Wednesday, 18th December 2019
New South Wales
Central Coast Pub Sales (AFR)
· The Hunter Hotel Group have purchased the 8582m² Kincumber Hotel for $15 million in an off-market transaction. The hotel brings in $6.8 million in annual revenue. The Hunter Hotel Group has a portfolio of hotels on the Central Coast and the Hunter regions.
· Just north of Kincumber, Hunt Hospitality has also sold its Lakeside Village Tavern at Benjamin Lee Drive, Raymond Terrace, NSW 2324 in Newcastle, for $12 million. The tavern sits on a 6068m² site and features a bar, a bistro, a bottle shop drive-through and a gaming room.
Seven Hills Industrial Site Sale (AFR)
· GHLN Unit Trust has sold its 4024m² industrial site at 106-118 Station Road, Seven Hills NSW 2147 in Sydney’s west for $4.46 million ($1,108.35/m²).
· The property sold at auction at a net yield of 4.29%.The parcel is made up of two prime industrial lots with five buildings measuring 1579 square metres.
Sydney CBD Retail Sale (AFR)
· A foreign investor has purchased a ground floor 74m² strata retail unit used as a cafe at 265 Castlereagh Street, Sydney NSW 2000 for $1.37 million ($18,513.51/m²) producing a 5% yield.
Brendale Industrial Sale (AFR)
· A private investor has purchased a 2775m² industrial property at 1-55 Kingsbury Street, Brendale QLD 4500 in Brisbane's north for $5.31 million ($1,913.51/m²).
· The property is partly leased to Prochem Pipeline Products and sold on a 3.81% net yield.
· The property has a hardstand area and a lockable yard.
Yatala Development Site Purchase (AFR)
· Gold Coast City Council have purchased an 85-hectare block of land at 396 Stanmore Road, Yatala QLD 4207 for $12.8 million ($140,588/Ha) to build a new sports and recreational facilities.
· The property was owned by the Enkelmann family since the 1800s with the sale being for a deceased estate.
Mentone Strip Sale (AFR)
· 537m² of commercial space across a strip of shops with office space at 59-63 Florence Street, Mentone VIC 3194 in Melbourne has sold at auction for just over $5 million ($9,310.99/m²), producing a 3.7% yield.
Noble Park Warehouses Sold (AFR)
· A local investor has paid $1.61 million ($1,540.67/m²) at auction for two adjoining food manufacturing warehouses at 65-67 Overseas Drive, Noble Park North VIC 3174 in Melbourne.
· The 1045m² property on a 1774m² site is leased as a food manufacturing facility, with the sale producing a 6/2% net yield.
St Kilda Road Office Deal (AFR)
· Vantage Property Investments have purchased a partially vacant 7742m² office tower at 574 St Kilda Road, Melbourne VIC 3004 for $58 million ($7,491.60/m²) from the Lederman family's SHL Nominees.
· Vantage purchased the 10-level tower on behalf of a pooled investment fund and is targeting a 6.1% fully let yield following a refurbishment of the 31-year-old building next year.
· The purchase follows Vantage selling 420 St Kilda Road – an asset owned in partnership with US private equity group KKR – for $98 million in April this year to Hong Kong group Mars Family Holdings, after buying it for $68 million in 2017.
· 574 St Kilda Road is currently 35% vacant with current tenants including stationary supplier BIC, and global advertising agency McCann Worldgroup.