Thursday, 21st September 2017
New South Wales
Clovelly Hotel Sold (AFR Pg. 36)
A local Sydney investor has acquired the 1708m² freehold titled Clovelly Hotel at 381 Clovelly Road, Clovelly from Iris Capital for $34 million ($19’906/m² per permissible site area) – reflecting a 5% yield.
The 20-year operating lease on the property is held by celebrity chef Matt Moran and his business partner Bruce Solomon.
The 4-level hotel has extensive ocean views, a beer garden and basement car parking.
Cromer Industrial and Office Property Sold (AFR Pg. 37)
EG funds management has acquired the former Roche Products Australia Premises at 100 South Creek Road, Cromer for $55 million ($2’115/m² NLA)
The property has a net lettable area (NLA) of 26,000m² and sits on a 7.5-hectare land holding.
Lisarow Warehouse Sold (AFR Pg. 42)
An off-market private investor has acquired a 9953m² warehouse facility at 4-8 Sylvania Way, Lisarow for $9.63 million ($968/m² per permissible site area) – reflecting a 8.8% yield.
The property is currently leased at an annual rent of $852,000.
St Leonards Development Site Sold (The Australian)
Chinese developer JQZ has acquired a 5010m² development site fit for apartments at 88 Christie Street, St Leonards with a gross floor area (GFA) of 70,000m² for $295 million ($4’214/m² GFA).
North Sydney Office Building Sold (The Australian)
An Asian Buyer has acquired a 7642m² Office Building from AMP Capital at 1 Pacific Highway, North Sydney for $115 million ($15’048/m² NLA).
The building has typical floor plates of about 760m², 54 car spaces, cash flow from 12 office tenants as well as a 4.5-star NABERS energy rating.
Springfield Lakes Development Site Sold (AFR Pg. 42)
A South-East Queensland-based developer has acquired a 2.66-hectare residential development site with approval for 126 townhouses at 15-17 Springfield Lakes Boulevard, Springfield Lakes for $6.6 million ($52’381/dwelling).