Tuesday, 1st August 2017
New South Wales
Bowral Development Site Sold (AFR Pg. 41)
Ex-Brambles CFO Zlatko Todorcevski has acquired a 1800m² redevelopment property at 421-425 Bong Bong Street, Bowral for $3 million ($1’667/m² per permissible Site Area).
Todorcevski plans to develop a $15 million mixed-use commercial and hospitality hub.
Parramatta – Powerhouse Museum Site Secured (AFR Pg. 44)
In a package deal worth $140 million, the NSW Government has acquired a car park in Parramatta to develop the States new Powerhouse Museum.
The Government will provide $40 million to fund arts and culture in the area over the next 20 years and the remaining $100 million will be put towards the sites redevelopment.
Epping Off-Market Leased Executed (AFR Pg.45)
Country Care Group has leased a 6500m² office/warehouse at 10-12 Dreamhaven Court, Epping for an annual rent of $357’500 ($55/m² per permissible Gross Floor Area ).
Quarter Stake In Melbourne Shopping Centre Acquired (AFR Pg. 37)
GPT’s unlisted fund has acquired a 25% share in the Highpoint Shopping Centre at 120-200 Rosamond Rd, Maribyrnong VIC 3032 for $680 million, reflecting a yield of 4.2%.
Altona North Industrial Land Parcel Sold (AFR Pg. 41)
Stockland has acquired a 6.3 Hectare Industrial Site in Altona North for $48 million ($7,619,048/Ha)
Subject to rezoning and development approval, Stockland plans to develop 276 town homes on the land parcel, which comprises two neighbouring sites at 278-288 Blackshaws Road and 8-38 Kyle Road in the city’s south west.
Brisbane Commercial Office Building Sold (Pg. 45)
In an off the market transaction, TG Development – Subsidiary of Edition Development – has acquired the 3378m² Taringa Central at 165 Moggill Road, Taringa for $18 million ($5’329/m² per permissible Site Area).
The deal represented an initial passing yield of 6.48% and 8% on a fully-leased basis.
Maroochydore Leases Executed (AFR Pg. 45)
Mosaic Property Group has leased shops 1 and 2 totaling 394m² at 48-50 Duporth Avenue, Maroochydore for 3 years at a net annual rent of $150,000 ($380/m² per permissible Gross Floor Area).
Lexis English School has secured a 760m² office space at 26 Duporth Avenue on a 5 year lease with options for a net annual rent of $275,000 ($362/m² per permissible Gross Floor Area).