Thursday, 18th April 2019
Office Investment Over $6 billion for First Quarter (SMH)
According to a Cushman and Wakefield report, investors have parted with $6.2 billion into national office markets in the first quarter of 2019.
This is nearly on par with the reported $6.3 billion in the first quarter of 2018.
"Office activity was dominated by the Sydney CBD, however activity in Perth and Brisbane is rising. The $800 million stake in the MLC centre which was sold by co-owner GPT Group to the other owner, Dexus, led the first quarter sales."
New South Wales
Lidcombe Retail (AFR)
The 221m² site occupied by a leased retail property at 52A Joseph Street, Lidcombe, NSW 2141 has been purchased by a private investor for $1.88 million ($8,507/m²).
Leased Commercial Premises Bought in Blacktown (AFR)
82 Main Street, Blacktown NSW 2148, a leased commercial property, has been purchased by a local investor for $2.1 million, with a passing yield of 4.75%.
Adjoining Retail Purchase (AFR)
National bike giants, 99 bikes has parted with $5.5 million ($3,309/m²) for the purchase of two adjoining stores at 62-66 Abbotsford Road, Bowen Hills QLD 4006 with a total building area of 1,662m².
The new superstore is in replacement of the previous stores located in Fortitude Valley and Windsor, and will also house administration, logistics and warehousing needs for the business.
Private Investor Jumps on Brendale Showroom/Warehouse (AFR)
A 1,479m² warehouse building at 53 Kremzow Road, Brendale, QLD 4500 has been sold for $4.27 million ($2,887/m²) to a Brisbane-based private investor.
The building is leased to two tenants, ASX-listed Ruralco and the Save the Children Foundation.
South Yarra Retail Premises (SMH)
The retail premises at 379 Malvern Road, South Yarra, VIC 3141, leased to The Fresh Flower Man, have been sold for $1.71 million ($11,793/m²) on a yield of 3.92% ($67,060 rent p.a.).
The 145m² of space was highly sought after with a crowd of 50 attending the auction.
Melbourne Office Leases (SMH)
Part of Level 6 of Riverlee’s office building at 10 Queen Street, Melbourne VIC 3000 has been leased for 5 years by retailer Miniso. The terms include a net face rent of $420/m² ($55,860) for 133m² of space.
148m² of space on level 14 of the 140 William Street, Melbourne, VIC 3000 building has been leased to Promax Development & Construction Management. They will pay $640/m² ($94,720) for 3 years.