• Patrick Ewing

Wednesday, 23rd October 2019

New South Wales

Fife Capital Purchase Castlereagh Club (AFR)

· Sydney-based fund manager Fife Capital have purchased the 2622m² Castlereagh Club at 199 Castlereagh Street, Sydney NSW 2000 for $19.85 million ($7,570.56/m²).

· The four level strata building has just been refurbished and World Gym has signed on to occupy 1600m². The property was sold on a 6.5% yield.

· It comprises a ground floor bar with poker machines, a restaurant, 12 parking spaces, squash courts and a gymnasium.

NSW Metro Update (AFR)

· The NSW government has identified seven sites for the planned Western Sydney Metro rail line that will connect the Sydney CBD to Parramatta by a 20-minute train ride.

· The final list of stations is to be confirmed but currently includes Sydney CBD, The Bays Precinct, Five Dock, Burwood North, North Strathfield, Sydney Olympic Park, Parramatta and Westmead. There are also optional stations proposed at Pyrmont and Rydalmere.

· Construction work will begin next year at the Bays Precinct, the first station outside the CBD, with preparation for major tunnelling works.

· The journey from Wynyard to Parramatta on the existing rail network takes about 33 minutes.


Brisbane Fringe Office Purchased (AFR)

· Fund manager Centuria has purchased a 7739m² A-grade office at 2 Montpelier Road, Bowen Hills for $65.4 million ($8,450.70/m²).

· The property is completely leased with a WALE of six years.


Collins Street Lease AFR)

· Herbert Smith Freehills have leased eight floors or 10,300m² of office space in a new Dexus-owned, 35 level tower still under construction at 80 Collins Street, Melbourne VIC 3000.

· A 12-year lease has been struck, beginning in mid-2021 with the face rent expected to be some way above $850/m².

· The law firm will be joining other blue-chip tenants already committed to the tower, including premium tenants such as Macquarie Bank, McKinsey & Company and DLA Piper.

St Kilda Woolworths Sold (AFR)

· A local syndicate jointly owned by Brighton-based Bernard Edmondson and Alexander Turner have sold a Woolworths Metro at 64 Fitzroy Street, St Kilda VIC 3182 for about $8 million.

· A Sydney-based investor snapped up the small format 1574m² supermarket leased to Woolworths, expiring in 2027.

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