- A Brisbane office has been acquired for $41.75M.
- A Melbourne childcare centre was acquired for $8M.
- Two listings also feature in today's wrap.
From city slicker to country living, today’s wrap covers everything from an office tower acquisition to 26 hectares of prime Lockyer Valley splendour hitting the market.
Also in today’s diverse mix of real estate activity is a childcare centre acquisition, and a retail development site coming to market at a new residential development.
Brisbane office tower acquired for $41.75M
Stadia Capital, representing a private investor, has acquired the 333 Adelaide Street tower in the heart of Brisbane’s CBD Golden Triangle for $41.75 million.
The 14-storey B-Grade office tower is located at the northern gateway of Brisbane CBD’s Golden Triangle. It offers 7,499 sqm of net lettable area (NLA) on a 911 sqm site and has recently undergone an extensive capital expenditure program, with over $8.35 million invested in upgrades within the past 36 months. The building has had great tenant retention with over 50% of the tenants being in the building for 15-plus years.
Sold exclusively through Mike Walsh and Peter Court of Cushman & Wakefield along with asset manager Peter & Bill Costello of Costello Group one defining feature of 333 Adelaide Street is its weighted average lease expiry (WALE) of 4.42 years.
“The tower’s income is underpinned by a 12-year lease to Australian Moreton Education and is further reinforced by a diverse occupancy mix including the Australian Workers Union and Sydney Business Travel Academy. This tenancy mix ensures stability and a strong foundation for sustained growth,” said Walsh.
Investment fund acquires Melbourne childcare centre
Hume Partners has purchased an Avondale Heights childcare centre for circa $8 million.
Located at 5-7 Clarendon Street, the 1,414 sqm purpose-built childcare centre has an annual income of $428,400 and a new 20-year lease to Nido Early Learning, one of the country’s top-tier early learning providers.
CBRE‘s Healthcare and Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat brokered the deal, and are now managing the sale of the nearby Avondale Heights Childcare Centre at 63-67 Canning Street, Moonee Valley on behalf of private developer Nescon.
That asset is expected to sell for circa $10 million.
The 2,028 sqm childcare centre is tenanted by Avondale Heights Child Learning which recently signed a new 20-year lease at a passing rental of $596,711 per annum.
The EoI for 63-67 Canning Street closes on 5 September 2023.
Retail development site in master planned community
The offering is located in the AVJennings-developed Warnervale residential estate. The 9,914 sqm retail redevelopment site will provide investors with the option to develop a small convenience centre, serving the everyday food, grocery and convenience-oriented needs of local residents, whilst also allowing for childcare and medical.
With 120 metre frontage to the main thoroughfare of Warnervale Road, the site is at the entrance of the AVJennings township, which will accommodate over 500 residential lots with the potential for additional dwellings.
The site is listed exclusively with the Colliers team of James Wilson and Ben Wilkinson with price expectations of over $500/sqm.
The EoI closes Wednesday 20 September 2023.
26 hectares in Lockyer Valley hit the market
A Queensland property has come to market, offering 26.77 hectares of land at 21 Cumners Road on the eastern outskirts of Gatton, Queensland.
“This is a significant rural holding, offering an outstanding business and lifestyle opportunity,” said Colliers Agribusiness manager, Phillip Kelly.
“With immediate income opportunity from an existing lease, this property offers multiple options for the purchaser from a lifestyle change, irrigation production or industrial development; the choices are endless.
“The property is over 2 titles with industrial and rural zoning, has rich fertile alluvial soils with 24 hectares developed under irrigation, as well as a large 540 sqm lockable hay and machinery shed and 4,000 sqm hardstand.
“Water supply is a feature of this property with an irrigation bore, a 3 megalitre dam and Lockyer Creek providing supply, with 107 megalitres in water allocation.”
The property also includes a two storey brick country homestead with four bedrooms and an all-weather road leading to the house and shed.
The EoI closes 14 September 2023.