Tuesday, 31st March 2020

Queensland

Coolangatta Retail Sale (AFR)

· A Sydney-based investor has bought a 360m² Coolangatta retail property at 24-28 Griffith Street for $3.85 million ($10,694/m²).

· The property returns a net income of $248,409 per annum with a five-year lease to ANZ expiring in 2024 with options to 2034, and seven-year lease to Bank of Queensland expiring in 2023, with options to 2028.

· The 473m² site has dual street access and about 20 metres of retail frontage.

· The sale produced a 6.45% yield.

Maryborough Retail Sold (AFR)

· A 899m² office building occupied by a state government department at 161 Bazaar Street in the regional Queensland town of Maryborough has sold to Sandran Investment Pty Ltd for $3.6 million ($4,004/m²).

· The purpose-built building which has had the Department of Child Safety as a tenant since 2005, transacted at a yield of 9.6%.

Victoria

East Melbourne Office Sale (AFR)

· A 137m² office property at 6 Churchill Street, Mont Albert in Melbourne's east, sold at auction for $1,055,000 ($7,701/m²).

· A local owner-occupier the asset offered with vacant possession.

East Melbourne Retail Sold (AFR)

· A Melbourne-based investor has purchased a 100m² single-storey retail property with development potential at 521 Middleborough Road, Box Hill North, in Melbourne’s eastern suburbs for $860,000 ($8,600/m²).

· The property, a vacant brick building on a 214m² site with seven metres of street frontage, was offered for the first time in 38 years. The vendor is a private investor.

Melbourne CBD Office Sales (AFR)

· Two strata office suites in Melbourne city's 4-storey McPherson's building have sold within days of listing for a total of $3 million.

· An offshore investor paid $1.7 million for unit 301 (129m²) at 545 Collins Street, achieving a rate of $13,178/m². Unit 202 (102m²) sold to a local owner-occupier for $1.3 million at a rate of $12,745/m².

Northcote Retail Sale (AFR)

· The Northcote, a ground-floor retail asset and the Melbourne home of cafe Bicycle Thieves has sold to a local investor for $2 million.

· The strata-titled asset at 449 High Street is situated on a corner site, with the sale producing a 5% yield.

· The seven-year lease with options, returns $100,785 per annum.