Monday, 23rd March 2020

New South Wales

Auburn Retail Centre Sold (AFR)

· Altis Property Partners has sold their large-format retail centre at 300 Parramatta Road, Auburn in Sydney’s West, for $46 million to an offshore investor.

· The 9647m² centre, converted from an office/industrial property, sits on a 1.78-hectare landholding.

· The leased property produced a yield of 5.46% on the sale.

· The Sydney-based investment house paid $21 million for the site six years ago and then spent $11 million redeveloping it in 2018.

West Ryde Former Hardware Store Sold (AFR)

· A former Mitre 10 hardware store at 1 Chatham Road, West Ryde has sold at auction for $5.2 million with more than 140 enquiries.

· The store sits on 403m² of land with three street frontages and was sold with vacant possession after ceasing trading at the end of 2019.

Queensland

Kenmore Hills Childcare Sale (AFR)

· A newly opened Early Learning Centre at 82 Brookfield Street, Kenmore Hills in Brisbane's south-west has sold for $4,742,671 ($52,117/place) to a local investor.

· The centre is licensed for 91 children in long day-care and was sold with a 6.14% yield.

· The centre was offered with a long 10-year lease with a net annual rent of $291,200 per annum, with the tenant responsible for all outgoings.

Victoria

Brunswick Retail Sale (AFR)

· A 717m² corner retail building at 462-464 Sydney Road in Melbourne’s Brunswick has been purchased for $5.02 million ($7,001/m²) at auction.

· The property is leased to a two-dollar store on a five-year term, with the sale producing a 2.6% yield.

Carlton Café Sold (AFR)

· A Melbourne-based buyer has purchased a 179m²cafe at 168-170 Rathdowne Street in Carlton for $1.35 million ($7,541/m²).

· The property is occupied by The Olive Jar, and it sits on a 149m² site ($9,060/m²).

Melbourne CBD Industrial Sale (AFR)

· A private investor has bought a 295m²office/warehouse property at 55-57 Butler Street, Richmond, east of the Melbourne CBD, for $1.8 million ($6,102/m²) from vendor Crosscourt Holdings Pty Ltd.

· The warehouse, first-floor offices and wide roller door access property produced a land rate of $5788 per square metre.

Port Melbourne Sale (AFR)

· A vacant 508m² building in Port Melbourne has been sold at auction for $3.705 million ($7,293/m²) by a long-term private owner.

· The two-storey, circa 1887 building at 226 Bay Street sits on a 254m² triple frontage corner site, producing a land rate of $14,500/m².

Rosebud Residential Site Sold (AFR)

· A 5058m² residential landholding at 23-27 Rosebud Parade in Rosebud, Victoria has been sold to a residential developer for $3,617,500 ($715/m²).

· The vacant site close to the beach was sold under instruction from the mortgagee in possession.