- A property sold for 43% above the reserve price.
- A major Alexandria landholding has come to market.
- A car yard was sold for $14.5M.
A diverse mix of properties have been sold, leased, or listed for sale. Today’s listings span the length and breadth of the country, from a Perth car yard to a unique amalgamated industrial site on the Sydney city fringe. Several Melburnian properties also featured, including the listing of the iconic St Kilda establishment, The Prince of Wales Hotel.
SOLD
Osborne Park car yard sold for $14.5M
A leased car yard at 380-384 Scarborough Beach Road in Osborne Park has been sold off market to a private investment company. The property spans 12,182 sqm and went for $14.5 million.
“The sale represents a significant milestone, with Osborne Park being a such tight market,” said Colliers‘ director industrial, Sam Hammond.
“There have been few transactions of scale in the area over the recent years, making this deal a turning point in the market. The property hasn’t changed hands in over 30 years making the sale extremely noteworthy to investors.”
“The benefits of an ASX listed tenant and the site’s location in Australia’s best performing bulky goods prominent display precinct, make for a great investment decision for property owners,” added Hammond.
144-148 A’Beckett Street sells for 43% above reserve
The property sold for $11.85 million at auction. Seven passionate bidders engaged in a thrilling exchange of bids, totalling over 150 rounds, captivating a crowd of more than 200 attendees.
A local private investor secured ownership of the historic building.
The corner freehold building includes triple street frontages, spanning 48 metres. Encompassing a substantial Building Area of 1,187 sqm, the property’s underlying land area of 288 sqm, zoned under the coveted Capital City 1 Zoning (CCZ1), presents an array of opportunities for potential development.
LEASED
276 Flinders Street leased to Marqo
The startup has left its WeWork space and set up a new Melbourne headquarter on part of level 9 at 276 Flinders Street.
The brand new spec suite has been leased for 5 years at $650 per sqm net. The 197 sqm deal was negotiated by JLL Associate Sam Friend and Hannah O’Brien.
FOR SALE
A major Alexandria landholding
Four adjoining sites in Alexandria have been listed for sale. The 3,307 square metre (sqm) combined landholding is located at 20-26 Bourke Road and is just 180 metres from Green Square Train station.
“We have amalgamated this site over the last 4 years,” said Addenbrooke managing director, Ned O’Neil.
“We recently lodged a development application for a beautifully designed building by SJB Architects.
“We believe that Green Square is well on its way to becoming the premium city fringe market with unrivalled amenity and public transport access. Addenbrooke is looking to divest as we continue to add value and enhance our existing pipeline of office, residential and marina assets in Sydney.”
The Colliers team of Michael Crombie and Trent Gallagher have the exclusive listing on behalf of Addenbrooke, with price expectations north of $30 million.
“Sites located within 200 metres from rail are well received by the occupier market. Coupled with a DA lodged for commercial office use, this potential 13,724 square metres of gross floor area should draw strong interest from occupiers and developers alike,” Crombie said.
“The properties are located right next door to the proposed brand-new health facility being developed by Centuria. This flagship adjoining development opens the door for a similar style of development on the subject site that could benefit from strong medical demand in the precinct.”
An iconic St Kilda establishment
The Prince of Wales Hotel in St Kilda has been listed for sale by Melbourne-based hospitality business, Jackalope Group, which purchased the property in 2015 for $45 million.
Following a recent multimillion-dollar refurbishment, the 1920s corner hotel has become one of Melbourne’s most attractive hotels.
The freehold investment is being sold subject to an existing long lease with the Melbourne Pub Group owned by the Ryan Family who also own and operate Mitchelton Estate and Hubert Estate in the Yarra Valley.
The property is located on the corner of Acland and Fitzroy Streets, and comprises a street bar, dining room, 39 boutique hotel rooms, a bakery with an adjoining retail outlet, a Euro-inspired wine store and a function space with an indoor pool as well as a multi-level car park.
CBRE‘s Scott Callow and Nathan Mufale are managing the sale on behalf of Jackalope Group via an expression of interest campaign closing 27 September 2023.
