Wednesday, 12th June 2019
New South Wales
Alexandria Showroom Lease (AFR)
MG Motor Australia will open its flagship Sydney metro dealership at 93 O'Riordan Street, Alexandria, NSW 2015 across two levels occupying 1100m².
Lease terms include a 5-year tenancy with options, with the rent being confidential though market rents in the area exist around $450/m².
The 578m² building is being offered for sale for the first time in 25 years.
Chatswood Zenith Centre Bought by US Giant (SMH)
44,400m² of net lettable area at 821 Pacific Highway, Chatswood, NSW 2067 has been sold by Centuria and BlackRock for $438.2 million ($9,869.37/m²).
The space is spread across two 21-storey A-grade office towers and has been purchased by US giant fund manager Starwood in a joint venture with Arrow Capital Partners on yield between 6% and 6.5%.
The two towers are fully leased to Property NSW, Commonwealth Government of Australia, Lendlease and Sage on a weighted average lease expiry of 4.3 years.
BlackRock and Centuria bought the property from Dexus and GPT Group in 2016 for $279 million ($6,283.78/m²).
The price is a record for the country's metropolitan office market.
Parramatta Office Lease (AFR)
IT company Wipro has leased 948m² of office space at 87 Marsden Street, Parramatta, NSW 2150, occupying the entire fifth floor.
The B-grade space was leased for five years at $515/m² net annual rent ($488,220).
Seven Hills Industrial Lease (AFR)
Beauty distribution group Hawley Products have leased a 755m² industrial facility at 14 Brumby Street, Seven Hills, NSW 2147.
The five-year lease comes with a net annual rent of $160/m² ($120,800).
Gold Coast Mixed-Use Site Sold (AFR)
Gordon Corp have parted with just above $20 million ($235,294/ha) for the acquisition of an amalgamated 85-hectare undeveloped site, located east of Eastlake Street, Carrara, QLD 4211 and running adjacent to the Pacific Motorway.
The site is an amalgamation of eight lots, and includes a 27-ha industrial section, which Gordon Corp intends to subdivide and offer for sale or lease, as well as a residential component off Hickey Way.
Pinkenba Industrial Lease (AFR)
S&G Transport have leased 1,004m² worth of industrial area at 41 Brownlee Street, Pinkenba, QLD 4008 for four years at a net annual rent of $200,000 ($199.20/m²).
Mulgrave Office Lease (AFR)
Adorn Cosmetics have leased 239m² of office space at level 1 of 195 Wellington Road, Mulgrave, VIC 3170.
The four-year lease with options includes six car spaces and was leased at a net annual rent of $350/m² ($83,650).
Medical Lease in Hawthorn East (AFR)
United Healthcare Imaging have leased an office suite at 12-14 Cato Street, Hawthorn East, VIC 3123.
The 94m² property comes with three car spaces and a net annual rent of $362/m² ($34,028).
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