Wednesday, 22nd May 2019
New South Wales
Sydney Industrial Vacancy Rates Fall (AFR)
According to recently released Knight Frank research, vacant industrial space fell 13% in Sydney for the first three months of 2019.
This is believed to be driven by the demand for logistics and retail sectors following the growth of e-commerce.
Sydney’s total reported vacant warehouse space of 354,530m² was largely contributed to by vacancies in the Outer West with 17 buildings totalling 198,588m² of vacant space existed.
Salter Brothers Acquire $150 Million Hotel (AFR)
Hotel powerhouses Paul and Robert Salter have purchased the 304-room Next Hotel from Challenger at 72 Queen Street, Brisbane City, QLD 4000 as well as prime retail space fronting Queen Street Mall in Brisbane CBD.
The hotel, operated by Singaporean hospitality group, Next Story Group, and the retail space were purchased for $150 million.
With the addition of NEXT Brisbane, Salter Brothers hotel portfolio now expands to over 2,400 rooms with seven hotels across Sydney, Melbourne, Canberra, Brisbane and the Gold Coast, as well as growing the value of the Australian portfolio to more than $1 billion once settled.
Cardinia Club Sold (AFR)
Stronghold, a Brisbane-based fund manager, has purchased the Cardinia Club, a gaming and hospitality venue, from the Pakenham Racing Club for $16 million.
The property was listed in May of 2018 with a 14-year ease, 105 gaming machines, a bistro, sports bar, and multiple function rooms.
Stronghold acquired the club for its new wholesale investor hospitality trust on a 7.5% yield.
Charter Hall Expand Industrial Portfolio (AFR)
A 17,500m² logistics facility on a 4.18-hectare site has been purchased by Charter Hall for $29.5 million ($$1685.71/m²).
The property at 28-30 Marshall Court, Altona, VIC 3018 is leased to Ray’s Outdoors, a subsidiary of ASX-listed Super Retail Group, with a further 5.6 years to go on the lease.
The asset will be included n Charter Hall’s Direct Industrial Fund 4.