Tuesday, 19th November 2019
New South Wales
Byron Bay’s Beach Hotel Sold (AFR)
· Listed investment house Moelis Australia have purchased the iconic Beach Hotel in Byron Bay at 1 Bay Street, Byron Bay NSW 2481 for $100 million from Melbourne-based Impact Investment Group.
· The 4585m² property was previously purchased in 2017 for $68.2 million.
· The transaction will bring together the freehold real estate – held by Impact Investment for the past two years – with the operating business, run by the van Haandel family since 2007.
CBD Office Building Purchase (AFR)
· Global fund manager LaSalle Investment Management have purchased the Central Square office building at 323 Castlereagh Street, Sydney NSW 2000 for $325 million from MKH Properties.
· The 24 storey, B-grade tower was refurbished in mid-2018 and has a gross floor area of 37,000m² whilst sitting on a 2809m² site. The property has been owned by MKH Properties since 1993.
Parramatta Road Showroom/Warehouse Sale (AFR)
· Nick Scali Furniture have purchased a 788m² showroom/warehouse at 218-220 Parramatta Road, Auburn NSW 2144 for $4.7 million ($5,964.47/m²) from a deceased estate.
· The furniture retailer owned a bulky goods facility next door and acquired the new property as a landbank.
· The vacant property sits on a 1490m² site and has a clear-span warehouse with one roller shutter door and a ground floor showroom.
South Sydney Development Site (AFR)
· A local developer has purchased a 3085m² development site at 25 & 27 The Grand Parade, Sutherland NSW 2232 for $4.9 million ($1,588.33/m²) from private owner GreenSyd at auction.
· The site with two old houses is approved for 27 apartments over six floors.
Morwell Commercial Sale (AFR)
· MPG Funds Management have bought a 2273m² commercial property on the corner Chapel and Elgin Street, Morwell VIC 3840 for $6.5 million ($2,859.66/m²).
· The property is leased to Centrelink and sold off-market with a 7.69% net yield