Issue 40 | The Property Development Review

Welcome to Issue 40 of The Property Development Review, exclusively for agents, developers and investors.

MARCH / APRIL 2023 - ISSUE NUMBER 40

EXCLUSIVELY FOR PROPERTY DEVELOPERS, INVESTORS & AGENTS

CELEBRATING OUR 8th BIRTHDAY

ISSUE NUMBER 32

EXCLUSIVELY FOR PROPERTY DEVELOPERS, INVESTORS & AGENTS

Women in Property & Business: Susan Alberti AC Charlotte Vidor AM

The Interview: Bill Bowness AO Rob Morrison

Around The Country: Market Moves National Site Listings

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. LISTINGS The best and latest commercial and development opportunities in Australia. INTERVIEWS We speak with Australia’s best business leaders.

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

Flexible Debt and Equity Solutions Tailored for property developers

Ready Capital offers:

High Leverage Less Equity

Optimal Solutions Our cutting edge technology identifies the best funding sources for borrowers from reliable capital partners.

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Our track record shows we outperform when it comes to leverage for acquisition, refinance and construction facilities.

Experience Development Finance with Market Leading Terms Our approach prioritises common sense finance terms that align with the unique needs of property developers. We are committed to unlocking the optimal potential of our clients’ projects and arranging market leading finance efficiently. Our established network of capital partners include reliable privates funders, superfunds, investment funds and family offices.

SPEAK WITH OUR EXPERIENCED TEAM TODAY E: enquiries@readycapital.com.au P: (03) 8682 8670 readycapital.com.au

Amir Bani MD of Ready Capital

2 –March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

FROM THE CEO

“AS WE CELEBRATE THE PAST EIGHT YEARS IN BUSINESS, WE EAGERLY ANTICIPATE UPCOMING OPPORTUNITIES & CHALLENGES .” Robert Millner, Executive Chairman, Washington H. Soul Pattinson Our exclusive feature profile with Robert unpacks his upbringing, the evolution of the Washington H. Soul Pattinson business, his investment philosophy, the macro-trends that drive markets and the fundamentals required for sustainable success on both a personal and professional level. Michael Streicker, President, Sentinel Real Estate Corporation Our discussion with Michael explores the origins and evolution of the Sentinel Real Estate Corporation business, its expansion into international markets including Australia, the fundamentals for successful BTR development and his long-term outlook for both the Australian and US commercial property markets. Jeff Chapman AM, Founder, Bangarra Family Office As one of Australia’s most successful business and philanthropic figures, Jeff’s remarkable career and influence extends across a diverse range of industries, including professional sports, media production, property development, funds management and global equities. Inside this edition you’ll also find the latest

EDITOR IN CHIEF Frank Materia frank@ readymedia.com.au IN-HOUSE WRITERS Sandra LoGuidice Oliver Gregurek 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 Levels 3, 4, & 5 161 Buckhurst St South Melbourne VIC 3205 03 9631 5476 info@ readymedia.com.au

Approaching our eighth year in business with our 40th Magazine issue, I’ve reflected on our group’s inception and the philosophy which has guided our growth to-date. Initially, as investors in the property industry, the founders of Ready Media identified an opportunity to establish a dedicated digital platform that seamlessly connected property developers with vendors. The foundation of Development Ready, our online platform launched in 2015, disrupted the digital property market status-quo. It provided a unique alternative for real estate agencies to exclusively target property investors and developers. Development Ready and Commercial Ready has increasingly became powerful lead-generating portals. Fast forward to 2023 and Development Ready is proudly a standalone as Australia’s only dedicated development site portal, led by the most experienced commercial real estate account management team in the industry. By actively listening to the feedback provided by our valued partners, the Ready Media Group has expanded rapidly, adding CommercialReady, a digital portal focusing on tenanted property investments for sale. In addition, Ready Media Creative - our full service property marketing division led by a team of creative specialists has grown exponentially. Furthermore, we have added a number of new Agent and Investor related products including InstaDocs, District Data, Ready Capital, and Ready Pay. As we celebrate the past eight years in business, we eagerly anticipate upcoming opportunities and challenges. I’d like to take this opportunity to extend our gratitude to our multitude of agency clients for their support, our considerable developer and investor audience for consistently engaging with our platforms and our dedicated Ready Media teams Australia-wide. This issue of The Property Development Review continues with our exclusive interview series featuring both Australian and international business figures, from a diverse cross-section of sectors including property investment and development, high-net-worth family office and private equity.

development & investment opportunities from across Australia, major transaction updates and news from the commercial real estate sector. Enjoy our 40th issue. Best regards Nick Headshot - TPDR Intro Page

MAGAZINE DESIGN Nespecart

ON THE COVER The Property Develoment Review over the years

NICK MATERIA CEO - Ready Media Group

March / April 2023 – 3

List on DevelopmentReady today! Speak with our expert team for more information

VIC Frank Materia Residential State Manager 0400 649 959

NSW | ACT Todd Stockley Majors & Key Account Manager 0428 399 357

VIC Scott Bremner Chief Customer Officer 0487 600 077

QLD Sally Miller Major Accounts 0459 398 151

VIC Damien Soltan State Sales Manager 0481 117 380

QLD Jake Ragkousis National Sales Director 0447 460 230

SA | WA | TAS Michael Arcobelli

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

State Manager 0488 882 726

NSW Ted Lloyd State Manger 0408 276 103

4 – March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

CONTENTS

8 THE INTERVIEW Jeff Chapman AM Co-Founder Bangarra Family Office 7 THE INTERVIEW Michael Streicker President Sentinel Real Estate Corporation 6 THE INTERVIEW Robert Millner Executive Chairman Washington H. Soul Pattinson

11 FEATURED NEWS Knight Frank and Berkadia Form International Alliance 9 FEATURED NEWS Woolworths Group Seeks Development Partner for Elsternwick Site

16 MARKET MOVES

MARKET MOVES

18 UPCOMING COMMERCIAL AUCTIONS

22 NSW MARKET OVERVIEW

24 NSW LISTINGS

Auction Hub

54 VIC LISTINGS 52 VIC MARKET OVERVIEW 70 QLD MARKET OVERVIEW

ADDRESS

AGENCY

PRICE

ASSE

67 Davenport Street, SOUTHPORT, QLD, 4215

Ray White

$2,275,000

Office

72 QLD LISTINGS 96 SA LISTINGS 100 WA LISTINGS

325 Mundoolun Connection Road, BOYLAND, QLD, 4275

Ray White

$5,950,000

Farmi

119-121 Rusden Street, ARMIDALE, NSW, 2350

Burgess Rawson

$4,800,000

Office

208 Barkly Street ST KILDA, VIC, 3182

Gross Waddell ICR

$760,000

Retail

22 Rosenthal Avenue, LANE COVE, NSW, 2066

CI Australia

$4,600,000

Office

4c McInnes Street, RIDLEYTON, SA, 5008

Ray White

$855,000

Indust

35 Production Avenue, MOLENDINAR, QLD, 4214

Harcourts Coastal

$1,838,000

Office

68 Caloundra Road, CALOUNDRA WEST, QLD, 4551

Savills & Colliers

$2,520,000

Retail

21-27 Somerset Place, MELBOURNE CBD, VIC, 3000

JLL

$7,000,000

Office

532 City Road, SOUTH MELBOURNE, VIC, 3205

Allard Shelton

$1,400,000

Office

368 Merrylands Road, MERRYLANDS, NSW, 2160

Burgess Rawson

$7,100,000

Childc

1120-1124 Albany Highway, BENTLEY, WA, 6102

Burgess Rawson

$10,060,000

Retail

25 Goderich Street, INVERMAY, TAS, 7248

Burgess Rawson

$11,000,000

Retail

March / April 2023 – 5

The Interview

SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL

49 MINUTES

ROBERT MILLNER

With Rob Langton

EXECUTIVE CHAIRMAN: WASHINGTON H. SOUL PATTINSON

Unquestionably one of Australia’s oldest and most successful integrated investment groups, Washington H. Soul Pattinson’s

roots date back to Sydney in 1872 prior to becoming incorporated & listed on the stock exchange in 1903.

Through considered, long-term and strategic decision-making implemented throughout the course of its history by multiple generations of family leadership, Soul Pattinson has remarkably delivered a dividend to its shareholders, every year, for over one-hundred-and-twenty years - cementing its reputation in Australian corporate history and reinforcing its $10bn plus market capitalisation. WHSP’s existing portfolio includes varied interests across the telecommunications, financial services, pharmaceutical, property, private equity & energy industries to name a few, with substantial stakes in key businesses including TPG Telecom, Brickworks Limited, New Hope Group, Apex Healthcare & Pitt Capital Partners. On a personal level, Robert was born in Sydney (Beecroft) in 1950 before enrolling at Newington College, a boarding school in Sydney’s Inner South-West he attended from the age of eight until his graduation in 1968.

Over the course of the next fifteen or so years, Robert worked briefly as a stockbroker for a period of two years, before returning to his father Tom’s family farm in Cowra and spending the next thirteen or so years working the land prior to joining the family business, Soul Patt’s as a director in 1984 - a business he has been intimately involved in through a number of Board positions ever since. Our exclusive feature profile of Robert unpacks his upbringing, the evolution of the Washington H. Soul Pattinson business, his investment philosophy, the macro-trends that drive markets and the fundamentals required for sustainable success on both a personal & professional level.

6 –March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL

33 MINUTES

MICHAEL STREICKER

With Rob Langton

PRESIDENT: SENTINEL REAL ESTATE CORPORATION

Michael is a graduate of Princeton University and the Columbia Business School, and as the President of Sentinel, he sits on both its Executive and Investment Committees.

It’s with great pleasure that we welcome the very first international guest Mr. Michael Streicker, President of New York Headquartered, Global Investment powerhouse Sentinel Real Estate Corporation joining our series for an exclusive interview. Founded in 1969, Sentinel is a highly-respected, independently-owned real estate investment management firm with a portfolio of assets valued in excess of $13.5bn (AUD) and managed on behalf of over a hundred domestic & international clients. For over fifty years, the firm has built an enviable reputation for delivering outstanding results to it’s investor base, drawn from the knowledge & expertise of more than seven-hundred-and-fifty industry specialists who manage some 27,500 apartment units & over 5 million square feet of commercial real estate spread across three continents including North America, Europe & Australia. The business is renowned as a global leader in the multi-family / BTR sector, establishing it’s maiden investment in 1976 and cementing it’s expertise through involvement in over six-hundred multi-family communities comprising some 154,000 units. Closer to home, Sentinel’s operations in Australia

have increased substantially since it first begun laying the foundations in 2011, becoming the first group to have a fully operational BTR community known as Element 27, which was successfully launched in Perth in Spring 2019. Since then, the business has expanded rapidly, with construction underway on a 172-apartment project in Victoria & the recent acquisition of a proposed 300-apartment project in Queensland forming part of it’s broader $1.5bn BTR fund in Australia. With regard to his professional life, Michael is the President of Sentinel Real Estate Corporation and sits on the firm’s Executive Committee & Investment Committee’s - he is a Graduate of both Princeton University (AB Degree) and the Columbia Business School (MBA). Our discussion with Michael explores the origins & evolution of the Sentinel Real Estate Corporation business, it’s expansion into international markets including Australia, the fundamentals for successful multi-family / BTR development & his long-term outlook for both the Australian and US commercial property markets.

March / April 2023 – 7

The Interview

SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL

42 MINUTES

JEFF CHAPMAN AM

With Rob Langton

CO-FOUNDER & CHAIRMAN: BANGARRA FAMILY OFFICE

Joining our series for a rare and exclusive interview is special guest - Jeff Chapman AM, Founder & Chairman of Bangarra Family Office.

Over the ensuing two decades, Bennelong Group established itself as one of the Country’s most prolific investors, deploying capital across a range of sectors and industries including golf courses, commercial real estate projects and equities. Launched in 2002 as a division of Bennelong Group, Jeff launched Bennelong Funds Management, a global investment company that partners with boutique asset managers across the World and that now has in excess of $15bn of assets under management across ten boutiques and six offices. Jeff is also a highly respected philanthropist via the Bennelong Foundation in which his share of the profits from Bennelong Funds Management are channelled into a range of charitable causes in both Australia and the UK, with over fifty projects and seven-hundred grants distributed with an end value of in excess of $15m. Through the Bangarra Family Office, Jeff manages his extensive investment interests including in Crown Golf, Bennelong Funds Management & his commercial property holdings. Our exclusive discussion explores Jeff’s background, his professional football career, the rise of Sportsworld Media Group, his diversification into real estate and the significant rise and success of his global funds management house.

As one of Australia’s most successful business & philanthropic figures, Jeff’s remarkable career and influence extends across a diverse range of industries, including professional sports, media production, property development, funds management & global equities. Born in the New South Wales town of Glen Innes in 1948, Jeff moved to Melbourne and attended Carey Grammar, wherein his sporting prowess was quickly recognised by his peers and culminated in him being appointed the school’s Football Captain. Upon graduation, Jeff signed with the Hawthorn Football Club for one season before transferring to the Melbourne Football Club in 1966. At the conclusion of his professional sporting career, Jeff transitioned into business, founding Sportsworld Media Group, an integrated production house that developed television programs, live broadcast events & magazines in 1991 before expanding the firm in Britain where it listed on the London Stock Exchange in 1998. Following the sale of his stakes in the business upon it’s listing, and again two years later, Jeff launched his investment vehicle Bennelong Group in 2000 with a mandate of investing in businesses and operating real estate across England, the Middle East & Australia.

8 –March / April 2023

Featured News

THE PROPERTY DEVELOPMENT REVIEW

KNIGHT FRANK AND BERKADIA FORM INTERNATIONAL ALLIANCE WITH ROB LANGTON

two firms host a global network of over 22,750 people across 558 offices in 57 territories. CEO of Berkadia, Justin Wheeler, commented: “This newly formed alignment between our two firms will have innumerable benefits for clients on both sides.” The Knight Frank Berkadia alliance is founded on compatible vision, leadership and culture, with complementary areas of expertise. The alliance’s extensive network will enable clients to navigate global capital markets more effectively and have access to a wider range of resources and opportunities to maximize their property values. With this alliance, they will be among the top multifamily brokers globally. Both companies recognise the demand for a truly global capital markets service offering and are committed to a long-term partnership. An Alliance Management Board, including senior executives from both firms such as Neil Brookes, Knight Frank’s Global Head of Capital Markets, and Keith Misner, Berkadia’s Co-Head of Investment Sales, will oversee the alliance and meet quarterly. Additionally, the alliance will establish a Knight Frank presence in the United States through secondment, as well as a Berkadia presence in Knight Frank’s London headquarters. Global real estate consultancy firm, Knight Frank, and Berkadia, a leader in commercial real estate and joint venture of the esteemed US firm Berkshire Hathaway and Jefferies Financial Group, have announced a new alliance to provide capital markets services to multi-market clients worldwide.

JUSTIN BOND Knight Frank National Head of Capital Markets Australia

The alliance aims to establish a top-tier global capital markets platform, offering clients access to the most active cross-border investors, international institutions, banks, and sovereign wealth funds. The platform will span all major capital hubs and sources of capital, including the US, Asia Pacific, Europe, the UK, and the Middle East. Knight Frank boasts the world’s largest privately- owned capital markets platform, offering unparalleled access to global capital, including institutional, sovereign, and private wealth. The company’s Private Office network connects with over 5,400 ultra-high-net- worth individuals. Knight Frank National Head of Capital Markets Australia, Justin Bond, expressed his excitement for the alliance: “The North American region is an important part of our global reach and we believe our partnership with Berkadia will lead to greater market intelligence, data, global insights and access to the world’s most active cross-border investors.” Berkadia is a US-based capital markets advisory firm with a proven track record, having originated over $75 billion in commercial loans and advised on $48 billion in asset sales over the past two years. Collectively, the

March / April 2023 – 11

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12 –March / April 2023

News

THE PROPERTY DEVELOPMENT REVIEW

CUSHMAN & WAKEFIELD APPOINTS MELBOURNE’S LEADING INVESTMENT SALES EXPERTS

Cushman & Wakefield’s Melbco Team

Cushman & Wakefield is making waves across the Melbourne commercial property market with the appointment of Victoria’s strongest Investment Sales team, comprising 10 brokers and four support staff.

The team will be led by two of Victoria’s leading commercial brokers, Daniel Wolman and Oliver Hay, as International Directors & Co-Head of Investment Sales, who have held a staggering 75 per cent market share across the Melbourne CBD over the past five years. Additional Senior operators joining the team include Leon Ma, Anthony Kirwan, George Davies, Alexander Leggo, Jeff Ha and Karim Ford. Luke Etherington, Cushman & Wakefield’s Managing Director of Victoria, said this is an exciting time for the Victorian business, off the back of the firm building out a market-leading National Commercial Capital Markets and National Industrial Capital Markets teams. Mr Etherington commented on the newly formed team, stating, “the wider Victorian Commercial Agency will benefit greatly from Daniel, Oliver and this new team’s unrivalled track record and passion for delivering best-in-class client service”. “We continue to develop and invest in our agency

business, with the view of providing our clients with the very best brokers across every market,” he added. Daniel Wolman, Cushman & Wakefield’s International Director & Co-Head of Investment Sales, said Cushman & Wakefield was a natural fit for the 14-strong team, as joining a leading commercial real estate business in an extensive growth phase will help to further service the needs of clients across Victoria. “To join a company that is well established, both nationally and globally, is a true testament to what this team wishes to deliver to our clients, which is market-leading advice and unrivalled industry experience in an ever-changing market,” said Mr Wolman. The team of 14, being introduced to the market as Melbco, will cover the following Investment Sales sectors: Middle Markets, City Sales & Fringe, Metro Markets, Development Sites, Retail Sales and offer an Asia Services Desk.

March / April 2023 – 13

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In 2023 are you still trying to reach commercial property investors by advertising your listing at the suburb level on a main stream property portal? Unlike residential buyers focused on certain suburbs, commercial investors search for properties far and wide. See how you can utilise our multi-channel approach, targeting a 20k+ verified commercial buyer database on a state and national level.

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14 –March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

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

DM program 0k investor subscribers

media lead-gen -party investor data

al tracking

e includes

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Call Centres, Medical, IT, Trade etail/Convenience groups)

March / April 2023 – 15

MARKET MOVES

NSW 203 Northumberland Street, Liverpool

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Sydney's Inner West Council has acquired an eight level Liverpool CBD office tower from Stirling Property Funds.

V: Stirling Property Funds P: Sydney's Inner West Council

Knight Frank's Wally Scales in conjunction with John McCann of Colliers Colliers' James Wilson and Ben Wilkinson HTL Property Group's Dan Dragicevich, Blake Edwards & Andrew Jolliffe

$54.5 million

6 Hawthorn St, Dubbo

V: The Stevens Group P: MPG Funds Management V: Marlow Hotel Group P: Local Investor Group V: Lendlease & Mitsubishi Estate Asia P: Tattarang

A 3,796 sqm retail complex in Dubbo has been sold by New South Wales-based developer, The Stevens Group. The Robin Hood Hotel in the regional NSW town of Orange has been sold by the Marlow Hotel Group. Australian mining billionaire Andrew 'Twiggy' Forrest and his wife Nicola have purchased Australia's first Waldorf Astoria Hotel site in Sydney's Circular Quay.

$13.3 million

30 Burrendong Way, Orange

$51 million

1 Alfred St, Sydney

Speculated $520 million

Direct

118 Military Rd, Neutral Bay

After a seven-month sales campaign with an asking price of $175 million, the Oaks Hotel has sold to a private local buyer.

V: Andrew Thomas P: Local Buyer

JLL' John Musca and Ben McDonald

circa $175 million

2 Sentry Dr, Stanhope Gardens

V: Mirvac P: Revelop

JLL's Nick Willis and Sam Hatcher

$158 million

Mirvac has sold its Stanhope Village development for $171 million in an off-market deal.

2-6 Bathurst Rd, Orange

Burgess Rawson's Yosh Mendis

$6.3 million

A Guzman Y Gomez in Orange has been offloaded by retail and hospitality property developer, Spectrum Retail Group.

V: Spectrum Retail Group P: Private Investor V: Family-owned Investment Office P: Centuria

Speculated $157 million

Guyra

Centuria has acquired a 20-Ha glasshouse in northern New South Wales.

Direct

$95 million

14 Campbell St & 2-8 Lanceley Place, Artarmon

The ABC has offloaded one of its former television studios in Artarmon.

V: ABC P: Goodman Group V: Private Seller P: Adam Draberek

Knight Frank's Angus Klem and Scott Timbrell HTL Property's Blake Edwards and Xavier Plunkett

Speculated $8.5 million

75 Cessnock Rd, Weston

Known publican Adam Draberek has purchased the Criterion Hotel in rural NSW.

VIC

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

$2.585 million

12/1 Hunt Way, Pakenham

A private investor has acquired a brand new Snap Fitness 24-hour gym in Pakenham.

P: Private Investor

Burgess Rawson's Shaun Venables, Zomart He, Justin Kramrsh & Romandor Falconer CVA's Craig Mckellar & Luca Angelico CBRE's Joe Brzezek and Daniel Eramo

$1.275 million $8.94 million

21 Stanley Drive, Somerton

A standalone industrial warehouse in Somerton has been sold at a public auction to a local owner-occupier. A private investor has purchased an Epping industrial warehouse for $8.94 million, reflecting a record yield of 4.25%.

P: Local owner-occupier

67 Gateway Boulevard, Epping

V: Local Vendor P: Private Investor

Circa $100 million

Camden St &, Alfred St, Balaclava Coles purchased a prime suburban supermarket site, where they previously held tenancy.

V: Herzberg & Langer Families P: Coles Group V: Deceased Estate P: Local Investor

Direct

$2.225 million $5.145 million

212 Swan Street, Richmond

A strip retail store in Richmond has sold for $2.225 million at a private auction.

Gross Waddell ICR's Andrew Greenway

181 Oherns Read, Epping

A local developer has pounced on a 4,926 sqm land parcel 181 Oherns Road, Epping.

P: Northgate Developments Colliers' agents Corey Vraca and Mitch Purcell in conjunction with Jones Real Estate's Paul Jones and Tim Spargo

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Mulitple Locations, Adelaide

V: Blue Sky, Fortitude Investment Partners P: Multiple investors: ALH, Harvest Hotels & RD Jones Group

JLL's Hotels & Hospitality's John Musca. $160 million

A portfolio of 11 pubs in Adelaide has sold to multiple investors. 10 of the 11 pubs were previously owned by controversial ASX-listed fund management firm, Blue Sky, who purchased the assets seven years ago.

16 –March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

Brought to you by

QLD 5449 Gregory Hwy, Emerald

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Argyle Capital Partners has purchase of one of the largest table grape and lychee farms in the country, Evergreen Farms.

V: Darwin King P: Argyle Capital Partners

LAWD's Danny Thomas and Simon Cudmore.

$70 million

8-24 Browns Plains Rd, Browns Plains Horwell Property Investments, a family development group, has acquired the Westpoint Shopping Centre in Browns Plains

P: Horwell Property Investments" V: Stockland P: Fawkner Property

CBRE's Joe Tynan and Michael Hedger $46.5 million

Dawson Hwy &, Philip St, West Gladstone

Stockland has sold their 110,000 sqm Stockland Gladstone asset to Fawkner Property.

JLL's Nick Willis and Sam Hatcher

$139 million

878 Ruthven St, Toowoomba

The development arm of Coles, Coles Group Property Developments, has sold its own supermarket and Liquorland in Toowoomba.

V: Coles P: Private Victorian Investor

$27.4 million

Colliers' agents James Wilson, Stewart Gilchrist and Dan Dwan

112 Cullen Avenue, Eagle Farm

Altis Property Partners has purchased a multi-tenanted industrial complex in Brisbane's inner northern suburb of Eagle Farm. Independent property management firm, Centennial, has acquired a Pinkenba industrial site on the Australian Trade Coast

P: Altis Property Partners

Direct

$32.25 million

680 MacArthur Avenue, Pinkenba

P: Centennial

Colliers' agents Anthony White and Jared Conway

$15.6 million

144 Wickham Street, Fortitude Valley The historic and infamous Les Bubbles building in the heart of Fortitude Valley’s retail and entertainment precinct in Brisbane has sold to a local investor

Knight Frank's Christian Sandstrom

$1.85 million

V: Shaun & Sam Juniper P: Local Investor

$29 million

Cape York Peninsula

Sydney-based carbon farming pioneer Corporate Carbon has expanded its sustainable agriculture portfolio with the purchase of Holroyd Aggregation in far north Queensland.

V: The Byrnes Family P: Paniri Agriculture Co.

Direct

$5.52 million

5 Newheath Drive, Arundel

A fully leased 3,183 sqm industrial building at 5 Newheath Drive was sold via auction by Ray White Commercial Gold Coast agent Michael Willems.

P: Sydney-based Developer

Ray White Commercial Gold Coast's Michael Willems

TAS

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

7 George Town Rd, Launceston

A United Petroleum service station with a 20-year triple net lease to 2036, has been purchased by a private investor.

Knight Frank's Nicholas Bond, in conjunction with Matthew Wright, Rick Jacobson and Jamie Perlinger of Burgess Rawson Knight Frank's Nicholas Bond, in conjunction with Matthew Wright, Rick Jacobson and Jamie Perlinger of Burgess Rawson

$4.925 million

P: Private Investor

$3.975 million

89 Best St, Devonport

In a second service station deal from Tasmania, another United Petroleum outlet was purchased by a separate private investor.

P: Private Investor

ACT

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

21 Genge St, Canberra

V: Real I.S P: Charter Hall

Cushman & Wakefield's Nick Rathgeber, Josh Cullen, Leigh Melbourne and Mark Hansen, in

Charter Hall has purchased a central Canberra office building from Real I.S

$290 million

conjunction with Knight Frank's Ben Schubert, Sean North, Justin Bond and Neil Brooks Savills' agents Max Cooper and Nick Lower

21 Binara St, Canberra

Aquis Entertainment has sold the Canberra Casino in an off-market deal.

V: Aquis Entertainment P: Iris Capital

$63 million

$15.7 million

4-6 Mceacharn Place, Mitchell

A 2,800 sqm warehouse in the north Canberran suburb of Mitchell has sold to a national storage company.

P: National Storage Company Ray White Commercial Canberra's Frank Giorgi and Mark Thompson

WA 42-44 Camberwell St, East Victoria Park

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

A childcare centre in Perth has sold to insurance firm Australian Unity, reflecting one of the largest recent Childcare asset sales in Western Australia.

$7.071 million

V: Floreat Beach P: Australian Unity

LJ Hooker Commercial's Jake Wallman

March / April 2023 – 17

Auction Hub Upcoming Commercial Auction s Our top picks of the latest commercial auctions from around the country

ADDRESS

AGENCY

PROPERTY TYPE

Shop 8 & 12, 176 Elevation Boulevard, Craigieburn, VIC, 3064

Stonebridge Property Group Retail, Cafe/Restaurant

Barry Plant Commercial, Gross Waddell ICR

173-175 Clarendon Street, South Melbourne, VIC, 3205

Retail, Cafe/Restaurant

Harris Farm Clayfield 823 Sandgate Road, Clayfield, QLD, 4011

Ray White Commercial QLD Retail, Land, Mixed Use

Retail, Land, Service Station

747-755 Toorak Road, Hawthorn East, VIC, 3123

Burgess Rawson

Industrial, Land, Office/Warehouse

16-18 O'Brien Street, Adelaide, SA, 5000

Savills

184-186 Oxford Street, Paddington, NSW, 2021

I.B Property

Retail

1272 High Street, Armadale, VIC, 3143

Fitzroys

Retail, Strip Retail, Mixed Use

11 Boola Place, Cromer, NSW, 2099

Upstate Commercial

Industrial, Office/Warehouse

265 Hawthorne Road, Hawthorne, QLD, 4171

Ray White Commercial QLD Retail, Mixed Use

Industrial, Land, Office/Warehouse

31 Stanley, Peakhurst, NSW, 2210

CPG

Level 6, 420 Collins Street, MELBOURNE, VIC, 3000

Gross Waddell ICR

Offices, Office Suites

Ray White Commercial Gold Coast

6 Alison Crescent, Russell Island, QLD, 4184

Retail, Child/Healthcare, Offices,

18 –March / April 2023

Scan here to view upcoming auctions

EST. INCOME

AUCTION DATE & TIME

AUCTION LOCATION

$162,712 p/a

22 Mar 2023 02:30PM

On-Site

Property Vacant

23 Mar 2023 12:00PM

On-Site

$1,125,900 p/a

24 Mar 2023 10:15AM

Contact Agent

$264,128 p/a

29 Mar 2023 10:30AM

In-Room (Crown Casino, Melbourne)

Property Vacant

29 Mar 2023 1:00PM

On-Site

$151,278 p/a

30 Mar 2023 10:30AM

On-Site

$77,625 p/a

30 Mar 2023 01:00PM

On-Site

$117,777 p/a

30 Mar 2023 05:30PM

Contact Agent

$319,902 p/a

31 Mar 2023 10:15AM

In-Room (Level 26/111 Eagle Street, Brisbane QLD)

$193,818 p/a

5 Apr 2023 11:30AM

On-Site

$179,978 p/a

5 Apr 2023 02:00PM

On-Site

$79,717 p/a

13 Apr 2023 11:00AM

In-Room (Gold Coast Turf Club)

Ready to inspect, invest, or just take a look around? Visit commercialready.com.au

March / April 2023 – 19

INTRODUCING

THE ROUNDTABLE

In an exclusive cross-platform partnership, the creators of ‘The Interview’, Ready Media Group in conjunction with leading commercial property agency JLL are pleased to introduce ‘The Roundtable’ - a hard-hitting and in-depth discussion series taking a 360-degree view of the key topics & trends that are driving commercial real estate markets across Australia.

20 –March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

SERIES 1 - BUILD-TO-RENT

This unique new series will provide viewers with a detailed grasp of the BTR sector, utilising market-based insights from industry specialists to thoroughly review, analyse and debate the opportunities, risks and future growth prospects available to real estate investors .

EPISODE ONE

EPISODE TWO

DESIGN & DELIVERY - IDENTIFYING ARCHITECTURAL NUANCES AND PLANNING CONSIDERATIONS FOR BTR

CAPITAL EQUATION - THE FINANCIAL ARGUMENT IN FAVOUR OF BTR AND PREVAILING OPPORTUNITIES / CHALLENGES

EPISODE THREE

WHY NOW? THE FUNDAMENTALS DRIVING THE BUILD- TO-RENT MARKET

MADE POSSIBLE THROUGH THE SUPPORT OF OUR HIGHLY-VALUED PARTNERS

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March / April 2023 – 21

NSW MARKET OVERVIEW

NEW SOUTH WALES

NSW Market Overview with Elijah Shakir Reflecting on 2022, what were some of the prevailing trends that you noticed and how did they play out in the market? The industrial market had a substantial

decisions based on expansion or contraction, some traditional leasing occupiers are considering shifting to owner occupation due to rising rental cost which should see land values stabilize in 2023. Some recent owner occupier transactions are well above cap rate levels so if any property appeals to these groups due to certain infrastructure such as power and location the owner occupiers are proving hard to beat. What market sectors do you anticipate being most in demand over the next six months? We will continue to see strong demand from e-commerce, 3PL, Transport, Food and beverage however there is also a resurgence of manufacturing enquiry which has potential to deliver some large requirements in the next 24 months. Do you feel that associated factors like building costs, supply-chain challenges and market sentiment will improve for developers over the next 6-12 months? For instance, have building costs already peaked? I’m of the opinion that building costs have peaked however unlikely to reverse, what we should see is more competition from builders in some sectors due to project completion and an increased appetite for future development.

change in Western Sydney across 2022. We saw rental growth between 30-40% y-o-y in some sub markets due to unforeseen vacancy levels across the board in NSW. Investment sentiment was strong in the H1/22 however prevailing market conditions such as interest rates increasing saw a shift in investment and transaction volumes over the second half of 2022 which lead to cap rates softening from an investment point of view and land values stabilize in the latter half of the year. Market-wise, what are you forecasting in the first half of 2023 and how will increased lending costs impact the various markets? The rising rate of rental growth should outweigh softening cap rates in my opinion. We have seen some larger institutions sit on the side lines in recent campaigns due to the increasing cost of debt which has led to an increased appetite from high net worth privates and syndicators so the buyer pool has changed slightly. There is still strong demand from owner occupiers who continue to make business

ELIJAH SHAKIR Director CBRE Western Sydney

22 –March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

Supply chain & container traffic through the ports will be opening up and likely to lead to lower supply costs. What are some of the most significant or rewarding projects that the team have been involved in and why? There have been a number of new projects and appointments that the team have been involved in recently. Villawood Logistics Estate on behalf of Logos, was a major speculative leasing project in western Sydney that commenced during lockdowns and completed with full occupation prior to PC. Light horse Interchange is a recent appointment on behalf of Charter Hall which will see a premium estate being developed in arguably the best location in western Sydney. What advice do you have for any prospective developers in the current climate? Three trends we are seeing that will allow developers to achieve great results in the industrial market: 1. Speculative development will continue to achieve the strongest rental returns 2. Fight to quality and local amenity will continue to attract occupiers 3. Involving occupiers at an early stage

to integrate fitout and automation and machinery How have your marketing strategies changed, if at all, over the past 12 months? We are more reliant on data prior to listing and working on deals, owners want it, occupiers want it and it is assisting us during negotiation stages. The industrial market is much more sophisticated with owners and tenants partnering with agents well before a potential listing hits the market. It is important to have our marketing strategy in place at an early stage and that can involve a market sounding prior to listing.

March / April 2023 – 23

Property Listings – NSW

Accelerating success.

Rare Residential Infill Development Site Auction

Outlines indicative only

22 Angophora Drive & 496 Maitland Road, Warabrook, NSW by Auction 4 May at 10.30am, Ground Floor, 18 Honeysuckle Drive, Newcastle

0402 211 392 Ben Robinson 0402 074 159 Peter Macadam

Zoned R2 Low Density Residential 

Total site area 3.359ha* 

Multiple development outcomes^ 

Potential for 35 lot subdivision^ 

Only 8km* from Newcastle CBD 

colliers.com.au/p-AUS66019995

* Approx. ^ Subject to Council Approval

24 –March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

Accelerating success.

Prime South West Sydney DA Approved Subdivision Site For Sale

93A Holdsworth Drive, Narellan Vale, NSW For Sale by Expressions of Interest closing Thursday 30 March at 2pm (AEDT)

0419 018 356 Frank Oliveri 0488 748 186 Nick Estephen 0423 086 593 Thomas Mosca

Site area of 17,200m²* 

DA Approved for 23 Lot Subdivision 

Triple street frontage 

Median house price of $917,000^ 

R2 Low Density Residential Zoning 

colliers.com.au/p-AUS66019831

* Approx.

March / April 2023 – 25

Property Listings – NSW

Accelerating success.

The Cecil - A Landmark Castle Hill Super Lot For Sale

Outlines indicative only

Artist’s impression

93-107 Cecil Avenue and 9-10 Roger Avenue, Castle Hil, NSW For Sale by Expressions of Interest closing 22 March at 3pm (AEDT)

0419 990 295 Jordan McConnell 0419 018 356 Frank Oliveri 0413 988 878 Matthew Meynell Under instructions from Mackay Goodwin as receivers and manager

17,610m²* site area 

3.5:1^ FSR 

Versatile B4 – Mixed Use Zoning 

GFA and 8,025m²* of Commercial 

Convenient access to Castle Towers & Castle Hill Station 

colliers.com.au/p-AUS66019881

#disclaimer# *Approx. ^Subject to Conditions of Gateway Approval

Accelerating success.

Rare development opportunity in idyllic coastal location For Sale

Outlines indicative only

27-29 Manning Street, Tuncurry, NSW For Sale by Expressions of Interest closing Wednesday 5 April at 4pm (AEST)

0415 465 969 Ben King 0432 741 632 Luke Rutledge 0402 635 503 Nick Christensen

Site area 4,790m²* 

Building area 3,076m²* 

26 metre height limit 

65m* frontage on main thoroughfare 

Zoned B2 Local Centre 

colliers.com.au/p-AUS66019541

* Approx.

26 –March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

Accelerating success.

A Unique Boutique Residential Development Opportunity For Sale

Outlines indicative only

7 & 9 Livingstone Street, Burwood, NSW For Sale by Expressions of Interest closing Wednesday 22nd March at 4pm (AEST)

0411 122 227 Guy Brady 0404 887 717 Guillaume Volz 0418 238 636 Eugene White

Amalgamated 2,282m²*’ Site 

GFA Potential 4,108m²*^ 

400 metres from Burwood Station 

Flexible R1 Zoning Permitting Residential 

Located in a quiet tree-lined Street 

colliers.com.au/p-AUS66019890

* Approx. ^ Subject to Council Approval

March / April 2023 – 27

Property Listings – NSW

Accelerating success.

Flexible Raw Site with Strong Holding Income For Sale

Outlines indicative only

225 Peats Ferry Road, Hornsby by Expressions of Interest closing 22 March 2023

0405 758 887 Beau Mayer 0405 693 696 Tom Appleby

Site: 1,208m² 

Dual access assists with buildability 

Childcare, group home, vet, medical use (STCA) 

Net lease with CPI annual increases 

Swift access to Westfield (700m*) & train station (730m*) 

0419 990 295 Jordan McConnell

colliers.com.au/p-AUS66020003

* Approx.

Accelerating success.

Mixed-use business park opportunity with scale and strong holding income For Sale

146 and 154 O’Riordan Street, Mascot For Sale by Expressions of Interest closing Wednesday 12 April at 3pm (AEST)

Total building area: 11,327.1m²* 

Potential to develop multi level industrial buildings  Total site area: 16,404m²* 

Potential GFA: 49,212m²* 

Suitable for mixed-use hotel & commercial towers and serviced apartments   DA Approved for hotel

Outlines indicative only

0412 903 063 Michael Crombie

0432 242 063 Trent Gallagher

Artist’s impression

colliers.com.au/p-AUS66020132

* Approx.

28 –March / April 2023

THE PROPERTY DEVELOPMENT REVIEW

Accelerating success.

Extraordinary For Sale

Outlines indicative only

5 Pacific Avenue, Tamarama, NSW For Sale by Expressions of Interest closing 5 April

0418 238 636 Henry Burke 0438 337 799 Matt Pontey 0411 709 666 Miron Solomons

DA approved for iconic coastal residences 

Approved for 1,340m²* of GBA 

Premier land holding of 657m²* 

Sydney’s premier coastal enclave 

colliers.com.au/p-AUS66020038

* Approx.

March / April 2023 – 29

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