30 Jul 2019

Brisbane syndicate buys Collingwood Park development site

A private Brisbane syndicate has snapped up an approved Collingwood Park development site at Cairns Street for $11.08 million in an off-market deal.

The 39.26-hectare landholding, 30 kilometres from the Brisbane CBD, is in a growth corridor and has an approval for 277 lots.

About 29 per cent of the lots within the estate will be 700 sq m or larger, with lots ranging from 316 sq m to 5573 sq m.

Ray White's Tony Williams and Mark Creevey cut the deal.

MEDICAL ASSET SALE

A two-building medical centre and retail property at 789 Pascoe Vale Road, Glenroy, north of the Melbourne CBD, has sold for $9.47 million following an expressions of interest campaign.

A local family investor bought the two-level, 1336 sq m property with a weighted average lease expiry of more than eight years. The yield is 5.25 per cent.

The property was refurbished in 2017 and is fully leased to tenants that include Commonwealth Bank, Modern Medical and real estate agency Ray White.

The building sits on a 910 sq m site and has rear access.

Fitzroys' David Bourke and Terence Yeh and Savills' Julian Heatherich and

Benson Zhou acted for a private investor.

Melbourne again

Another Melbourne commercial property in Bentleigh with redevelopment potential has also sold for $5.02 million.

The 1240 sq m property at 272-280 Centre Road with rooftop parking on a 1500 sq m site sold with vacant possession. It was offered for sale for the first time in 35 years.

CBRE’s Mark Wizel, Lewis Tong, and Ashley McIntyre marketed the property.

More Melbourne

A Melbourne-based investor has also paid $1.68 million for a retail investment at 431 Church Street in Richmond.

The 160 sq m, single-level property on a 148 sq m site with rear laneway access sold at auction. It has a five-year lease with options.

Teska Carson’s George Takis,  Fergus Evans and Larry Takis auctioned the property, sold on a 3.5 per cent yield.

Western Sydney deal

Karoon Construction has purchased a Wetherill Park office/warehouse facility in Sydney’s west for $1.36 million.

The unit at 65 Elizabeth Street is leased to chemical supplier Sika at a gross annual rent of $85,210.

The 1047 sq m property features a 411 sq m building and 636 sq m yard. It has roller shutter access, internal clearances ranging from 6.1 to 8 metres, a three-phase power supply, six car spaces, security fencing and an office on the mezzanine level.

CBRE’s Janet Joljian and John Tsoutsa negotiated the deal for a private vendor.

Office bonanza

A Malaysian investor has snapped up an office suite at 620 Bourke Street in the Melbourne CBD for $1.6 million at a net yield of 4.99 per cent.

The 179 sq m suite is leased to legal practice Kathy Jones & Associates for three years with options.

Savills' Benson Zhou, Tim Carr, Jesse Radisich, and Glenn Ye sold the property.

Showroom thrown in

Investors have traded an office and showroom property at 82A Wellington Street in Melbourne's Collingwood for $900,000.

The 125 sq m, two-level building sold with vacant possession.

It has an open-plan layout with separate amenities on both levels. It can be used as a dwelling and has two car spaces.

Morley Commercial’s Tom Larwill handled negotiations.

SOURCE ; https://www.afr.com/real-estate/commercial/sales/brisbane-syndicate-buys-collingwood-park-development-site-20190724-p52ab7

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