- Cottesloe's first new commercial office space in 25 years for sale.
- Former Bunnings in Wollongong sold for $40 million.
- Rare East Melbourne land holding brought to market.
Today’s wrap runs the gamut from an office space in a tightly held Perth suburb to luxury full-floor residences in Sydney’s Elizabeth Bay starting at $8 million.
Prominent Adelaide retail property secured
First National Commercial Riggall has confirmed the transaction of a prominent retail property located at 274 Main North Road, Prospect, Adelaide.
Brokered by agent Mohan Nathan, this on-market property was secured for $1,550,000.
Situated in the Adelaide suburb of Prospect, the retail shopfront occupies a land parcel of 942 sqm and a floorspace of 506 sqm.
The versatile structure accommodates diverse enterprises, making it suitable for cafes, restaurants, or boutique outlets, according to sales agent, Mohan Nathan.
The property remains actively occupied with two tenancies – an office space and a restaurant.
These leases contribute to a net annual income of $89,431, indicating the property’s strategic location and commercial potential.
Former Bunnings warehouse sold
Colliers has announced the sale of 73-75 Gipps Street, Wollongong on behalf of The BWP Trust following a highly competitive expressions of interest process.
The property was acquired by the Trust in 2003 for $12 million on an initial yield of 8.5%, with the sale price of $40 million representing an 81.8% premium to the fair value of $22.0 million as at 30 June 2023, resulting in a realised internal rate of return of 12.3% since the original acquisition
The 2.73-hectare site located near Wollongong CBD, formerly occupied by Bunnings Warehouse, is currently leased to the Commonwealth Government. Wollongong Investments No. 7 Pty Ltd, a special purpose vehicle of Sydney based developer Level 33, were the successful purchaser.
The sale at $40 million represents the highest value sale of an inner-city development site in Wollongong’s history. The benchmark transaction was executed with collaboration between three key Colliers divisions, including Retail, Residential and their local Wollongong Office, with the team including James Wilson, Simon Kersten, Guillaume Volz, and Taleah Thomas.
BWP Trust’s managing director, Mark Scatena, said that the divestment, supported by an independent valuation, follows a detailed review of alternative uses for the property, with the sale deemed to be in the best interests of unitholders.
“The transaction demonstrates the Trust’s ability to leverage its development capability and external networks to create value by progressing the site’s future development for a higher and better use,” said Scatena.
“The sale price also reflects the strong underlying land value of the site.”
In mid-2022, Bunnings informed the BWP Trust that it would not exercise its five-year option and would be vacating the store when the lease was due to expire in early 2023. Following this notification, the BWP Trust considered a number of options in relation to the property including redevelopment or sale, in so doing identifying that the highest and best use for the site was for high density residential redevelopment.
In reviewing these options, the Trust engaged consultants to progress a scheme to the Wollongong Council for development approval, whilst also re-leasing the property to the Australia Electoral Commission for a five year period commencing on 1 June 2023, affording the BWP Trust holding income during redevelopment planning.
The recently completed public sales campaign completed the options review for the site and resulted in a number of offers from New South Wales-based developers. The sale price reflects a 53.2% premium to the fair value prior to Bunnings confirming it would vacate the property.
New commercial office development in Cottesloe listed
Sterling Property has been appointed as the exclusive selling agent for 28 Station Street — a high-profile corner block adjoining Stirling Highway in one of Cottesloe’s best commercial and retail precincts.
A limited number of boutique office suites are available in the three-storey building, ranging from 61 sqm to 497 sqm for a full floor.
Sterling Property principal partner, Brian Neo, said the prime new office space would suit businesses wanting to connect with a local clientele.
“Perth’s western suburbs are home to many affluent residents, which is why the area is becoming increasingly popular with businesses such as fund managers, family offices, and asset managers that want to be close to their clientele,” he said.
The property features a welcoming entry foyer, architecturally designed boutique offices, end-of-trip facilities, and secure undercover parking.
The development has been recently completed with titles to be issued at the end of October.
Full-floor luxury residences in Sydney’s Elizabeth Bay starting at $8 million
With a market currently dominated by high-end owner occupier buyers or downsizers that have substantial equity in their homes, No.1 Onslow Place offers a unique turn-key lifestyle within one of Sydney’s most sought after suburbs.
No. 1 Onslow Place is Toohey Miller’s flagship project for the inner east.
The layout of each residence emphasises fluidity, with the living areas flowing effortlessly into private wrap-around terraces, providing an extension of living space. Large windows allow unobstructed views of the harbour, bridging the gap between the comforts of the indoors and the beauty of the surroundings.
Sought-after East Melbourne land holding brought to market
Colliers National Directors Jozef Dickinson and Trent Hobart, in conjunction with JLL agents Josh Rutman and Jesse Radisich, have been exclusively appointed to
bring this incredibly rare and sought-after East Melbourne land holding to market on behalf of Lyons Development Group.
The property, 29-37 Simpson Street, East Melbourne, occupies 1,375 sqm on one of East Melbourne’s best corner addresses, and includes a recently issued planning permit designed by world renowned architect Fender Katsalidis.
“A corner offering of this scale in such a premium part of East Melbourne is a once-in-a-generation redevelopment opportunity. Having over 60m of north-facing frontage along George Street is as rare as it comes,” said Jozef Dickinson, National Director at Colliers.
The site was previously used as the Epworth Cliveden Hospital until its recent closure.