australian property market wrap 13092023
Sekisui House’s Veue gets the green light. Image: Supplied.
  • ARLC acquires the newly built Quest Woolooware Bay.
  • Brisbane shopping centre sold to private investor for $11.5M.
  • Stage four of The Orchards given the green light.

Today’s wrap includes a hotel acquisition by the ARLC, the development approval of a Norwest project, along with the listings of sites across Sydney and Brisbane.

SOLD

Sutherland Shire hotel acquired by ARLC

The Australian Rugby League Commission (ARLC) has purchased the newly built Quest Woolooware Bay.

CBRE’s Michael Simpson and Vasso Zographou brokered the sale on behalf of property group Novm.

Located in the centre of Sydney’s Sutherland Shire, the serviced apartment hotel is due to open in late November 2023. Quest Hotels will lease and manage the hotel which offers 40 apartments (71 keys) as well as conference facilities, a business lounge, and a gym.

WB4_View_16F_Retail_Entrance_R2B (003)
Image: Supplied.

Brisbane shopping centre sold for $11.5M

A high net worth Sydney-based private investor has snapped up The Hub Westlake, a convenience-based retail shopping centre anchored by SPAR, six specialties and a swim school, for $11.46 million. Colliers’ Harry Dever sold the neighbourhood shopping centre.

Real Asset Management (RAM) Group purchased the centre in 2018 for $10.075 million and has transacted at $11.46 million, representing a 14% increase.

“The sale of The Hub Westlake at book value demonstrates the resilience of well-positioned essential services retail property assets,” said RAM executive director and head of real estate, Matthew Strotton.

“Metro convenience retail centres underpinned by long WALE and national covenants remain highly sought after by local and interstate private investors,” said Dever.

“Buyers were attracted to the ‘Hub’ as it offered investors a diverse income stream that included 41.3% (by area) healthcare uses, including Amcal Pharmacy, Westside GP Superclinic, and Westlake Dental”.

The Hub
Image: Supplied.

APPROVED

Stage four of The Orchards given the green light

Sekisui House Australia has successfully secured development approval for stage four (Veue) of The Orchards, a $1 billion masterplanned community located in Sydney’s Norwest. Veue will stand across six buildings, ranging from nine to 22 storeys, comprising 583 nature-inspired ‘homes in the sky’.

“Veue’s design vision compliments The Orchards’ natural surroundings, with residences maximising connection to the landscape and nature,” said principal – design at Crone Architects, Julian Venning.

“A sense of wellness is promoted in the design within the wonderful natural environment.”

Veue is located at 15 – 19 Spurway Drive, Norwest and construction is expected to start in 2024.

FOR SALE

Mixed-use site in Chapel Hill listed

A development site in Brisbane’s southwest with approval for homes and a childcare centre has come to market.

The 8,411 square metre site at 70 Fleming Road in Chapel Hill has approval for 17 three-bedroom homes and a 108-place childcare centre with 25 car parks.

The land parcel is currently predominantly vacant, housing just a single detached dwelling on the southern portion of the site.

The property will be taken to market via an expressions of interest campaign run by Christian Sandstrom of Knight Frank on behalf of the vendor, a local investor.

“This property is one of the last remaining sites approved for townhouses by council in the Brisbane local government area, which will make it even more sought after as developers look to provide more affordable housing options to the market,” said Sandstrom.

“The site is centrally located within Chapel Hill, approximately 15 kilometres west of the Brisbane CBD, and benefits from close proximity to multiple bus routes accessed via Chapel Hill Road as well as nearby retail amenities including Kenmore Village,” he added.

Southern Sydney commercial building comes to market

A two-storey, 2,344 square metre commercial building on a circa 4,048 square metre site at 52-60 Kent Road in Mascot has been listed with Colliers’ Michael Crombie and Jackson Wray, who have the listing on behalf of Dick Smith Investments.

“This represents a price point that the majority of people can afford and ticks so many boxes from a real estate acquisition perspective. With absolute flexibility relating to the zoning, this allows industrial strata, traditional warehouse, office, self-storage and the list goes on,” said Crombie.

Zoned E4 General Industrial, the building has a corner position with three street frontages and flexible zoning, allowing for commercial use.

The property generates a passive holding income with a height limit of 44 meters which provides ample room to move vertically. On top of this, there are 74 parking spaces catering to the needs of customers, visitors and employees.

Mascot (1)
Image: Supplied.


You May Also Like

Australia’s return to office continues to shine as the US stagnates at 50 per cent of pre-Covid levels

The Australian office market records improved office occupancy while the United States lags behind on the return to office.

Work from home is here to stay, and Australia’s secondary offices are at a turning point

Secondary office assets face challenges with poor uptake and declining values, especially in B and C-grade properties.

Why Australia needs more industrial assets to boost productivity and growth

A new report reveals that Australia’s industrial assets handle over $1.2 trillion worth of products annually.

Sydney’s retail sector continues to improve, with one area boasting zero vacancy

Vacancy rates for Sydney’s prime retail core have dropped to 8.3%, with the one area recording vacancy rates of zero.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Rentvesting in Australia: A deep dive

Rentvesting offers an alternative path into the property market for priced-out first-time buyers.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.