Tuesday, 24 January 2017

New South Wales

Lindfield Residential Development Site Sold (www.afr.com)

• Poly Australia has acquired a 5,292m² development site at 3-5 Milray Street, Lindfield for $28 million ($5,291/m² of land area).

• The site was sold without DA.

• The developer has plans for a 68 unit project including 3 town homes ($411,765/proposed unit).

Lidcombe Hotel Sold (www.afr.com)

• A private investor has acquired the Lidcombe Hotel at 2 John Street, Lidcombe for $36 million ($9,207/m² of Permissible GFA).

• The hotel occupies a 782m² site.

• Planning controls permit an FSR of 5 to 1 and a maximum building height of 36 metres.

Green Square Mixed Use Development Site Sold (www.afr.com)

• Meriton Group has acquired a 9,693m² mixed use development site at 811 Elizabeth Street, Zetland for an undisclosed amount.

• The site was sold without Development Approval.

• Existing planning controls permit 24,650m² of GFA.

Sydney Office Properties Sold (www.afr.com)

• Investec Australia Property Fund acquired the 15,205m², A-grade office building at 2 Richardson Road, North Ryde for $85 million ($5,590/m² of NLA), reflecting a passing yield of 7%.

• Investec Australia Property Fund acquired the 7,198m² office and warehouse facility at 24 Rodborough Road, Frenchs Forest for $75 million ($10,420/m² of NLA), reflecting a passing yield of 7.5%.

Sydney Office Market Data (www.afr.com)

• Industry research indicates Sydney CBD B-grade office rents increased 60% in 2016 from $332psm to $532psm in December 2016 y-o-y.

• Average incentives for B-grade decreased from 30% to 18% over the same period.

• In the secondary office market, 39,000m² of space was withdrawn for apartment or hotel conversion

• Effective rents increased for premium grade office (+26%) and A-grade (+48%).

Victoria

Melbourne Development Site Sold (www.afr.com)

• Golden Age has acquired a residential development site with a development permit for 225 units at 85 Spring Street, Melbourne for $75 million ($333,333/approved unit).

Queensland

Surfers Paradise Development Site Sold (www.afr.com)

• Orion International Group has acquired a 5,724m² development site between Markwell Avenue and Enderley Avenue, Surfers Parade for $25 million ($4,368/m² of land area).

Brisbane Retail Arcade Sold (www.afr.com)

• LaSalle Investment Management has acquired the Post Office Square the underground retail arcade between Queen Street and Adelaide Street, Brisbane for $95 million ($54,100/m² of NLA).

• The arcade comprises 1,756m² of NLA with 29 specialty tenants, six ATMs and 316 bay car park.

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