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  • Patrick Ewing

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).

Queensland

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).

Victoria

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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