renewed their lease for a further five years, sold representing a yield of 4.98%

Gross Waddell ICR’s Raff De Luise and Julian Materia

$2.58 million

312 Brunswick Street, Fitzroy

Direct

Burgess Rawson’s Shaun Venables, Romanor Falconer, Matthew Wright and Liming Qiao Colliers' Fraser Pearce and Luke Lowden Ray White Commercial Oakleigh's Ryan Amler

Pace Development Group has sold the Daiku Japanese Restaurant in its Blackburn development, providing a return of 5.45% for its new owner.

$2.35 million

168 Whitehorse Road, Blackburn

V: Pace Development Group

A newly constructed industrial asset has been sold in one of Melbourne's fastest-growing industrial precincts.

V: Maliku Group P: Private Owner-Occupier

$4.7 million

28 Palladium Circuit, Clyde North

$4.16 million

14-16 Roberna Street, Moorabbin

A 1,754 sqm industrial warehouse sold under the hammer.

P: Local Investor

1099-1169 Pascoe Vale Rd, Broadmeadows

Nikos Property founder and rich lister, Nick Andrianakos, has purchased a half-stake in Broadmeadows Shopping Centre in an off-market transaction.

V: Vicinity Centres P: Nikos Property Group

$134.5 million

CBRE's Simon Rooney

V: Ozzie Kheir, Roger Ongarato and Simon Ongarato

Melbourne CBD boutique hotel, the Adelphie, has been offloaded by Resimax Group founder and managing director Ozzie Kheir along with co-investors Roger and Simon Ongarato.

JLL's Peter Harper and Nick MacFie in conjunction with CVA's Charles Cini and Ian Angelico

$25 million

187 Flinders Lane, Melbourne

P: Virticle (previously known as Core Asset Development)

An owner-occupier has snapped up a prime Crown Land parcel, at the former Burwood Police Station, in a fiercely contested auction that saw 63 bids placed, leading to a final sale price 34% above reserve. A 240 sqm warehouse presenting a commercial development opportunity in Melbourne’s city-fringe hotspot Collingwood has changed hands in an off-market deal, after merely 3 days on market.

Savills' Julian Heatherich, Benson Zhou, Tim Grant & James Latos

$3.125 million

64 Burwood Highway, Burwood

P: Owner-Occupier

121 Langdridge Street, Collingwood

Colliers' Alex Browne and Matt Knox

$2.06 million

P: Local Owner-Occupier

Lots D3 & C11 Whitehorse Village, Mt Buller

A 424 sqm vacant property with a car park and prime street frontage to the Bourke Street ski run, was sold prior to auction.

V: The Grollo Family P: Lotte Grimus

$1.375 million

Castran's John Castran

20 –June / July 2023

THE PROPERTY DEVELOPMENT REVIEW

Brought to you by

VIC

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Stonebridge Property Group's Justin Dowers, Kevin Tong and Phillip Gartland

After developing the property five years ago, Coles has offloaded one of its own supermarkets, with the final sale price representing a yield of 4.42%.

V: Coles Group P: Trident

$37 millon

525 Riversdale Road, Camberwell

V: HealthCo Health and Wellness REIT P: Private Investor

HealthCo Health and Wellness REIT transacted the largest-ever childcare centre in Victorian history.

CBRE’s Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto

$20.5 million

117 Kooyong Road, Armadale

An industrial infill asset located in one of Melbourne's tightly held industrial precincts has been purchased by Pacific Hire.

Savills' Anthony Cannizzaro, Mario Moscon, and Arthur Vainbrant

$12.2 million

34-42 Freight Drive, Somerton

P: Pacific Hire

60 Chow St & 195-199 Foster St, Dandenong

A large 8,992 sqm former RSL Aged Housing Village site comprised of 45 villa units and 7 studios, that also has approved plans and permits for a mixed-use development sold.

Melbourne Acquisitions' Dominic Gibson and Stefan Deffert

$11.6 million

Direct

Colliers' Ben Baines, Andrew Ryan and Eddie Foulkes in conjunction with Vinci Carbone's Frank Vinci and Joseph Carbone

A 335 sqm commercial building in Melbourne’s city-fringe Prahran has changed hands between two owner-occupiers after a sales campaign that attracted over 100 enquiries.

V: Owner-Occupier P: Owner-Occupier

$2.9 million

52 Commercial Road, Prahan

A commercial property sold with a renewed 6 year lease to popular Japanese restaurant, Oushou, with a rental income of $145,000 p.a plus GST & Outgoings. The sale price reflects a 37% uplift in pricing compared to when the property last traded approximately 18 months ago.

V: Bill McNee P: Private Investor

Emmetts' Charles Emmett and Xander Yeo

$4.54 million

264-266 Toorak Road, South Yarra

A hospitality asset in Windsor sold at auction with an estimated leased net yield of 3.18%, and was came with vacant possession. The sale price reflects a price uplift of 65% compared to its last sale just 12 months ago.

V: Bill McNee P: Private Investor

Emmetts' Ted Dwyer and Ben Baines

$2.2 million

12 Chapel Street, Windsor

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Knight Frank's David Ludlow and Marco Onorato

A 2,819 sqm property in Adelaide’s inner west has sold via private sale after being on the market for just three weeks.

1-5 Bruce Avenue, Marleston

$4 million

Direct

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Colliers' Shane Isaacs, in conjunction with SVN I Perth's Rocco Demaio

6-12 Gordon Street, West Perth

A freehold two-storey, 1,256 sqm office building in West Perth was sold with vacant possession.

$3 million

P: Local Owner

V: Westbridge Funds Management P: Private Investor

Cottesloe Medical Centre has been sold after a competitive sales campaign that saw eight formal offers and 110 enquiries for the property.

JLL's Nigel Freshwater and Simon Quinn

$11.8 million

525 Stirling Highway, Cottesloe

The 121-year-old P&O Hotel in Fremantle has sold after a sales campaign that generated over 130 enquiries.

V: Private Seller P: Adrian Fini & Nic Trimboli

CBRE’s Ryan McGinnity and Chloe Mason

Undisclosed

25 High Street, Fremantle

June / July 2023 – 21

MARKET MOVES NSW DESCRIPTION

VENDOR/ PURCHASER

AGENCY

SALE $

V: Coles Group P: Tony Tran

JLL's Nick Willis, Sam Hatcher, Sebastian Fahey and David Mahood

227 Railway Terrace, Schofields

Coles sold Schofields Village in Sydney's outer suburbs.

$53 million

A 39-place childcare asset located that came leased to one of Australia's largest childcare operators, Goodstart Early Learning, with the current lease expiring in 2041 sold as part of Burgess Rawsons Portfolio Auction 160.

V: Charter Hall P: Sydney Investor

Burgess Rawson's Yosh Mendis, Michael Vanstone and Natalie Couper $4.41 million

93 Cabramatta Road, Mosman

HTL Property's Daniel Dragicevich and Sam Handy, in conjunction with Highland Commercial Property's Andrew Highland and Luke Barbuto

V: Tony Denny P: Chris Ferros

50 Station Street, Engadine

The Engadine Tavern in Sydney's Sutherland Shire has been offloaded by Tony Denny.

$35 million

One of the largest rural properties in central NSW, the 3,817 sqm 'Checkers', has been sold by its 45-year owners, the Mathieu family.

V: The Mathieu Family P: Private NSW Farming Family

Circa $30 million

Inglis Rural Porpery's Sam Triggs, Jamie Inglis and Liam Griffiths

817 Baghdad Road, Cargo

CBRE's James Douglas, Joe Tynan and Michael Hedger in conjunction with Stonebridge's Alex James-Elliot, Justin Dowes and Phillip Gartland

A substantial 11,777 sqm neighbourhood shopping centre in Bathurst has been sold, reflecting a passing yield of 7.36%.

V: Quanta Investment Funds P: Mintus

39 William St, Bathurst

$17.5 million

Various, Hunter Valley & Blue Mountains

Australian-owned global fund management firm, Salter Brothers, purchased a collection of luxury hotels and estates in regional NSW.

V: Escarpment Group P: Salter Brothers

Undisclosed

Direct

248-250 Marrickville Road, Marrickville

A two-storey 575 sqm commercial building with a retail and office space sold on a short 42-day settlement in an off-market transaction.

V: Bragg Media P: Private Investor

Knight Frank's Demi Carigliano and Anthony Pirrottina

$8.05 million

V: The Fenely Family P: Local Syndicate (spearheaded by Nick Quinn)

Circa $30 million

After being owned and operated by the Feneley family for 36 years, the Bull and Bush Hotel has been sold.

HTL Property's Dan Dragicevich, Blake Edwards and Xavier Plunkett

37 Ferodale Rd, Medowie

Three South Sydney suburban care assets have changed hands in a portfolio sale; a two- storey home in Bexley, known as Griffin House, which was purpose-built to accommodate participants under the NDIS has sold, as well as a neighbouring three-level vacant purpose-built 111-bed aged care facility, and a vacant aged care asset.

V: Phil Carter and Daniel Walley of PwC as Receivers and Managers

Knight Frank's Mark Litwin and Anthony Pirrottina

$11.2 million

Various, NSW

After a sales campaign that saw over 120 enquiries, a piano company has snapped up a asset to open a major showroom.

$4.76 million

35-37 Parramatta Road, Clyde

P: Private Owner-Occupier

CBRE’s Robert Dowdy

A two-storey 153 sqm retail and commercial building in a very tightly held area in Sydney’s Paddington has sold with a strong result for the market, reflecting a record- breaking rate of $31,780/sqm

Knight Frank's James Masselos, Demi Carigliano and Anthony Pirrottina

V: The Ockenden Family P: Local Investor

$3.75 million

227 Glenmore Road, Paddington

Circa $20 million

The renowned Imperial Hotel in Erskineville, known as the birthplace of 'Priscilla, Queen of the Desert' has sold.

V: Fraser Short & Scott Leach P: Universal Hotels

35 Erskineville Road, Erskineville

JLL's Kate MacDonald

Knight Frank's Anthony Pirrottina, Demi Carigliano and Harrison Burcher

A 995 sqm development site with a DA approval for a three-storey boutique 12-apartment development with 846 sqm of gross floor area sold in a mortgagee sale.

$2.347 million

3 Lamond Drive, Turramurra

P: Lanevic Pty Ltd

Royal Hotel in Scone was sold with an approved development application allowing the construction of a new gaming lounge.

V: Kelly & Co Hotels P: Private Group

JLL's Greg Jeloudev and Kate MacDonald

Undisclosed

119 Kelly St, Scone

22 – June / July 2023

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