• Patrick Ewing

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).