Monday, 20th January 2020
New South Wales
Port Macquarie Office Building Sold (AFR)
· Perth-based Ascot Capital has paid $37.9 million ($6,099.13/m²) for a recently upgraded 6214m² office building at 8 Buller Street, Port Macquarie NSW 2444.
· The building is fully leased to NSW government funded utility Essential Energy on a 15-year deal.
Merrylands Build-to-Rent (AFR)
· Coronation Property has purchased a 12,418m² site bordered by Merrylands Road, Treves Street and McFarlane Street in Sydney's Merrylands for $41 million ($3,301.66/m²) from developer Stockland.
· The site has a permit to build 562 residential apartments, 4,500m² of ground-floor retail and basement parking, though Coronation are in discussions to increase the size of the project as a result of amended town planning controls for Merrylands Town Centre.
· More than half the units will be Build-to-Rent, with Coronation director Les Landerer stating “With buyers moving away from the ambition of housing ownership and increasingly into private housing rental, there is an environment where build-to-rent makes more and more sense for property developers”.
Bourke Street Sale (AFR)
· 1,164m² of retail space spread across two levels at 384 Bourke Street, Melbourne VIC 3000 has been purchased by a local investor for $22.5 million ($19,329.90/m²).
· The freestanding two-level building at 384 Bourke Street was sold by investor M & M assets and is intended to make way for a new bar and restaurant concept by hospitality operator Eddie Muto.
· In December of 2019, M & M Assets negotiated a 10-year lease to Lola Restaurant and Bar, a company owned and directed by Mr Muto, paying an annual rent of $586,275.
Mirvac Build-to-Rent Purchase (AFR)
· Mirvac have purchased a 4500m² mixed-use development site at 7-23 Spencer Street, Melbourne VIC 3000 from Century Group Australia for $200 million ($44,444.44/m²).
· Mirvac plan on the site comprising a 40,000m² office tower and a 430-unit build-to-rent or multifamily rental apartment tower with high quality amenities.
· Century Group Australia has only sold the office and apartment tower component of the site to Mirvac, retaining a part of the site to build a 168-suite hotel which will be occupied as Australia’s first St Regis.