• Patrick Ewing

Monday, 6th May 2019

New South Wales

John Singleton Sells Manly’s Iconic Hotel Steyne (The Australian)

  • A consortium led by advertising tycoon John Singleton has sold Manly’s iconic Hotel Steyne to development and hospitality group Iris Capital for more than $60 million.

  • The former owners of Hotel Steyne include Mark Carnegie, Geoff Dixon and John Singleton's Australian Pub Fund with a 25% interest, as well as other share holders in the form of Singleton in a private capacity, and businessman Robert Whyte.

  • Iris Capital, who also owns pubs in locations such as Kings Cross and Bondi Junction, is yet to reveal its plans for the Hotel Steyne, though there is huge potential for redevelopment or refurbishment for the property set on a 2000m² site at the edge of Manly Beach.

Sir Michael Hintze Increases Farm Portfolio (AFR)

  • The Canowindra aggregation in Central Western NSW has been purchased by billionaire hedge fund manager Sir Michael Hintze for $21 million from Macquarie's Viridis Ag.

  • The aggregation includes Canomodine, 3651ha operated as a grazing enterprise alongside dryland cropping and irrigated fodder production, and Elonera, a 536ha true mixed farm for grazing and dryland cropping.

  • The deal included livestock and a 1296-megalitre water entitlement from bores and rivers.


Collins Street Confirmation (AFR)

  • Dexus have now been confirmed as the purchasers for the Collins Street development precinct that we reported on in late March.

  • Dexus parted with $1.476 billion ($14,057/m² NLA) for the 80 Collins Street mixed use precinct in Melbourne's CBD from Queensland funds giant QIC.

  • Dexus will split the ownership of the 105,000m² (NLA) precinct at the Paris end of Collins Street - with its balance sheet taking a 75% interest and its wholesale property fund taking the remaining 25% stake.

  • To fund the stake held on balance sheet, Dexus launched a fully underwritten $900 million placement to institutional investors at $12.10 per share.

Charter Hall Expands Melbourne CBD Portfolio (AFR)

  • Property group and fund manager Charter Hall has purchased an 8-storey A-Grade office building at 737 Bourke Street, Docklands, VIC 3008 for $192 million ($10,378/m² NLA) from a Malaysian pension fund KWAP, who bought the property for $113 million in 2010.

  • The 18,500m² NLA building has a 98% occupancy and a weighted average lease expiry of 5.5 years.

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