Thursday, 10th August 2017
Retail Vacancy Update (AFR Pg. 32)
The shopping centre average vacancy rate – excluding the CBD retail – has risen 0.7% from 2.6% in December 2016 to 3.3% in June 2017.
The CBD vacancy rate decreased 0.5% – from 6.8% to 6.3%.
New South Wales
Lake Macquarie Pub Sold (AFR Pg. 43)
A local publican has acquired the 2307m² ‘Orana Hotel’ at 20 Pacific Hwy, Blacksmiths for $4.2 million ($1’821/m² per permissible site area) from Pelathon Management.
The pub facilities include a TAB, gaming lounge and beer garden.
Apartments in The Rocks Sold (AFR Pg. 46)
A collection of private buyers have acquired an array of older-style heritage apartments from the NSW Government at 46-56c Gloucester Street, The Rocks for $21.9 million.
Prices for individual properties were around the $1.44 – $1.91 million mark.
Bendigo Hotel Sold (AFR Pg. 47)
A private investor has acquired the 77 room ‘All Seasons Hotel’ for $24 million ($311’688/unit) from the Redscape Hotel Group (Moelis-Owned).
The hotel’s net annual rental income is $1.56 million with fixed 3.75% annual increases and a lease in place until 2052 to Jeanine Cook of Hedz Hotels.
The sale of the site reflects an initial yield of 6.5%.
Little Cove Development Site Sold (The Australian)
Harry Triguboff, on behalf of the Meriton Group – has acquired an 11 Hectare Waterfront Development Site in Little Cove for $250 million
The development is predicted to have an end value of more than $700 million.
St Kilda Office Tower Sold (The Australian)
Mapletree Investments has acquired a 20,440m² 10-storey A-Grade office building at 417 St Kilda Road, St Kilda for $145 million ($7’094/m² per permissible NLA).
Melbourne Office Space Leased (AFR Pg. 43)
Waterman (co-working specialist) has leased 7500m² of office space at 1280 Ferntree Gully Rd, Scoresby inside the Caribbean Business Park for $300/m².
Gold Coast Hotel/Leisure Property Sold (AFR Pg. 43)
A local investor has acquired the 3548m² ‘Merrimac Tavern’ at 10-16 Merrilaine Crescent, Merrimac for $4.55 million ($1’282/m² per permissible GBA).
Morningside Warehouse Sold (AFR Pg. 43)
An offshore investment group has acquired a 4548m² food processing Facility at 7 Breene Place, Morningside for $9.1 million ($2’001/m² per permissible GBA).
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