Australian property market wrap 19 October 2023
Images: Supplied.
  • A private investor acquires Melbourne office.
  • A new Epping industrial facility has transacted via sale and leaseback for over $37M.
  • Bayswater Tweed Motel listed for sale.

Today’s wrap comprises warehouses, offices, and more, all located up and down the eastern seaboard.

SOLD

Windsor sites sold to developers

Sites at 338-344 High Street in Windsor, and 25-26 Mcilwrick Street have been sold by Savills agents, Benson Zhou, Julian Heatherich, and James Latos.

The High Street site was sold to an offshore developer in the high $7 millions. It had a permit for 16 apartments.

The Mcilwrick Street site was transacted for $2,525,000. The corner site of 503 sqm is located within a low-density Neighbourhood Residential Zone 3 and held a permit for three townhouses.

Private investor acquires Melbourne office

A 12-storey office building located at 406 Collins Street, Melbourne, has been sold to a private investor.

The 3,861 sqm NLA building, which has recently undergone significant refurbishments, attracted substantial attention from local and offshore investors, aligning with Collins Street’s reputation for commanding the strongest rents and lowest vacancies across Melbourne’s CBD.

The asset was sold with a weighted average lease expiry (WALE) of 1.33 years by income. The contemporary office accommodation has average floor plates ranging from 339 sqm to 364 sqm.

The sale was jointly managed on behalf of the vendor by Daniel Wolman, Oliver Hay, and Leon Ma of Cushman & Wakefield and Joel Wald of MMJ.

It is understood that the asking price during the marketing campaign was circa $30 million.

Image: Supplied.

Epping sale and leaseback

A brand new state-of-the-art industrial facility in Epping has transacted via sale and leaseback for $37,691,205.

It was purchased by Boston-based investment manager Cabot Properties in a deal negotiated by Knight Frank.

18 Litoria Court, Epping, located within Stage 2 of the Biodiversity Business Park, comprises a corporate office/warehouse facility with a gross lettable area of 16,117 sqm on a 2.44-hectare site.

The property transacted on an initial leaseback term of five years to 99 Bikes Pty Ltd, who are an entity of Pedal Group.

The transaction was negotiated by Knight Frank’s Scott Braithwaite and James Templeton following an expressions of interest campaign.

Image: Supplied.

ANNOUNCED

DA lodged for inner western Sydney tower

Developer, Billbergia, has lodged a development application with the City of Canada Bay for a 37-level mixed-use residential tower at 9-13 Blaxland Road, Rhodes in Sydney’s inner-west.

The proposed new tower is designed by architects GroupGSA in collaboration with innovative Singaporean landscape studio Salad Dressing.

The proposed new tower sits within the Rhodes Station Gateway East precinct that was rezoned by the NSW State Government in 2021 following extensive community consultation.

Set to deliver 244 apartments in a range of configurations, the proposed new tower sits above a mixed-use podium with nine levels of basement car parking below. The podium will be activated by a café, while an extension of the hardscape at the park junction will facilitate outdoor seating.

FOR LEASE

South western Sydney warehouse

Platform at Milperra, in Sydney’s South West, is being offered to market for lease.

The entire 37,526 sqm space at 339 & 349 Horsley Road in Milperra is set to offer occupiers an unprecedented opportunity, with functional ramps and one-way traffic circulation able to accommodate B-Double access to both levels, and 30 metre wide breezeways for undercover all weather loading.

The Colliers team of Angus Urquhart and Trent Gallagher are marketing the property, in conjunction with Jon Orsborn and Ryan Jennings of LJ Hooker on behalf of Hale Capital.

Image: Supplied.

FOR SALE

Bayswater Tweed Motel listed

Bayswater Tweed Motel and two adjoining residential blocks have been listed for sale by advisory and investment firm KordaMentha as receivers and managers for the motel.

The 4,689 sqm site, combining Bayswater Tweed Motel at 129 Wharf Street and two residential blocks at 16-18 Boyd Street, is being offered individually or together.

The 3,341 sqm motel comprises 38 motel rooms, a reception, a restaurant, conference facilities, a swimming pool and guest parking.

The site has DA approval from Tweed Shire for a multi-level residential development over two towers encompassing 126 residential units and 149 car parks.

The proposed plans feature 98 two-bedroom apartments, 16 three-bedroom apartments and 12 one-bedroom units, adding much needed supply to the local housing market.

CBRE’s Hayley Manvell, Mark Witheriff and Daniel Doran are managing the sale via an Expression of Interest campaign closing 9 November.



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