Wednesday, 4th September 2019
Abacus Property Group (AFR)
ASX-listed Abacus Property Group have purchased five more self-storage properties for a combined $57 million. The acquisition comprises four purpose-built Storage King facilities in Perth and Auckland, New Zealand, and one multi-level self-storage development site in Sydney. Abacus anticipate settlement will be by calendar year end.
The assets will add to Abacus' $908 million self-storage portfolio of 70 assets complemented by a strategic stake in the Self-Storage operating platform executed last financial year.
Abacus also recently completed a deal to purchase 32% of the 36,983m², 38-storey office tower at 201 Elizabeth Street, Sydney, NSW 2000, previously owned by Dexus and the private Perron Group. Charter Hall will purchase the remaining 68%, with $630 million being the total price. The sale will be completed in two tranches, with 75% of the deal to close in November and the rest settling subject to a put and call option expiring in October next year.
New South Wales
Granville Development Site (AFR)
Sydney developer Cordell Constructions has purchased a 1393m² development site in Western Sydney’s Granville at 48-58 Railway Terrace, Granville, NSW 2142 for $2.5 million ($1,794.69/m²).
The site consists of two amalgamated free-standing homes and has approval for 24 apartments.
Mornington Peninsula Beachfront (AFR)
A local investor has purchased a 243m² vacant beachfront commercial property at 195 Point Nepean Road, Dromana, VIC 3936 for $2.22 million ($9,135.80/m²) at auction.
Springvale Industrial Facility (AFR)
A 1669m² office/warehouse at 31 Rosalie Street, Springvale, VIC 3171 has been purchased by a private investor for $1.98 million ($1,186.34/m²).
The site was sold with vacant possession.
Tarneit Land Price Surge (AFR)
A 43-hecare industrial development site at 917 Boundary Road, Tarneit, VIC 3029 has been purchased by Frasers Property for $27.5 million ($63.97/m²).
The site previously sold for $333,721 ($0.78/m²) in December 2008, making the sale to Frasers, after being rezoned for industrial use, a capital gain of 8140% in less than 11 years.