Thursday, 2nd May 2019
New South Wales
Western Sydney Industrial Site Sold (AFR)
The underdeveloped industrial property in Sydney’s West at 2 Hume Road, Smithfield, NSW 2164 has been sold to the Living Word Worship Centre for $4.5 million at auction.
The 5,039m² site comprises a total 3,034m² of warehouse space ($1483.19/m²)
Keswick Island Sold (AFR)
Adelaide-based developer Greaton has purchased Queensland’s Keswick Island, located at the southern end of the Whitsunday Islands, for just under $20 million.
Altogether, the island is 517 hectares with 400 hectares of national park and has been on the market since 2016, put up for sale by Keswick Developments.
The island has permits for a 17-hectare residential and tourism resort redevelopment, with the mixed-use zoning on the subtropical island accommodating 1000 dwellings and 3000 people.
Sources say that Greaton plan to reconfigure the island into a tourism hotspot, with the reported cost of redeveloping the island totalling around $500 to $600 million.
South Brisbane Industrial Deal (AFR)
The brand-new, two-storey 1,741m² industrial facility at 63 Rai Drive, Park Ridge, QLD 4125 has been purchased by a private investor for $2.85 million ($1,636.99/m²).
Adjoining Retail Shops Fetch $3.6 Million (AFR)
The two adjoining shops at 393-395 Bay Street, Brighton, VIC 3186 have been sold by the Nitsos family to a local investor for a combined $3.6 million ($9,703.50/m²) on a yield of 2.3%.
The shops total a site area of 371m² and are leased to Anmo Massage and health food store Back 2 Nature.
Long-held Glen Waverley Corner Block Sells (AFR)
A private investor has purchased the corner retail property at 861-869 Waverley Road, Glen Waverley, VIC 3150 for $3.8 million.
The site has not sold in 30 years and is leased to seven tenants, reportedly selling on a yield of 4.61%.
Tony Vrzina Sells Vacant Property (Property Observer)
Former National Soccer League coach Tony Vrzina has secured $2.7 million ($5869.57/m²) from the sale of a vacant office/warehouse building in Hawthorn East at 31 Hall Street, Hawthorn East, VIC 3123.
The 460m² building was purchased by a private investor hoping to profit on the demand for social infrastructure in a growing commercial and industrial precinct through leasing the building to a health-care tenant.
$95 Million St Kilda Road Tower (The Australian)
A newly-refurbished office building at 420 St Kilda Road, Melbourne, VIC 3004 has been sold for around $95 million by global private equity powerhouse KKR and their local partner Vantage Property Investment.
The building was purchased by the vendors from Singapore-listed Chip Eng Seng for just $68.84m in 2017. Vantage and KKR refurbished the tower, putting in a new lobby and cafe tenancy, upgraded passenger lifts, a refurbished lift lobby and bathroom program and a new end-of-trip facility.
The 10-storey building with a net lettable area of 10,452sm² sits on a 2286m² site.
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