australian property market wrap 22082023
Image: Canva.
  • Two development sites have been sold across Sydney and Melbourne.
  • A 4,326 hectare sheep and cattle property in SA has been listed for sale.
  • The Q1 retail base has hit the market on the Gold Coast.

From farm to plate, today’s market wrap includes a grazing property coming to market, the sale of a restaurant, and the sales of development sites across Melbourne and Sydney. Also in the mix is the retail precinct at the base of the Gold Coast’s iconic Q1 tower.

SOLD

Doreen La Porchetta acquired for $3.3M

A strata-titled property at Shops 5-8 100 Hazel Glen Drive in Doreen has been acquired by a local investor.

Transacting for $3.3 million, Fitzroys‘ Ervin Niyaz and Chris Kombi sold the property on behalf of a local investor.

The property is located within the heart of Doreen’s Laurimar Town Centre and is occupied by national restaurant chain, La Porchetta. The one title incorporates four shops across 455 square metres (sqm).

5 8 hazel glen drive doreen melbourne
The Doreen La Porchetta is located at Shops 5-8 Hazel Glen Drive. Image: Supplied.

Niyaz said the local investor liked the property’s central location in Melbourne’s northern growth corridor, as well as its prominent position within Laurimar Town Centre, the large strata floor plate, and the recognised national tenant.

“Well-located properties clearly continue to perform well in the market,” Niyaz said.

Kombi said the strata title was attractive for rental return.

“Many investors continue to turn to strata-titled commercial properties to shore up their income stream amid volatility in the stock market,” he said.

“They typically offer an easier management proposition as an owners corporation oversees maintenance, and low land tax liabilities don’t cut into the return.”

Prime Malvern East site transacts for $14.5M

High-end residential developer Roulston, with the Buxton Group, has secured the last significant development site comprising two adjoining lots in the highly coveted Malvern East, directly opposite Central Park.

The site at 385-387 Wattletree Road was acquired off-market for $14.5 million; the campaign was managed by Colliers‘ Ted Dwyer and Ben Baines. The sale price equates to $6,502 per square metre, a new area record for General Residential Zoned land.

385-387 Wattletree Road, Malvern East_Colliers
The Malvern East site was acquired for $14.5 million. Image: Supplied.

“In a market starved of high-end development opportunities, we are continually seeing landmark sites that will have appeal from owner occupiers perform extremely well,” said Dwyer.

“In this instance, the scarcity of land in the area, particularly opposite prized Central Park, drove competition from local and national developers,” he added.

Five acre Orchard Hill parcel sold for $15M

A parcel of land opposite the upcoming Orchard Hills Metro Station has been sold at auction over the weekend.

The five acre site was acquired for $15.05 million, $3.55 million over the reserve.

The unique block of land, yet to be rezoned, drew the attention of seasoned property investors who recognized the unparalleled potential it holds.

Eighty six people attended the auction, with 12 bidders vying for the property.

Orchard Hills
Image: Supplied.

“This sale showcases the unwavering demand from property investors seeking to acquire exceptional real estate assets,” said Colliers director Thomas Mosca.

“The Orchard Hills market attracted interest from over 150 enquiries, which was one of the best performing campaigns right now – defying current market sentiment,” Colliers director Nick Estephen added.

FOR SALE

Q1 retail precinct hits the market

The retail base at Q1 on the Gold Coast has been listed for sale.

Located at 3003 Surfers Paradise Boulevard, the property is being brought to market by Colliers’ Steven King and Marlon Crawford via an international expression of interest campaign.

The high-profile property fronts the entire western side of Q1’s ground floor and wraps around Hamilton Avenue at the southern end. It comprises a net lettable area of 1,134 sqm and offers additional income-producing storage areas.

“Set at the base of the iconic Q1 building, the retail property benefits from a high volume of daily foot traffic led by visitors heading to SkyPoint. This is a major tourism attraction on the Gold Coast located on the top floors of the Q1 building and often accommodate up to 400 people per session,” said King.

The EoI campaign closes on 14 September 2023.

South Australian grazing property listed

A 4,326 hectare sheep and cattle property, located in South Australia’s Lucindale, has come to market.

Known as ‘Fairview’, the property is one of the largest grazing properties in the South East region, with Colliers’ Jesse Manuel and Tim Altschwager appointed to handle the sale.

The livestock enterprise at Fairview comprises a self-replacing cattle herd of Black Angus and Angus/Black Simmental cross cows, and predominantly a Merino ewe flock utilising Suffolk and Dorset rams for its crossbred enterprise.

Lucindale drone-45
Image: Supplied.

Fairview is a well-balanced property offering a combination of open heavy flats, warmer hills grazing country, timbered grazing, with vast areas of improved pastures and several paddocks currently under crop for fodder production, said national director of Colliers Agribusiness, Jesse Manuel.

“Fairview operates a totally self-sufficient model in terms of its year-round stock feed requirements, producing all of its hay requirements on the property,” said Manuel.



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