Tuesday, 11th February 2020

New South Wales

Mirvac Buy Channel Nine Willoughby Site (AFR)

· Mirvac has acquired the Nine Network head office site in Sydney's Willoughby at 24 Artarmon Road, Willoughby NSW 2068 for $249 million deal ($77,812,500/Hectare).

· As part of the sale, Mirvac will demolish the controversial transmission tower owned by TX Australia, creating a total 3.2-hectare site on which it plans to develop 460 new dwellings and 6000sq m of public open space.

· Nine first sold the land to developer LEPC9 (a joint venture between Lotus Property Fund and Hong Kong-based fund manager Euro Properties) in 2015 for $147 million but continued to lease the site.

· Approval for the development was granted in late 2018 following years of opposition from residents and local council.

Queensland

Enoggera Office/Warehouse Purchase (AFR)

· Glascott Landscaping has purchased an 700m²office-warehouse at 158 South Pine Road, Enoggera QLD 4051 in Brisbane for $1.8 million ($2,571.43/m²).

· The building sits on an 850m²site and has dual electric roller doors, a clear-span warehouse, office space over two floors and a rear hardstand.

Victoria

Altona Industrial Sale (AFR)

· A local investor has purchased the 3858m²industrial block at 82 Drake Boulevard, Altona VIC 3018 for $3.32 million ($860.55/m²) from vendor Drake Boulevard Pty Ltd.

· The industrial property comprises a 2000m²office/warehouse with showroom space.

Residential Development Site Sale (AFR)

· A residential development site at 15 Leamington Crescent, Caulfield East VIC 3145 has been purchased for $1,695,000 ($2,044.63/m²).

· The 829m² property comprises an Edwardian house and outbuildings.

· It was sold with a short-term lease reflecting a yield of 2.36%.

Rosebud Development Site Sale (AFR)

· A 24,412m² development site at 110 Elizabeth Drive Rosebud VIC 3939 has been purchased by developer Piermont Group for $6.4 million ($262.17/m²).

· The landholding has dual street frontage and offers a range of potential development options.