- Perth shopping centre sold for nearly $19.3M.
- A central Victorian lamb and wool enterprise hits the market.
- A Gold Coast retail centre comes to market.
In today’s sales, leases, and listings, properties from across the nation feature, including retail, farms, and hotels.
SOLD
Hotel freehold interest acquired
A Queensland-based hotel group has acquired a freehold interest in Quest Chermside.
Located on a 1,220 square metre freehold land parcel, Quest Chermside comprises 54 serviced apartments with studio and one-bedroom configurations, on-site reception, meeting and conference facilities and undercover car parking. The hotel is subject to a long term lease to a Quest franchisee, with options through to 2038.
“The ability to acquire quality freehold accommodation assets within Brisbane’s tightly held and sought-after hotel market are highly coveted opportunities due to their rarity, coupled with the stable and secure income stream they provide an owner,” said CBRE Hotel’s director, Hayley Manvell.
“As interest rate volatility has stabilised over the preceding months, we have seen a marked increase in enquiry levels for Brisbane hotel assets from both domestic and international capital sources, looking to acquire a foothold in the region.”
Midland shopping centre sold for $19.3M
Perth-based fund manager, Westbridge Funds Management, has settled on the $19.3 million sale of the Midland Central Shopping Centre in Midland WA, with the campaign attracting over 80 expressions of interest from prospective buyers.
The centre comprises several high-profile anchor tenants including Dan Murphy’s, IGA and Optimal Pharmacy.
Cygnet West’s Wayne Lawrence, partner and head of commercial agency (capital markets), represented the fund manager in the sale.
The centre was initially purchased by Westbridge for $12.3 million in 2012 as the sole asset of their Midland Central Property Trust.
“The strategy behind this fund was to provide ongoing income to investors as well as potential for capital growth, underpinned by the centre’s high-traffic neighbourhood and blue-chip anchor tenants,” said chair of Westbridge Funds Management, Damian Collins.
“We are extremely pleased with the results from the sale, which mark a 56.5% increase on the asset’s initial purchase price. Together with stronger-than-forecast income distributions across the life of the fund, this has enabled us to deliver a total return to our investors of 204% net of their initial investment.”
Collins added that following 11 years of outstanding performance and based on the company’s analysis, they felt 2023 was the right time to sell the Midland Central Shopping Centre.
“This timing enabled us to capitalise on the property’s strong divestment position and the continued demand we are seeing for non-discretionary retail assets to deliver a great result to our investors that exceeded initial expectations.”
FOR LEASE
Midland healthcare property
Located at 81 Yelverton Drive, SIDINGS Railway Workshops is part of the Midland Health and Knowledge Precinct.
Tenancies include first floor suites between 66 sqm and 746 sqm, and a 2,012 sqm space on the second floor which can be split.
The spaces are being marketed by Ray White Commercial WA agents Brett Wilkins and Luke Pavlos on behalf of Health Integra.
“Completed in 2020, this state-of-the-art building has been meticulously designed by award winning architect, Kevin Palassis, as a specialist health hub and features state-of-the-art hospital grade lifts, two goods and services lifts, stunning wet areas, end of trip facilities and a concrete roof for mounting of specialist plant and equipment,” said Wilkins.
FOR SALE
Central Victorian lamb and wool enterprise listed
An 824.11-hectare lamb and wool enterprise in the Macedon Ranges, known as Crofton Park, has been listed for sale by the Brougham family, with CBRE Agribusiness’ Matt Childs, Shane McIntyre, and James Auty managing the sale.
The property was purchased by the family in 1997 and features an architecturally designed main residence. Designed by Melbourne architect, Russell Barrett, and built in 2004, the property captures panoramic views with full-height windows and includes hydronic heating and a three-metre calacatta marble kitchen bench.
The garden of the main residence was designed by Paul Thompson – an expert in Australian native plants and designer of the plantings at Birrarung Mar and the Royal Botanic Gardens Cranbourne. It features an ornamental curved lake designed by landscape architects Taylor Cullity Lethlean, enhancing the home’s tranquillity.
Crofton Park is supported by quality farming infrastructure, inclusive of machinery shedding, workshops, grain storage, sheep and cattle yards, shearing sheds and a manager’s residence set in a picturesque lakeside setting.
There is an olive grove of over 80 olive trees, adjacent to the dam near the manager’s house. The trees produce hundreds of litres of extra virgin olive oil, which is pressed by a neighbouring commercial olive press. Crofton Park also grows rosehips which are sold to the floristry industry.
Gold Coast retail centre comes to market
The Coomera Waters Marketplace at 19-25 Harbour Village Parade in Coomera has been listed with Ray White Commercial Retail’s Michael Feltoe and Lachlan O’Keeffe.
Located approximately 18 kilometres north of Surfers Paradise, the property sits on 0.64 hectares, includes 2,237 square metres of floor area and has an estimated income of $506,820 from 12 tenants.
“This fully leased investment comes with a longstanding mix of tenants including an IGA supermarket, medical tenants, national and local office tenants and beloved food and beverage operators,” said Feltoe.
“Not only does this opportunity provide instant income diversification, there is also plenty of room for the rents to grow, allowing future potential rent reversion,” said O’Keeffe.
The expressions of interest close on 4 October 2023.
