• Patrick Ewing

Wednesday, 9th October 2019

New South Wales

Roche Family Sell Long-Term Asset (AFR)

· Bill and Imelda Roche have sold all their industrial properties in Morisset at Lake Macquarie for around $27 million to local developer, Paul Lambess.

· The three-part deal includes a 10,000m² warehouse currently used as a storage facility, within 70,000m² of DA-approved land.

· The property is within Morisset Business Park, around 120km north of Sydney.

Seven Hills Industrial Pre-Sales (AFR)

· Rio Developments have pre-sold seven out of their ten new strata industrial units at 10 Brumby Street, Seven Hills NSW 2147 for over $7.5 million.

· The units range in size between 250m² and 298m² and sold for between $975,000 and $1.15 million each to a mix of investors and owner-occupiers.


Brisbane Office Sale (AFR)

· Malaysian investor HCK have sold a 16-level building at 116 Adelaide Street, Brisbane City QLD 4000 for about $30 million to a local unlisted fund, having paid just under $35 million for the site in 2013.

· HCK invested significant funding into the refurbishment of the near-7000m² tower in an attempt to attract tenants.

· Towards the start of the year, HCK sold a half-vacant Brisbane tower at 26 Wharf Street to local investor Renweed Pty Ltd for $9.8 million, $2.45 million below what they paid in 2012.

Lutwyche Development Site Purchase (AFR)

· BPG Developments has paid $4.025 million for a 2095m² development site at 2-8 Lucas Street, Lutwyche QLD 4030 with stage-two development approval for 74 apartments

Mixed Use Riverfront Sale (AFR)

· A residential/retail riverfront property at 23/185-187 Gympie Terrace, Noosaville QLD 4566 has sold for $1.34 million.

· The property consists of a 74m² ground floor café and a two-storey residential unit above.

· The total annual rental income is reportedly $80,000 p.a.

Narangba Industrial Property Sold (AFR)

· Property fund manager OzProp Capital have purchased a 1.1-hectare site at 16 Mineral Sizer Court, Narangba Queensland 4504 for $8.975 million.

· The site includes a 4,968m² clearspan sprinkled warehouse leased to furniture group Nick Scali on a lease with five remaining years. The property is used as a distribution centre and was sold on a 7% net passing yield.


Hawthorn Office Building Sold (AFR)

· Melbourne’s Zagame family has paid $55 million for a four-level suburban office at 2 Luton Lane, Hawthorn VIC 3122 currently leased to Swinburne University.

· The deal was made on a 5.3% yield being offered with a new five-year lease to the tenant.

· The 2 Luton Lane building comprises 5660m² of office space and occupies a strategic site near the corner of Burwood and Glenferrie Roads.

· The building previously sold in 2015 to Sydney-based investment firms Trumen Corp and Bricktop Group, who experienced a capital gain of 46%.

Leased Day Hospital Sold (AFR)

· A fully leased day hospital has been sold by Melbourne doctor Ian Fok to a private investor for $8.6 million on a net yield of 6%

· The hospital's two tenants in gastroenterology and hepatology practices have 10-year leases with options.

Melbourne CBD Office Sale (AFR)

· A 373m² office in the office building at 79-81 Franklin Street, Melbourne VIC 3000 has been bought by Buddhist not-for-profit organisation Heruka Kadampa Meditation Centre for $4.09 million.

Nissan Headquarters Sold (AFR)

· Singapore property giant Ascendas REIT has purchased a new 8-level office building from a joint venture between ESR and Frasers Property Australia for $110.9 million.

· The 17,500m² development at 254 Wellington Road, Mulgrave, VIC 3170 is due for completion in Q2 of 2020 and will be 65% occupied by Nissan on a 10-year lease.

· The fund-through deal was struck on an initial yield of 5.8 per cent excluding transaction costs and 5.7 per cent inclusive of transaction costs.

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