Issue 51 | The Property Development Review

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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