Thursday, 26th October 2017
New South Wales
Kogarah Residential Development Site Sold
Poly Australia has acquired a 2250m² property with FSR 4:1 and capacity for 100 apartments at 14-24 Stanley Street, Kogarah for $22.47 million ($224’700/unit-site).
The site is located 450m from the train station; subject to the Kogarah North Priority Precinct Plan and R4 – high density residential zoning restrictions.
Rosebery Residential Development Site Sold
Stockland has acquired a 6237m² residential development site suitable for 150-units in Rosebery near Green Square Railway Station for $51 million ($340’000/unit-site).
Port Melbourne Office Building Sold
Abacus Property Group has acquired a 9,213m² four-level building at 187 Todd Road, Port Melbourne for $43 million ($4’667/m² GFA) – reflecting a 6.15 per cent yield.
The building generates $2.69 million per annum in net passing income from occupants Wesfarmers' Workwear Group, Emirates Retail Leisure and George Weston Foods.
The site has a weighted average lease expiry of 4 years and 354 car spaces.
Ballarat Service Station Sold
A Melbourne family has acquired a 4216m² 7-Eleven service station on corner Hertford/Alfred Street, Sebastopol for $5 million ($1’186/m² SA) – reflecting a 5.33% yield.
Epping Industrial Sold
A private investor has acquired a 2707m² property at 61 Gateway Boulevard, Epping for $6.33 million ($2’338/m² per permissible site area).
Dandenong Industrial Sold
An investor has acquired a 3990m² office/warehouse at 1/66-74 Micro Circuit, Dandenong South for $7.2 million ($1805/m² GBA) – reflecting a 6.23% yield.
South Brisbane Office Building Sold
AMP Capital has acquired an A-grade 11,000m² office building at 199 Grey Street, South Brisbane from Earl Larmar for $92 million ($8’364/m² GBA).
The property is 94% occupied – 18-month rental guarantee – WALE 4.7%.
Major tenants include the Queensland state government, KBR and UGL.
Lytton Storage Facility Sold
The Lester Group has acquired a 2263m² purpose-built storage asset at 108 Freight Street, Lytton for $11.15 million ($4’927/m² GBA) – reflecting a 7.45% yield.
Durack Service Station Sold
APN Convenience Retail REIT has acquired a 5929m² 7-Eleven service station site on Rosemary Street, Durack for $5.25 million ($885/m² SA) – reflecting a 8.78% yield.
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