THE PROPERTY DEVELOPMENT REVIEW
NSW
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
Stockland has successfully offloaded their 12,802 sqm Stockland Balgowlah Shopping Centre to private development firm, Revelop. The centre was developed in 2009 by Stockland, alongside 240 residential apartments, today the centre attracts over 3.5 million customers annually and is anchored by Coles. The Tyas Family’s Real Estate Development arm, acquired a 3.42ha landholding in the Northern Rivers of NSW for a new $70M Gateway Regional Centre in Clarence Valley Council.
197-215 Condamine Street, Balgowlah
V: Stockland P: Revelop
JLL's Sam Hatcher and Nick Willis
$155 million
21 Through Street, Grafton
P: CADRE
Direct
$6.3 million
52 Victoria Street, Paddington
Australian advertising legend John Singleton successfully offloaded a secluded office precinct, The Bonython, which headquartered his SPASM ad agency.
Ray White's Ben Vaughan and Randall Kemp
Circa $ 30 million
V: John Singleton P: Annie Cannon-Brookes
255 George Street, Sydney
Property development and management firm Mirvac has sold its half stake in a 29-storey building at 255 George Street, representing a 17% discount to the building's peak book value.
V: Mirvac P: Singapore's Keppel REIT
$364 million
Direct
Billionaire Bruce Gordon has successfully offloaded his WIN Grand development site, on the basis that the development would still carry out Gordon's original vision, which encompasses three residential towers, a commercial building, a mixed-use building and an entertainment precinct. MOJ Projects, a high-end construction company has sold its 5,145 sqm Minchinbury industrial site that includes a 3,442 sqm warehouse with bespoke finishes and basement carpark.
221-291 Crown Street, Wollongong
V: Bruce Gordon P: Level 33
Colliers' Simon Kersten and Taleah Thomas
$70 million
14 Sterling Road, Minchinbury
CBRE’s Elijah Shakir and Moshe Greengarten
$17.5 million
V: MOJ Projects
QLD
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
A local private developer has purchased an 4,018sqm infill development site, which currently holds six houses, each with individual titles. The property has development approvals for three apartment buildings, with a total of 57 one, two and three-bedroom units or 25 three-level townhouses. An offshore private investor represented by Costello Group has purchased the Taco Bell and Yiros Shop investment in Beenleigh, as quick-service restaurant investments remain one of the most highly sought-after sectors for investors. Local Asian developer Capricorn Asset Management has successfully offloaded an 100% occupied 911 sqm freehold centrally located commercial property. Remarkably, the sale price of the asset reflects a capital growth of 43% in three years. Selectability, one of Queensland’s largest NDIS mental health providers has purchased the freehold going concern interest in the Gulfland Motel and Caravan Park, who plans to use the park for staff accommodation while operating in nearby locations.
1 Theodore Street, Stafford
CBRE’s Will Carman and John Nucifora
$5.85 million
V: Local Private Developer
149 George Street, Beenleigh
CBRE’s Harrison Coburn and Nick Kennedy Colliers' Tony Wang and Troy Linnane, in conjunction with Cushman & Wakefield's Andrew Gard and Michael Gard
$6 million
P: Offshore Private Invesotr
V: Capricorn Asset Management P: Local Asia-Pacific Education Operator
33 Herschel Street, Brisbane CBD
$13.2 million
V: Recievers & Managers, BRI Ferrier P: Selectability V: Townville Retail Assets No 1 Pty Ltd. P: Queenland-Based Private Investor
11 Landsborough St, Normanton
CBRE’s Hotels’ Hayley Manvell and Jay Beattie
Undisclosed
Burgess Rawson's Neville Smith in conjunction with Commercial East Coast Investments' Glenn Conridge
245 Ross River Road, Aitkenvale
A newly constructed 7-Eleven Service Centre with an adjoining Go2 Car Wash with a 12-year lease, plus options to extend to 2055.
$6.6 million
Two adjoining properties just 4km from the Brisbane CBD. 59 High Street is a strip-retail building occupied by sole tenant HX Asian Supermarket with a site area of 420 sqm. The adjoining 53 High Street is a heritage-style two-story retail/office building occupied by KC Dry Cleaning with a site area of 607 sqm.
53 & 59 High Street, T oowong
Knight Frank's Christian Sandstrom
$6.4 million
TAS
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
9 & 9A Lampton Avenue, Derwent Park
Two side-by-side industrial properties with a total lettable area of 1,091 sqm across two main buildings sold to a local investor.
V: Owners Syndicate P: Private Investor
Knight Frank agents Tom Balcombe and Matthew Wallace
$2.9 million
April / May 2024 – 17
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