Issue 34 | The Property Development Review

MARKET MOVES NATIONAL DESCRIPTION

VENDOR/ PURCHASER

AGENCY

SALE $

Perth

Australian Venue Company have taken a major step in bolstering their portfolio in Western Australia, by securing nine pubs in-and-around Perth. Included in the deal are Durty Nelly’s, Generous Squire, Market Grounds, Galway Hooker, The Peach Pitt, the Scarborough Beach Bar, and the Bassendean Hotel, all purchased from Ark Group. The final two properties that form part of this batch of acquisitions were part of an asset swap; AVC received Perth’s Royal Hotel, and Applecross’s The Raffles, whilst Colonial Leisure Group have obtained two Melbourne venues in Albert Park’s The Vincent, and South Melbourne’s O’Connell’s Hotel. The shopping centre REIT, SCA Property Group have acquired five shopping centres. The sites include the following: the Dernancourt Shopping Centre and Fairview Green Shopping Centre, both situated in South Australia; the Brassall Shopping Centre and Port Village Shopping Centre, both situated in Queensland; and the Tyne Square Shopping Centre, in Western Australia. The biggest sale of the group was for the Brassall Shopping Centre, which cost SCA $46.5 million, reflecting a 5.3 per cent full let yield. Sydney’s Barwon Investment Partners have secured four properties across both Western Australian and Queensland. Among the assets are an eye surgery clinic at Spring Hill in Brisbane, a 143-bay car park located in the same precinct, as well as a two-storey building predominantly leased to a clinical research company in Joondalup, and a community mental health facility in the outer Perth suburb of Butler. Developer Iris Capital has purchased a bevy of Alice Springs hospitality and tourism sites, including the Mecure Hotel, Stay at Alice Springs Hotel (formerly known as the Aurora Hotel), the Gap View Hotel, Todd Tavern, and the Diplomat Motel. According to Sam Arnaout, the Iris Capital's Managing Director, the businesses will continue along their current trajectories, and there are no plans to redevelop the properties in any notable way. 16 properties from the late Harry Oviss’s private portfolio have sold at an auction conducted by the commercial real estate agency, Fitzroys. Carried by the strength of the shopping strip sector, the entire collection was sold for a 100% clearance rate, on an extremely sharp net yield of 2.99%.

Direct

V: Ark Group P: Australian Venue Company

$30 million

SA/WA/QLD

V: Primewest P: SCA Property Group

Direct

$180 million

WA/QLD

P: Barwon Investment Partners Direct

Circa $45 million

Alice Springs

P: Iris Capital

HTL Property

Circa $50 million

Melbourne

Direct

$29.14 million

Fitzroys' Tom Fisher, Mark Talbot, and Chris Kombi

WA

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Collection of Perth hospitality venues

Direct

Australian Venue Company have taken a major step in bolstering their portfolio in Western Australia, by securing nine pubs in-and-around Perth. Included in the deal are Durty Nelly’s, Generous Squire, Market Grounds, Galway Hooker, The Peach Pitt, the Scarborough Beach Bar, and the Bassendean Hotel, all purchased from Ark Group. The final two properties that form part of this batch of acquisitions were part of an asset swap; AVC received Perth’s Royal Hotel, and Applecross’s The Raffles, whilst Colonial Leisure Group have obtained two Melbourne venues in Albert Park’s The Vincent, and South Melbourne’s O’Connell’s Hotel. A restored heritage building located in the trendy west end of Fremantle has sold to local investors who plan to continue the legacy of the iconic restaurant tenant, Roma Cucina. The purchaser has acquired 807 sqm of total land area in one of Fremantle's most popular catchments.

V: Ark Group P: Australian Venue Company

$30 million

9-19 High Street, Fremantle

LJ Hooker Commercial Perth's Brian Neo

V: Ortana Pty Ltd P: High Street Mena Pty Ltd

$3.5 million

SA

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

93 Ferries McDonald Road, Monarto South VIMG have purchased an ex-Big W distribution centre in Monarto South, 60 kilometres south east of Adelaide. Billed as South Australia’s largest vacant possession distribution centre, the property is to be offered as a whole, or in tenancies from 10,000 sqm. The landholding has 36.5-hectares that contain over 64,000 sqm of total gross lettable area, and is positioned within the industrial hub of Monarto.

$21.45 million

V: Lendlease Australian Prime Property Fund Industrial P: VIMG

Knight Frank's Guy Bennett and David Ludlow, in conjunction with One Commercial's Joshua Charles and Simon Kent

ACT

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

101 Jerrabomberra Ave, Symonston

The Geoscience Australia headquarters in Symonston is to be sold at over $370 million. The transaction will be the most expensive office sale in Canberra, supplanting the previous record high, $335 million.

Circa $370 million

V: Real IS P: Charter Hall

Colliers' Paul Powderly, Matthew Winter, Adam Woodward, and James Mitchell, in conjunction with JLL's Tim Mutton, Luke Billiau, and James Barber

6 –July / August 2022

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