VIC
VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
WestWaters Hotel and Entertainment Complex
In Victoria’s highest ever recorded pub sale, the WestWaters Hotel and Entertainment Complex sold offmarket. Occupying a 7,000 sqm site, the complex contains a Mecure Hotel with 98 guest rooms, a bistro and sports bar that feature sports betting and gaming facilities, an indoor heated swimming pool, and extensive on-site parking. NZX-listed retirement village operator Ryman Healthcare have purchased 14-22 Gaffney Street in Coburg North, and have announced plans to develop a $350 million mixed use village, that includes an aged care facility, alongside commercial and retail developments on the southernmost edge of the property. Amber Property Group has purchased five low-rise showrooms at 422-430 Johnston Street, which covers a total of 2,428 sqm. The Commercial 1 zoned block is expected to be entirely replaced once the final unit on the property becomes vacant in 2025. Plans indicate that Amber has considered developing a 10-storey tower on the site. A triple storey art deco asset, located at 267 Little Collins St, has been sold. Sitting on a 203 sqm Capital City 1 zoned block, the site possesses 380 sqm of lettable area, with an annual return of $110,000. Current tenants include music bar Fika Island, who hold a five year lease, and a month-to-month retailer on the ground floor. Real estate developer, Orchard Piper, has agreed to acquire the Mercedes Toorak dealership in Toorak. Orchard Piper is expected to replace the 3,589 sqm holding with a major mixed-use project. A portfolio of Bay Street retail properties in Melbourne's south-east suburb of Brighton have sold for $6.83 million. All three properties were previously owned by an Estate associated with the late Tom Chapman. These properties included 311 Bay Street, and 407 and 409 Bay Street. 311 and 407 Bay Street are both currently occupied with tenants, whilst the versatile 409 Bay Street property is vacant. The asset contains just over 45-hectares of land at 955 Ballan Road, and was one of the largest parcels still available in Manor Lakes, with all of the surrounding farms possessing less than 12-hectares. What was formerly known as the Adina Hotel has been purchased by a Tasmanian- based investor who intends to continue operation of the venue as a hotel. The 2.44-hectare property at 20 Heaths Court was sold for a 4.25% net passing yield, and comes with a tenancy agreement that calls for 3% annual rent rises. Encompassing eight titles, Belmore Plaza is comprised of a two-storey, 867 sqm building on a 1,205 sqm land parcel with flexible Commercial 1 zoning. The 1,786 sqm Commercial 2 zoned plot is currently occupied by two warehouses that were formerly home to a service centre and a Burson Auto Parts outlet. The property is a 9.32-hectare industrial site. The purchaser intends to replace the largely vacant space with a $130 million business park comprised of approximately 55,000 sqm across three buildings. The 10,700 sqm building has had multiple residential redevelopment proposals fail to take shape over the years, but the new owner is optimistic about rejuvenating the site and filling its office vacancies. With direct access to the M8 Western Freeway, 23.4-hectares of land, and an 800-metre street frontage, the property is well positioned for a planned $215 million logistics development. The redundant 12-storey Victorian University campus at 225 King Street has been sold by Victoria University to SLB Development, as VU move into their new 29-storey vertical campus at 370 Little Lonsdale Street. The property is expected to be developed into a homemaker centre that will include a Harvey Norman outlet. This centre will be located directly alongside the Gateway Plaza in Leopold, which is anchored by Bunnings, Coles, McDonalds and Kmart outlets. Currently a farm, the property has recently been identified by the local council for a rezone.
V: Hawthorn Football Club P: Oscars Hotel
$85 million
JLL’s Vice President, Will Connolly and Managing Director, John Musca
14-22 Gaffney Street, Coburg North
P: Ryman Healthcare
Melbourne Acqusitions’ James Latos and Dominic Gibson represented the vendors; Colliers agents Hamish Burgess and Joe Kairouz represented Ryman Healthcare. JLL Property’s Nick Peden, Josh Rutman and Jesse Radisich
$48.2 million
422-430 Johnston Street, Abbotsford
V: Individual owners of showrooms P: Amber Property Group
$22.023 million
267 Little Collins St, Melbourne
V: Peter Vodicka P: Unidentified private investor
$8.45 million
Fitzroys' Chris Kombi.
Mercedes Toorak
V: Family of John Worrell & Karl Hagen P: Orchard Piper
CBRE's Nathan Mufale, David Minty, Scott Hawthorne and JJ Heng, in conjunction with Allard Shelton's Joseph Walton, Christian Hatzis, Michael Ryan and Patrick Barnes. 311 Bay Street: Fitzroys' Mark Talbot and Chris James; 407 & 409 Bay Street: Fitzroys' Mark Talbot and Tom Fisher. Core Projects Manager of Land, Chris Jabs, and Director of Land, Trent Malcomson. Paul Jones of Jones Real Estate, in conjunction with Anthony Kirwan of Colliers International.
$67 million
Bay Street portfolio
V: Estate of Tom Chapman
$6.83 million
955 Ballan Road, Manor Lakes
V: Verrocchi Family P: Central Equity
$62.7 million
Adina West Melbourne
V: Trenerry Property, Victor Smorgon Group, and the Kanat Family P: Tasmanian-based investor
Circa $35 million
20 Heaths Court, Mill Park
V: Private investors
$20 million
Jones Real Estate's Paul Jones.
399 Belmore Road, Balwyn
Fitzroys' Shawn Luo, Chris James and David Bourke. Sutherland Farrelly’s Paul Sutherland and Paul Farrelly.
$5.6 million
P: Local investor
$19 million
122-128 Dover Street, Cremorne
P: Salta Property Group
$41 million
131-149 Somerton Road, Campbellfield
V: Milemaker Petroleum / P: Cabot Properties
CBRE's Daniel Eramo and Joe Brzezek.
$130 million
85 Spring Street, Melbourne
V: Anton Real Estate Partners P: Ross Pelligra
CBRE's Kiran Pillai, Scott McGlone, Mark Coster and Stuart McCann, in conjunction with Knight Frank’s Paul Kempton, Trent Preece and Ben Schubert. Industry Property Group's Andrew Macqueen and Cameron Hunter.
Circa $42 million
1-15 Ferris Road, Cobblebank
P: Frasers Property Industrial
$40 million
225 King Street, Melbourne
V: Victoria University P: SLB Development
JLL's Josh Rutman, Nick Peden, Mark Stafford, and MingXuan Li.
$11 million
92-100 Melaluka Road, Leopold
P: Harvey Norman
Darcy Jarman's Tim Darcy
June / July 2022 – 7
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