• Patrick Ewing

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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