• Patrick Ewing

Thursday, 5th March 2020

410 Queen Street, Brisbane

New South Wales

Blacktown Industrial Lease (AFR)

· Bathla Group has leased a 4500m²industrial property in Blacktown at 3 Augusta Street on a three-year term.

· The construction company will pay a gross annual rent of $300,000 ($66.67/m²) for the site comprising of a 2000m² ($150/m² FA) freestanding building with three roller doors and large hardstand area.

Mascot A-Grade Office Lease (AFR)

· Fresh Solutions Group has leased a 247m²A-grade office suite in Mascot at Suite 5.04. 241 O’Riordan Street, south of Sydney CBD.

· The group leased the space from landlord Walsh & Company Investment Services at a net annual rent of $123,500 ($500/m²).

Pyrmont Hotel Sold (The Urban Developer)

· A private Taiwanese family has purchased a 1,134m² 60 room hotel at 131-133 Murray Street, Pyrmont for $28.7 million ($25,308.64/m²) from Malaysian corporation IGB.

· The freestanding Darling Harbour hotel was a new development with nine levels on a 280m² freehold site.

· IGB Corporation developed the hotel with the application being approved in early-2017 and opened in October the following year as Cititel X, joining a Malaysian network of boutique hotels, with private rooms and “co-living” cooking and living areas.

Pyrmont Office Lease (AFR)

· Transdev Australia have sub-leased a 906m²office in Sydney CBD’s fringe at 33 Saunders Street, Pyrmont.

· The deal for a five-year term came with a undisclosed gross annual rent believed to be between $625/m² and $650/m².

Redfern Office Lease (AFR)

· Urban Home Experts have leased a 235m² creative office space at Level 3, 7-9 Gibbons Street in Sydney’s Redfern.

· The two-year deal for the fitted-out office has a gross annual rent rate between $675/m² and $725/m².


Brisbane Office Lease (AFR)

· Littles Lawyers has leased a 263m² office suite on level 13 of Waterfront Place at 1 Eagle Street in Brisbane CBD.

· The firm have signed up to a 2-year term at $895/m²($235,385).

Brisbane Office Tower Sold (AFR)

· A 5,704m² (NLA) office tower at 410 Queen Street in Brisbane’s renowned Golden Triangle has sold for $53.5 million ($9,379.38/m²) to local development and investment group PGA Properties.

· The tower, which has a weighted average lease expiry of 2.8 years, was sold by RG Property transacting on an initial yield of 5.8%.

· RG Property acquired 410 Queen Street for $28.8 million in 2011 and repositioned the asset as a "boutique A-grade building".

Queensland Mall Sells for $84.5 Million (AFR)

· Developer Don O'Rourke's Consolidated Properties Group and Melbourne's Liberman family-backed CVS Lane Capital Partners have parted with $84.5 million ($5,487.01/m² FA) to purchase the 15,400m²(floor space) Great Western Super Centre in Brisbane's Keperra from Charter Hall Group.

· The centre, which Charter Hall had owned in its wholesale $1.4 billion Long Wale Hardware Partnership since 2013, is anchored by Woolworths and Aldi, alongside six mini majors and 44 specialty stores.


Collingwood Office Tower Sold (The Urban Developer)

· An 8,600m² unfinished office development at 71 Gipps Street, Collingwood has been sold to Australian funds manager RF CorVal $75.5 million from Aus Finance Group ($8,779.07/m²).

· The sale follows a leasing pre-commitment to IWG for 40% of the building.

· Aus Finance Group and Alpha14 Property will oversee the delivery of the Hayball Architects-designed project, known as GCQ, with RF CorVal to fund, manage and own the Collingwood asset.

· Demolition is now completed and a builder has commenced on the 1579m² (approx.) Collingwood site.

Docklands Myer Lease (AFR)

· Department store chain Myer has downsized to a new corporate headquarters at 100 La Trobe Street, Docklands, a 24-storey tower built by China-backed developer Poly.

· Myer will take up 11,000m² to become the anchor tenant for the Poly building, with net rants being supposedly struck in the mid $500/m² range.

· At its previous Collins Street space, home to Myer’s “store support office”, Myer has 25,000m² in total, including car parking and storage areas.

· For Myer, the move is in keeping with the same "shrinking to greatness" strategy it has deployed in its retail stores, where it has sought to reduce floorspace rather than close stores entirely.

South-east Melbourne Office Warehouse Lease (AFR)

· Height safety provider RISsafety has leased an 813m²office warehouse at 26 Kingsley Close in Rowville, south-east of Melbourne.

· The 3.5-year lease was made on a net annual rent of $107/m²($87,000).

South-east Melbourne Retail Warehouse Sold (AFR)

· Charter Hall has purchased a brand new 16,000m² Bunnings Warehouse outlet in Melbourne's south east on Berwick-Cranbourne Road, Clyde North on a 4.5% yield.

· The funds management giant paid $42.3 million ($2,643.75/m²) for the freestanding Bunnings which opened in September 2019.

· It sold with a 12-year net lease back to Bunnings

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